Legislation # 06-0159 Enactment Number none
Type Resolution - Budget Item Effective Date none
Introduction Date 3/8/2006
Title Resolution authorizing the appropriation of $1,600,000 from the Economic Development Fund for the purchase of the former Post Office Building located at 132 East Queen Street.
 
Legislation History 06-0159
DateNotice Of ActionDescription
3/8/2006 Approved - Items 2 through 9 on the Consent Agenda.
3/1/2006 Received By Clerk's Office
 
View Attachments 06-0159
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Legislation Text 06-0159

 

City of Hampton, Virginia

Resolution - Budget Item

22 Lincoln Street

Hampton, VA 23669

www.hampton.gov

 

File Number: 06-0159

 

Enactment Number: -

 

Resolution authorizing the appropriation of $1,600,000 from the Economic Development Fund for the purchase of the former Post Office Building located at 132 East Queen Street.

 

A RESOLUTION OF THE COUNCIL OF THE CITY OF HAMPTON, VIRGINIA AUTHORIZING THE APPROPRIATION OF $1,600,000 FROM THE ECONOMIC DEVELOPMENT FUND FOR THE PURCHASE OF THE FORMER POST OFFICE BUILDING LOCATED AT 132 EAST QUEEN STREET.

 

WHEREAS, on February 22, 2006, the City Council of the City of Hampton (the City) authorized the execution of an Agreement of Sale between the City and MAGYAR CSALAD, L.L.C. for the purchase of the former Post Office Building located at 132 East Queen Street (the Property) for the sum of $1,600,000;

WHEREAS, funding to acquire the Property, including acquisition costs, would come from the simultaneous sale of the Property to ANIESH, CORP.;

WHEREAS, funds in the amount of $1,600,000 must be appropriated from the Economic Development Fund Balance in order to meet the financial obligations of the City under the Agreement of Sale; and

WHEREAS, the Economic Development Fund Balance will be reimbursed from the proceeds of the simultaneous sale of the Property, which should occur on or before June 30, 2006.

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

1.                          That the sum of $1,600,000 be appropriated from the Economic Development Fund for the purchase of the former Post Office Building located at 132 East Queen Street as set forth in the Agreement of Sale between the City and MAGYAR CSALAD, L.L.C. approved at the regular meeting of the City Council held on February 22, 2006.

2.                          That the Economic Development Fund Balance be reimbursed from the proceeds of the simultaneous sale of the Property, which should occur on or before June 30, 2006.

Adopted at the regular meeting of the City Council of the City of Hampton, Virginia held on March 8, 2006.

 

 

 

Signed by ____________________________ Date _________________

Ross A. Kearney, II, Mayor

 

 

 

 

Attested by ____________________________ Date _________________

Katherine K. Glass

Clerk of the Council