Title
Resolution Approving A Downtown Hampton Master Development Agreement By And Among The City Of Hampton, Virginia, The Economic Development Authority Of The City Of Hampton, Virginia, The Hampton Redevelopment And Housing Authority, The WVS Companies, LLC, Saunders + Crouse Architects, LLC, or an Affiliated Entity, Pertaining to Several Properties in Downtown Hampton
Purpose
PURPOSE/BACKGROUND:
The representatives for WVS Companies, LLC in partnership with Saunders + Crouse Architects, LLC via an unsolicited proposal presented an opportunity for development and the redevelopment of various properties in the downtown area of the city. Their proposal included the creation of new residential living units (owner occupied and rental), commercial development to include components of office, restaurants and other complementary aspects required for a vibrant downtown setting.
This development activity will include properties currently owned by the City of Hampton and The Hampton Redevelopment and Housing Authority. In the initial phase of this development, 9 parcels have been identified. The developer will purchase the parcels at assessed value except that, one parcel, the Carousel Park site, will be leased to the developer via a long term lease agreement with the Economic Development Authority. The terms and conditions of such lease will be negotiated during the due diligence period.
On May 15, 2018, The Economic Development Authority adopted a Resolution Approving A Downtown Hampton Master Development Agreement By and Among The City of Hampton, The Economic Development Authority of The City Hampton of Virginia, The Hampton Redevelopment and Housing Authority, The WVS Companies, LLC, Saunders + Crouse Architects, LLC, and an Affiliated Entity, Pertaining to Several Properties in Downton Hampton (attached).
On May 23, 2018, The Hampton Redevelopment and Housing Authority adopted a Resolution Approving A Downtown Hampton Master Development Agreement By and Amon...
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