Title
Resolution Authorizing the Acceptance of 71.8 ± Acres of Real Property Located Adjacent to Grundland Creek Park, RPC Number: 10001024, From Marina Tsakis-Skea, Nanette K. Phillips and Jon D. Tsakis, to be Used by the City of Hampton for Conservation Purposes as Set Forth Under IRC § 26 CFR 1.170 A-14 (d) (3), as Required by the Conditions of the Gift
Purpose
Purpose/Background:
The City was approached by Marina Tsakis-Skea, Nanette K. Phillips and Jon D. Tsakis (the "Tsakis Family"), owners of certain property located in the City of Hampton on Beach Road, containing approximately 71.8 +/- acres, with portions adjacent to Grundland Creek Park (RPC Number 10001024) (the "Property"). The Tsakis Family wishes to make a donation of the Property in hopes that the City might be able to use it in furtherance of the preservation and protection in perpetuity of the conservation values of the Property and in its initiative to protect environmental ecosystems.
Pursuant to Section 2-134 of the City Code of the City of Hampton, Council approval is a prerequisite to acceptance of certain gifts to the City. Section 2-134(a) specifically states that gifts of real property valued at five thousand dollars ($5,000.00) or more shall be "approved by the council, by appropriate motion duly recorded in the council minutes, before such gift shall be deemed to have been accepted by the city". The FY 2018 value of this parcel is $325,000.00. The donor desires to have a Council Resolution accepting the donation in order to comply with Internal Revenue Code requirements.
The City wishes to accept this donation of real estate offered by the Tsakis family with the stated conditions as follows:
The Property is subject to restrictions prohibiting in perpetuity any private development on the Property. The purpose of these restrictions is to preserve and protect in perpetuity the conservation values of the Property and to limit use and future development of the Property to those ...
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