Title
Resolution of the Council of the City of Hampton, Virginia Accepting Sales Proceeds from the Sale of Real Property in the Hampton Roads Center North Campus in the Amount of $1,173,481.10 for Deposit to the Economic Development Fund and Subsequent Appropriation to the Economic Development Authority of the City of Hampton, Virginia, and Approving the Use of Said Funds by the Authority to Finance Infrastructure Improvements for Said Real Property
Purpose
PURPOSE/BACKGROUND:
The Economic Development Authority of the City of Hampton (the “Authority”) owns approximately 210 acres in Hampton Roads Center North Campus (“HRC North Campus”). As a means to encourage and facilitate development in the HRC North Campus, the Authority has been responsible for the construction and installation of infrastructure improvements, including public streets, street lighting, water and sanitary sewer lines, and storm water drainage.
The Authority entered into a Land Disposition, Option, and Development Agreement (the "Agreement") with Craig Davis Properties, Inc. (“CDP”) on May 21, 2014 and as amended on April 26, 2017 (collectively, the "Agreement"), which grants to CDP an option to purchase approximately 11+/- acres in the HRC North Campus (the “Property”) for further development by CDP at the price of $110,000.00 per acre. CDP has since exercised its right to purchase the Property for the total agreed upon purchase price of $1,235,410.00 ("Gross Purchase Price").
Under the terms of the Agreement, the Authority shall pay for the costs of the public infrastructure improvements outside of the boundaries of the Property, up to the value of the Gross Purchase Price plus an additional grant in the amount of $428,000.00 ("Authority Grant"). The City Council previously appropriated the Authority Grant to the Authority, however the Authority does not currently have sufficient funds to fully fund the costs of said infrastructure. The Gross Purchase Price shall be funded ...
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