Legislation # 11-0408 Enactment Number none
Type Resolution Effective Date none
Introduction Date 12/14/2011
Title Resolution (1) Authorizing An Advance Of $6,000,000 From The City’s General Fund Committed Fund Balance—Budget Savings Program To Capital Budget Account “Harbor Square Apartments Acquisition Project”; (2) Appropriating $387,879 From the City’s General Fund Committed Fund Balance – Budget Savings Program to Capital Budget Account “Harbor Square Apartments Acquisition Project”; and (3) Transferring $4,100,000 from the Goodyear and Downtown Parking Garage Accounts to the Capital Budget Account “Harbor Square Apartments Acquisition Project”
 
Legislation History 11-0408
DateNotice Of ActionDescription
12/22/2011 Adopted on Second and Final Reading
12/22/2011 Moved to table this matter until January 11, 2012. The motion died due to the lack of a second.
12/22/2011 Council received comment from the following individuals: Eddie Deerfield, Joan Charles, Edwin M. Boone, Cynthia Smith, Frank J. Ottofaro, Dale Smith, Tim Slagle, Jake Powers, Timothy Brooks, Richard Hewitt, Hugh Bassette, and David Merryman.
12/14/2011 Approved - The motion passes but since there were not five affirmative votes, it will be placed on the Council's January agenda for second reading.
12/14/2011 Presented by Mary Bunting, City Manager. Mayor Ward recused herself from participation in this item and passed the gavel to Vice Mayor Wallace for this item. Ms. Bunting advised Council that if this item doesn't receive five votes, it will be required to be heard again at the January meeting which will involve the City incurring another month of interest at $104, 795.00.
12/9/2011 Received By Clerk's Office
 
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Legislation Text 11-0408

 

City of Hampton, Virginia

Resolution

22 Lincoln Street

Hampton, VA 23669

www.hampton.gov

 

File Number: 11-0408

 

Enactment Number: -

 

Resolution (1) Authorizing An Advance Of $6,000,000 From The Citys General Fund Committed Fund BalanceBudget Savings Program To Capital Budget Account Harbor Square Apartments Acquisition Project; (2) Appropriating $387,879 From the Citys General Fund Committed Fund Balance Budget Savings Program to Capital Budget Account Harbor Square Apartments Acquisition Project; and (3) Transferring $4,100,000 from the Goodyear and Downtown Parking Garage Accounts to the Capital Budget Account Harbor Square Apartments Acquisition Project

 

RESOLUTION

 

WHEREAS, the Hampton City Council appropriated via the FY2011 Capital Budget $29,000,000 (Twenty-nine Million Dollars and zero cents) for New Facilities which Council understood and intended to refer to a proposed new Circuit Courthouse and related parking facilities (the Courthouse Project) which budget category is to be funded from the proceeds of a City General Obligation Bond Issue in early 2012;

 

WHEREAS, Council authorized the City Manager to acquire real property in the City commonly known as Harbor Square Apartments, by funding the direct purchase of the property by the Hampton Redevelopment and Housing Authority (HRHA) as provided for in a Cooperation Agreement between the City and HRHA approved by the City Council;

 

WHEREAS, the HRHA acquired Harbor Square Apartments on November 30, 2011 pursuant to a contract under which the HRHA agreed to assume and pay off no later than February 15, 2012, a loan in the amount of $12,765,819.26 (Twelve Million Seven Hundred Sixty Five Thousand Eight Hundred Nineteen Dollars and twenty-six cents) secured by the Harbor Square Apartments property;

 

WHEREAS, the Courthouse Project authorized by Council and funded by appropriation to New Facilities in the FY2011 Capital Budget from the General Obligation Bond Issue, is slated to be constructed on the newly acquired Harbor Square Apartments property;

 

WHEREAS, the July 2011 General Obligation Bond Resolution authorizes the expenditure of the anticipated bond funds for, among other things, acquisition of real property necessary for bond-funded improvements such as the proposed Courthouse Project;

 

WHEREAS, the City Manager recommends an advance appropriation of $6,000,000 (Six Million Dollars and zero cents) from the General Fund Committed Fund BalanceBudget Savings Program to the Capital Budget New Facilities item for transfer thereafter to a Capital Budget account Harbor Square Apartments Acquisition Project to provide funding for part of the Harbor Square loan pay off until the 2012 General Obligation bonds are issued, at which time the advanced funds may be returned to the General Fund Committed Fund BalanceBudget Savings Program;

 

WHEREAS, the City Manager advises that additional funding to support the Harbor Square Apartments loan payoff is necessary to be transferred to the Capital Budget Account Harbor Square Apartments Acquisition Project from other projects, specifically, $3,100,000 (Three Million One Hundred Thousand Dollars and zero cents) from the Downtown Goodyear Site Garage Project and $1,000,000 (One Million Dollars and zero cents) from the Downtown Parking Garage Project;

 

WHEREAS, the City Manager further advises that appropriation of $387,879 (Three Hundred Eighty Seven Thousand Eight Hundred Seventy Nine Dollars and zero cents) from General Fund Committed Fund Balance Budget Savings Program to the Capital Budget account Harbor Square Apartments Acquisition Project is necessary to complete the funding for pay off of the Harbor Square Loan; and

 

WHEREAS, the City Manager has advised that authorization of the advance funding, combined with the funding from the garage projects, and the appropriation from the Budget Savings program, all described above, are necessary to permit timely pay off of the debt encumbering the Harbor Square Apartments property as required by the purchase contract to further the Citys Courthouse Project plans and to realize other Comprehensive Plan goals.

 

NOW, THEREFORE, be it resolved by the City Council of the City of Hampton, Virginia:

 

(1)   that $6,000,000 (Six Million Dollars and zero cents) shall be appropriated from the General Fund Committed Fund BalanceBudget Savings Program to the Capital Budget Account Harbor Square Apartments Acquisition Project, and that this advance funding authorized may be returned to the General Fund Committed Fund BalanceBudget Savings Program from the proceeds of the FY2012 General Obligation Bond issue;

 

(2)   that $3,100,000 (Three Million One Hundred Thousand Dollars and zero cents) in the Downtown Goodyear Site Garage Project account is hereby transferred to Capital Budget Account Harbor Square Apartments Acquisition Project; and

 

(3)   that $1,000,000 (One Million Dollars and zero cents) in the Downtown Parking Garage Project account is hereby transferred to Capital Budget Account Harbor Square Apartments Acquisition Project; and

(4)   that $387,879 (Three Hundred Eighty Seven Thousand Eight Hundred Seventy Nine Dollars and zero cents) is hereby appropriated from General Fund Committed Fund Balance Budget Savings Program to Capital Budget Account Harbor Square Apartments Acquisition Project.

 

Adopted at the regular meeting of the City Council of the City of Hampton, Virginia held on December 22, 2011.

 

 

 

Signed by ____________________________ Date _________________

Molly Joseph Ward, Mayor

 

 

 

 

Attested by ____________________________ Date _________________

Katherine K. Glass, CMC

Clerk of the Council