Title
Resolution Approving a Cooperation Agreement Between the City of Hampton, Virginia and the Economic Development Authority of the City of Hampton, Virginia and Authorizing the Execution of That Agreement and Related Documents to Facilitate the Acquisition and Subsequent Lease of the Boo Williams Sportsplex
Purpose
PURPOSE/BACKGROUND:
In 2007, the Economic Development Authority of the City of Hampton, Virginia f/k/a the Industrial Development Authority of the City of Hampton, Virginia (“EDA”) entered into a 50-year ground lease with Boo Williams Sportsplex, LLC (“BWS LLC”) of approximately 4.2± acres in the Armistead Point area for the purpose of the construction and operation of an indoor sports facility for basketball, volleyball, indoor track, and other sports-related uses (the “Facility”).
BWS LLC invested approximately $11 million to construct the Facility. The Facility is primarily operated by Boo Williams Summer League, Ltd. (the “Summer League”), a non-profit amateur sports organization designed to provide young athletes with a forum to develop and display their basketball skills and talents through Amateur Athletic Union (“AAU”) tournaments and other means under the direction of Marcellus S. "Boo" Williams, Jr. (“Williams”), an individual who lives and grew up in the City of Hampton (“City”) and is a prominent athlete, coach, and youth sports advocate.
The City gets economic benefit (as well as taxes) from visitors who come from around the country to attend AAU tournaments at the Facility. A study commissioned by BWS LLC details some of those benefits as follows:
• $9.3 million a year in direct spending and $3.8 million in indirect spending, which supports 191 jobs.
• 25,600 hotel nights booked each year, with average stay of five (5) days.
• Players often travel with family members; the average house...
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