Title
Resolution to Amend the FY 2024 Council Approved Budget to Accept and Appropriate a $100,000.00 Gift from NP Hampton Commerce Center, LLC, Paid to the Economic Development Authority of the City of Hampton, Virginia, Pursuant to that Certain Development Agreement Dated November 9, 2022 for the Sale and Development of 750 Shell Road
Purpose
PURPOSE/BACKGROUND:
The Economic Development Authority of the City of Hampton, Virginia (the "EDA") and NP Hampton Commerce Center, LLC ("NP") entered into that certain Development Agreement dated November 9, 2022 ("Development Agreement") for the sale and development of 750 Shell Road, in conjunction with the development of 700 Shell Road, with those parcels comprising the former site for the Virginia School for the Deaf, Blind, and Multi-Disabled at Hampton. As a condition of Closing, NP committed to contribute to the City $100,000 for use by the City for the future planning, design, and construction of any passive or active, non-commercial use of those certain 10+/- acres of City-owned land adjacent to the Virginia School site to commemorate the historic Virginia School. The EDA and NP closed on the transaction on August 9 ,2023. That $100,000 donation was paid by NP to the EDA in conjunction with all other funds paid at Closing. This action is to transfer those donated funds to the City for use as set forth in the Development Agreement, or such other use as may be agreed to by the EDA, NP, and the City, subject to community engagement and an executed amendment to the Development Agreement memorializing agreement to such other use.
Discussion:
See Purpose/Background above.
Impact:
See Purpose/Background above.
Recommendation:
Rec
Approve the Resolution.
Body
WHEREAS, NP Hampton Commerce Center, LLC ("NP") agreed, pursuant to a Development Agreement between NP and the Economic Development Authority of the City of Hampton, Virginia (the "EDA") dated November 9, 2022 (the "Development Agreement"), to donate $100,000.00 for use by the City with the future planning, design, and construction of any passive or active non-commercial use of a certain 10 +/- acre parcel adjacent to 700 and 750 Shell Road to commemorate the former site of the historic Virginia School for the Deaf, Blind, and Multi-Disabled at Hampton ("Park Use");
WHEREAS, NP and the EDA closed on the transaction contemplated by the Development Agreement on August 9, 2023; at which time NP paid to the EDA and the EDA accepted the $100,000.00 donation to the City, in conjunction with all other funds due and paid at Closing.
WHEREAS, pursuant to Hampton City Code § 2-134, gifts to the City of money of five thousand dollars ($5,000.00) or more, as aggregated or as a whole, shall be approved and appropriated for City use by the City Council by appropriate resolution before such gifts may be put to the use of the City;
WHEREAS, as agreed by the EDA and NP, the City is not obligated to restrict or otherwise segregate that donation from other funds, but the City must make all reasonable effort to expend not less than that donated amount on the Park Use, or such other use as may be agreed to by the EDA, NP, and the City, subject to community engagement and an executed amendment to the Development Agreement memorializing agreement to such other use.
NOW THEREFORE, BE IT RESOLVED, that the City Council of the City of Hampton, Virginia hereby amends its Fiscal Year 2024 Council Approved Budget to (1) accept a $100,000.00 gift from NP Hampton Commerce Center, LLC, through the Economic Development Authority of the City of Hampton, Virginia; and (2) appropriates that $100,000.00 to the City Manager's Account in the Capital Budget (Capital Projects) Fund for use as contemplated in this resolution.
BE IT FURTHER RESOLVED that the City Council of the City of Hampton, Virginia authorizes the City Manager, or her designee, to take any and all actions necessary to implement this gift.