City of Hampton, Virginia
Resolution - Budget Item
22 Lincoln Street
Hampton, VA 23669
Enactment Number: -
Resolution Appropriating Funds in the Amount of
$1,070,772 to the City's Capital Projects Fund for the Acquisition of 31 Freeman Drive, also known as the "Prince Property."
WHEREAS, on April 25, 2007, the City Council of the City of Hampton (Council)
approved the acquisition of two parcels of real property totaling approximately
14 acres located in the Crossroads area of the Coliseum Central District of
Hampton (the Prince Property) from Frances Prince Irick, formerly known as
Frances V. Prince, sole heir of Louise F. Prince, III, deceased, for
$1,050,772.00 plus $20,000.00 in acquisition costs for a total sum of
WHEREAS, funding to acquire the Prince
Property was to come from the transfer of the H2O proceeds from the Hampton
Redevelopment and Housing Authority (HRHA) to the Citys Capital Projects
WHEREAS, on June 13, 2007, the HRHA
approved the use of the $1,070,772.00 it received from the sale of its property
to Sandler at Coliseum Central, L.L.C. for the acquisition of the Prince
Property and the transfer of said funds to the Citys Capital Projects Fund;
WHEREAS, the HRHA has transferred the
aforementioned funds to the City for the acquisition of the Prince Property.
THEREFORE, BE IT RESOLVED, by the Council of the City of Hampton, Virginia,
that the sum of $1,070,772 be appropriated to the Capital Projects Fund for the
purpose of acquiring the Prince Property.
Adopted at the regular meeting of the City Council of the
City of Hampton, Virginia, held on June 20, 2007.
Signed by ____________________________ Date
Ross A. Kearney, II, Mayor
Attested by ____________________________ Date _________________
Katherine K. Glass
Clerk of the Council