Title
Resolution (i) Authorizing the Execution of an Amended and Restated Memorandum of Understanding by and Among the Peninsula Town Center Community Development Authority and T Peninsula Axis VA, LLC, T Peninsula Hotel VA, LLC, and Peninsula Parking Lot VA, LLC and an Amended and Restated Collection Agreement With the Peninsula Town Center Community Development Authority and the Successors and Assigns of Hampton Mall Associates, J. C. Penney Properties, Inc., and Target Corporation in Connection With the Issuance of Special Obligation Refunding Bonds, Series 2018, and (ii) Approving the Issuance of the Series 2018 Bonds by the Community Development Authority
Purpose
PURPOSE/BACKGROUND:
The Peninsula Town Center Community Development Authority ("CDA") was created by ordinance of the City Council of the City of Hampton, Virginia (the "City") to finance certain public infrastructure associated with the redevelopment of the Hampton Coliseum Mall area (the "Infrastructure").
By Resolution adopted March 8, 2006, the City Council approved a Memorandum of Understanding among the CDA, the City and Hampton Mall Associates, its successors and assigns in connection with the issuance of special obligation bonds (“Series 2007”) to finance the Infrastructure.
By Non-Coded Ordinance 1026 adopted October 26, 2006, ( the “Assessment Ordinance”), the City Council (i) established a special assessment for the CDA (ii) authorized a collection agreement (the “Collection Agreement”) among the CDA, the City and Hampton Mall Associates, its successors and assigns (referred to as the “Landowner”) setting forth certain agreements relating to the levy of the special assessment and the special ad valorem tax and the collection of revenues all as described in the Memorandum of Understanding, and (iii) specifically expressed that the Collection Agreement could be revised by subsequent resolution of City Council.
The Assessment Ordinance was amended by Non-Coded Ordinance 1043 dated ...
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