Legislation # 05-0718 Enactment Number none
Type Acquisitions Effective Date none
Introduction Date 12/14/2005
Title A RESOLUTION AUTHORIZING THE EXECUTION OF AN AGREEMENT OF SALE FOR THE PURCHASE OF 1213 KECOUGHTAN ROAD FROM INVESTMENT PLANNING ASSOCIATES, INC.
 
Legislation History 05-0718
DateNotice Of ActionDescription
12/14/2005 Adopted items 1 through 24 on consent agenda.
12/3/2005 Received By Clerk's Office
 
View Attachments 05-0718
FileTypeSizeDescription
1213 Kecoughtan Rd.jpg Map 908K Map
1213 Kecoughtan Rd_Aerial.jpg Photo 3496K Aerial Photo
Investment.agr.doc Contract 58K Contract
 
Legislation Text 05-0718

 

City of Hampton, Virginia

Acquisitions

22 Lincoln Street

Hampton, VA 23669

www.hampton.gov

 

File Number: 05-0718

 

Enactment Number: -

 

A RESOLUTION AUTHORIZING THE EXECUTION OF AN AGREEMENT OF SALE FOR THE PURCHASE OF 1213 KECOUGHTAN ROAD FROM INVESTMENT PLANNING ASSOCIATES, INC.

 

WHEREAS, the Council of the City of Hampton has set as a priority the revitalization of the Kecoughtan Corridor to attract investment, new business and new vitality to the Kecoughtan Corridor area; and

WHEREAS, staff has obtained a contract for the City to purchase a .18 acre parcel of real property located at 1213 Kecoughtan Road in the Kecoughtan Corridor area (the Property) from Investment Planning Associates, Inc. for $40,000.00, which property consists of a 450 square foot dwelling and an outbuilding;

WHEREAS, the purchase price of $40,000.00 is deemed fair and reasonable, the Agreement of Sale that is attached to this Resolution sets forth reasonable and acceptable terms, and funding to acquire the Property, in the amount of $60,500.00, which includes the purchase price of $40,000.00 and $20,500.00 in demolition and other acquisition costs, will come from the CIP Fund-Kecoughtan Acquisition/Demolish; and

WHEREAS, the purchase of this Property is strategic for assemblage and development of the Kecoughtan Corridor Area and is manifestly in the public interest.

NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Hampton, Virginia, as follows:

1. That the City Manager or his designee is hereby authorized and directed to (i) execute the Agreement of Sale with Investment Planning Associates, Inc., in substantially the form attached to this Resolution, with such modifications as the City Manager or his designee, on the advice of counsel, believes to be in the interest of the City, and (ii) any and all necessary legal documents to effectuate the transfer of title; such documents shall include, but not be limited to, contracts, deeds, easements, releases for sale and transfer, and conveyance of the Property; and

2. That this Resolution shall be effective upon adoption.

 

Adopted at the regular meeting of the City Council of the City of Hampton, Virginia, held on December 14, 2005.

 

 

 

Signed by ____________________________ Date _________________

Ross A. Kearney, II, Mayor

 

 

 

 

Attested by ____________________________ Date _________________

Katherine K. Glass

Clerk of the Council