City of Hampton - File #: 26-0292

• File #: 26-0292
• Version: 1
• Name: BayPort Credit Union Lease Agreement - City Hall
• Type: Public Hearing
• Status: Agenda Ready
• File created: 9/3/2026
• In control: City Council Legislative Session
• On agenda: 9/23/2026
• Title: Resolution Authorizing the Execution of a Lease Agreement Between the City of Hampton and Newport News Shipbuilding Employees’ Credit Union, Inc., d/b/a BayPort Credit Union, for the Lease of Approximately 1,200 Square Feet of City-Owned Property Located on the Third Floor of City Hall at 22 Lincoln Street for the Operation of a Credit Union Branch
• Indexes: BayPort Credit Union, Finance , Lease of City-Owned Property
• Code sections: 15.2-1800 - Purchase, sale, use, etc., of real property, 15.2-2100 - Restrictions on selling certain municipal public property and granting franchises
• Related files: 21-0254

Title

Resolution Authorizing the Execution of a Lease Agreement Between the City of Hampton and Newport News Shipbuilding Employees’ Credit Union, Inc., d/b/a BayPort Credit Union, for the Lease of Approximately 1,200 Square Feet of City-Owned Property Located on the Third Floor of City Hall at 22 Lincoln Street for the Operation of a Credit Union Branch

Purpose

PURPOSE/BACKGROUND:

In 2015, the Hampton City Employees’ Credit Union (HCECU) merged with Newport News Shipbuilding Employees’ Credit Union, Inc., d/b/a/ BayPort Credit Union (“BayPort”). To provide for a smooth transition and continued credit union services for City employees, the City entered into a lease agreement with BayPort for the operation of a credit union branch in the same location previously occupied by HCECU. BayPort has continuously operated a branch from that location since 2015.

The most recent lease expired on August 31, 2026.  BayPort desires to continue leasing approximately 1200 square feet of space on the third (3rd) floor of the City Hall, a City-owned property, located at 22 Lincoln Street, Hampton, Virginia (the “Premises”), for the operation of a credit union branch and all related and necessary activities.

The proposed lease agreement is for a term of five years, commencing September 1, 2026, and expiring August 31, 2031. The annual rent for the first lease year shall be $2,843.00, and shall increase by three percent (3%) annually over the rent for the preceding lease year.   

Discussion:

BayPort has provided on-site financial services to City employees and other members from its City Hall location for more than a decade.  Approval of the proposed lease agreement will allow BayPort to continue operating its Hampton City branch from the Premises and maintain uninterrupted service at this location.  The proposed lease terms are substantially consistent with prior lease arrangements while providing for an annual rent increase over the term of the lease.

Impact: ...