Title
Resolution Approving the Terms of a Participation Agreement Between the Eastern Virginia Regional Industrial Facility Authority, the City of Hampton Virginia, and other Members of the Eastern Virginia Regional Industrial Facility Authority for the Purchase from the Commonwealth of Virginia Approximately 432 Acres of Land Located in York County, and to Lease Approximately 250 Acres of that Acquired Land to KDC Solar, LLC for the Purpose of Developing a Solar Farm; and the Transfer of Funds from the Unassigned Fund Balance Economic Development Fund to the Economic Development Fund for Disbursement to the Eastern Virginia Regional Industrial Facility Authority
Purpose
PURPOSE/BACKGROUND:
This purpose of this resolution is to authorize the City's participation in the first ever regional economic development initiative to be entered into by the Eastern Virginia Regional Industrial Facility Authority.
Discussion:
Two years ago, the City of Hampton, upon the recommendation of the City Manager and the Department of Economic Development, and a resolution of the City Council, opted to create the Eastern Virginia Regional Industrial Facility Authority ("EVRIFA") in collaboration and cooperation with the County of Gloucester, the City of Newport News, the City of Poquoson, the City of Williamsburg and the County of York to foster economic growth and development of the City of Hampton and the region and to promote the comfort, convenience and welfare of the citizens of the City of Hampton by developing, owning and operating one or more facilities on a cooperative basis with the other member localities. After many years of work, the EVRIFA's first endeavor is the planned acquisition of approximately 432 acres of land located in the Penniman Road area of York County, and subsequent lease approximately 250 acres of that property to KDC Solar, LLC ("KDC") for the purpose of developing a solar farm.
The property will be purchased from the Commonwealth of...
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