Title
Resolution Authorizing the Appropriation of $47,500.00 From the Economic Development Fund Assigned Fund Balance to the Economic Development Authority to Finance a Portion of the Cost of the Installation of Street Lighting Along a Portion of Exploration Way and North Campus Parkway in Hampton Roads Center North Campus
Purpose
PURPOSE/BACKGROUND:
The purpose of this resolution is to appropriate $47,500.00 from the Economic Development Fund Assigned Fund Balance to the Economic Development Authority of the City of Hampton, Virginia (the "Authority") to finance one-half (1/2) of the cost of the installation of street lighting along a portion of Exploration Way and North Campus Parkway in Hampton Roads Center North Campus pursuant to a contract between the Authority and Craig Davis Properties, Inc. ("CDP")
Discussion:
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 CDP on May 21, 2014, and as amended on April 26, 2017 (the "First Amendment"), (the "Purchase Agreement" and the "First Amendment," collectively the "Agreement"), which granted 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 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 agreed to pay for the costs of the public infrastructure improvements outside of the boundaries of ...
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