Title
Resolution Approving the Terms of a Cooperation Agreement Between the Economic Development Authority of the City of Hampton, Virginia, and the City of Hampton, Virginia, Authorizing the Execution and Delivery of Said Cooperation Agreement for the Acquisition and Exchange of 108 S. King Street and 15 Rudd Lane; and the Transfer of Funding of Certain Financial Support Committed for the Construction of a New Seafood Agricultural Research and Extension Center at the Downtown Waterfront
Purpose
PURPOSE/BACKGROUND:
See Discussion.
Discussion:
The Economic Development Authority of the City of Hampton, Virginia (the “EDA”) was created for the purpose of promoting industry and developing trade by inducing manufacturing, industrial, and commercial enterprises to locate in the City, as well as to promote and encourage the creation and development of new businesses in the City through, inter alia, the acquisition and leasing of real property and the provision of loans and grants. The City’s Downtown Master Plan endorses the creation of waterfront connections between the core downtown and the waterfront, and envisions a multidisciplinary education, scientific, research, training, and education center with ancillary economic development that all revolve around the City’s seafood heritage and working downtown waterfront. The EDA owns that certain parcel of land comprised of 0.186± acres on the Downtown waterfront commonly referred to as 15 Rudd Lane (LRSN: 2002535; the “EDA Property”), on which all improvements, other than a foundational slab, have been wholly demolished and removed. Virginia Polytechnic Institute and State University (“Virginia Tech”) has operated its Seafood Agricultural Research and Extension Center (“Old Seafood AREC”) on the Downtown waterfront since 1975, most recently located on that certain parcel owned by the Foundation and adjacent to the EDA Property comprised of 0.626± acres, commonly referred to as 10...
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