Title
Resolution to Amend the Fiscal Year 2022 Council Approved Budget and Appropriate a total of $574,000 from the Economic Development Fund's Assigned Fund Balance and the Hampton Roads Convention Center's Unrestricted Net Position to Transfer Funds to the Economic Development Authority Fund ($374,000) and the Hampton Roads Convention Center Fund ($200,000) to Support the Business Assistance Grant Program and to Supplement America Rescue Plan Act (ARPA) Funding for Upgrades at the Hampton Roads Convention Center
Purpose
PURPOSE/BACKGROUND:
This resolution appropriates funding for the projects listed below:
1. Economic Development Authority Fund - $374,000 - to support the Business Assistance Grant Program.
2. Hampton Roads Convention Center Fund - $200,000 - to supplement America Rescue Plan Act (ARPA) funding for facility upgrades.
Discussion:
City Council was previously briefed on the above referenced projects at their January 12, 2022 work session. The requested action puts into place the funding needed to support priority projects identified by City Council.
Impact:
No impact.
Recommendation:
Approve.
Body
WHEREAS, City Council received a briefing at its January 12, 2022 work session on a list of recommended projects to be funded by America Rescue Plan Act (ARPA) proceeds;
WHEREAS, certain recommended projects were either not approved for ARPA funding or were approved for partial ARPA funding, however, City Council still desired to fund these identified priority projects; and
WHEREAS, the requested action identifies the funding sources to facilitate project implementation.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Hampton, Virginia hereby amends the Fiscal Year 2022 Council Approved Budget to appropriate a total of $574,000 from the Economic Development Fund's Assigned Fund Balance and the Hampton Roads Convention Center's Unrestricted Net Position to transfer funds to the Economic Development Authority Fund an...
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