Title
Resolution Approving a Commonwealth’s Development Opportunity Fund Performance Agreement among the City of Hampton, Virginia, the Economic Development Authority of the City of Hampton, Virginia, the Virginia Economic Development Partnership Authority, and HII Technical Solutions Corporation, and to Appropriate those Grant Funds to be Received by the City to the Economic Development Fund and Authorize Subsequent Transfer of those Grant Funds to the Economic Development Authority of the City of Hampton, Virginia
Purpose
PURPOSE/BACKGROUND:
The purpose of this resolution is to approve the City of Hampton's (the "City") participation in a Commonwealth's Development Opportunity Fund ("CDOF") Performance Agreement to facilitate the transfer of certain grant funds to be received from the Commonwealth of Virginia pursuant to an award by the Governor through the Virginia Economic Development Partnership Authority ("VEDP") to the Economic Development Authority of the City of Hampton, Virginia ("EDA"), to ultimately be disbursed to HII Technical Solutions Corporation ("HII TSC") for the purpose of inducing HII TSC to acquire, construct, equip, and improve a facility, to be known as the Unmanned Systems Center of Excellence (the "Facility"), in the Hampton Roads Center North ("HRCN") area of the City to design, assemble, and manufacture unmanned systems, provided the HII TSC meets certain criteria relating to capital investment and new job creation.
Discussion:
HII TSC is a Delaware corporation, authorized to transact business in Virginia, and an affiliate of Huntington Ingalls Industries, Inc. HII TSC has announced it intends to work with Campus Parkway, LLC (the "Developer"), a Virginia-based developer, to acquire, construct, lease, equip, and improve the Facility. It is anticipated that approximately $37,000,000 will be invested in property acquisition and real estate improvements; and an additional $9,000,000 will be invested in machinery and tools. It ...
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