Title
Resolution Approving the Acquisition of Elmwood Mobile Home Park Pursuant to the City's Right of First Refusal, Authorizing the City Manager to Execute an Agreement of Sale and Related Acquisition Documents, and Authorizing a Memorandum of Understanding Between the City of Hampton and the Hampton Redevelopment and Housing Authority Regarding Property Management
Purpose
Purpose/Background:
Elmwood Mobile Home Park (the "Property") is a manufactured home community located at 959 N. King Street in the City of Hampton (the "City"). The Property is owned currently by Great Bay Properties, L.C., a Virginia limited liability company (the "Owner").
Pursuant to Virginia Code Section 55.1-1308.3, the City received notice of a bona fide third-party offer to purchase the Property for $650,000, together with an earnest money deposit of $6,500. Due to the statutory time limitation for exercising the City's right of first refusal, the City exercised its right on October 1, 2026, to preserve the City's opportunity to acquire the Property pending formal consideration of the acquisition by City Council.
The Property consists of approximately 2.57 acres and contains fifteen manufactured home sites that provide an affordable source of housing within the City. The Property is currently assessed at $540,100. The Owner-provided operating information reflects an annual gross income of approximately $84,600, and an annual net operating income of approximately $52,790.
In connection with the acquisition, the City proposes to enter into a Memorandum of Understanding ("MOU") with the Hampton Redevelopment and Housing Authority ("HRHA"), pursuant to which HRHA will assist the City with the management and operation of the Property, including coordination with HRHA's property management company.
This Resolution authorizes the acquisition of the Property pursuant to the City's right of first refusal, authorizes the City Manager to execute an Agreement of Sale and related ac...
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