Legislation # 07-0445 Enactment Number none
Type Ordinance - Non-Coded Effective Date 8/15/2007
Introduction Date 8/15/2007
Title ORDINANCE AMENDING ORDINANCE NUMBER 1026 ENTITLED "ORDINANCE ESTABLISHING A SPECIAL ASSESSMENT FOR THE PENINSULA TOWN CENTER COMMUNITY DEVELOPMENT AUTHORITY AND AUTHORIZING A COLLECTION AGREEMENT WITH THE COMMUNITY DEVELOPMENT AUTHORITY'.
 
Legislation History 07-0445
DateNotice Of ActionDescription
8/15/2007 Adopted on First and Final Reading
8/15/2007 Moved to waive second reading.
8/2/2007 Received By Clerk's Office
 
View Attachments 07-0445
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Legislation Text 07-0445

 

City of Hampton, Virginia

Ordinance - Non-Coded

22 Lincoln Street

Hampton, VA 23669

www.hampton.gov

 

File Number: 07-0445

 

Enactment Number: -

 

ORDINANCE AMENDING ORDINANCE NUMBER 1026 ENTITLED "ORDINANCE ESTABLISHING A SPECIAL ASSESSMENT FOR THE PENINSULA TOWN CENTER COMMUNITY DEVELOPMENT AUTHORITY AND AUTHORIZING A COLLECTION AGREEMENT WITH THE COMMUNITY DEVELOPMENT AUTHORITY'.

 

WHEREAS, the City Council approved the levy of a special assessment (the "Assessment") on real property in the Peninsula Town Center Community Development Authority (the "CDA") by Ordinance Number 1026, entitled "Ordinance Establishing a Special Assessment for the Peninsula Town Center Community Development Authority and Authorizing a Collection Agreement with the Community Development Authority", adopted October 25, 2006 (the "Assessment Ordinance");

WHEREAS, the City Council, by resolution adopted February 14, 2007, approved the issuance of the CDA's revenue bonds (the "Bonds") in the maximum principal amount of $95,000,000 to finance certain infrastructure improvements in connection with the redevelopment of the Hampton Coliseum Mall; and

WHEREAS, City Council proposes to amend the Assessment Ordinance to increase the maximum amount of the Assessment from $212,178,801 to $232,000,000 to provide that the Assessment will be in an amount sufficient to pay debt service on the Bonds and all other amounts required to be paid from the Assessment:

NOW, THEREFORE, BE IT ORDAINED by the City Council of the City of Hampton, Virginia as follows:

1. Amendment of Assessment Ordinance. The Assessment Ordinance is hereby amended to provide for the levy of the Assessment in the maximum principal amount of $232,000,000 and a revised Special Assessment Roll levying the Assessment in such maximum principal amount shall be attached to the Collection Agreement (as defined in the Assessment Ordinance).

Adopted at the regular meeting of the City Council of the City of Hampton, Virginia held on August 15, 2007.

 

 

 

Signed by ____________________________ Date _________________

Ross A. Kearney, II, Mayor

 

 

 

 

Attested by ____________________________ Date _________________

Katherine K. Glass

Clerk of the Council