Legislation # 07-0342 Enactment Number none
Type Resolution - Budget Item Effective Date none
Introduction Date 6/20/2007
Title 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."
 
Legislation History 07-0342
DateNotice Of ActionDescription
6/20/2007 Approved
6/8/2007 Received By Clerk's Office
 
View Attachments 07-0342
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Legislation Text 07-0342

 

City of Hampton, Virginia

Resolution - Budget Item

22 Lincoln Street

Hampton, VA 23669

www.hampton.gov

 

File Number: 07-0342

 

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 $1,070,772.00;

 

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 Fund;

 

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; and

 

WHEREAS, the HRHA has transferred the aforementioned funds to the City for the acquisition of the Prince Property.

NOW, 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