Title
Resolution to Authorize the Acceptance of a Gift of Various Furniture, Fixtures, and Equipment, Valued at Approximately $120,500.00, from NP Hampton Commerce Center, LLC and to Amend the FY 2025 Council Approved Budget to Accept and Appropriate a $168,672.23 Gift from NP Hampton Commerce Center, LLC, Pursuant to that Certain Lease between NP Hampton Commerce Center, LLC and the City of Hampton, Virginia
Purpose
PURPOSE/BACKGROUND:
The Economic Development Authority of the City of Hampton, Virginia and NP Hampton Commerce Center, LLC ("NP Hampton") 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 in Hampton.
Pursuant to Section 1.1(g) of the Development Agreement, NP Hampton and the City of Hampton, Virginia (the “City”) entered into a Lease dated August 9, 2023 (the “Lease”) for the City’s use of the Workforce Area, as identified in the Development Agreement and further defined as the “Premises” in the Lease. Section 7 of the Lease provided that NP Hampton shall install, at its cost, certain furniture, fixtures, and equipment (“FF&E”) as described in the Lease, and shall donate such FF&E to the City and assign any and all warranties, service contracts, or similar agreement incidental to ownership of the FF&E to the City.
NP Hampton and the City are in the process of executing a First Amendment to the Lease to, among other things, recognize (1) that NP Hampton has acquired and installed, at its own cost of approximately $120,500.00, non-Information Technology FF&E including the tables and chairs for conference and training rooms; desks and chairs for offices; and appliances for the kitchen and (2) that NP Hampton and the City agree that to satisfy the requirement to acquire and install ...
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