Title
Resolution Authorizing the Reallocation of the Downtown Hampton/Phoebus Retail Incentive Fund and the Hampton Economic Gardening Program Fund to the Economic Development Authority's Revolving Loan and Grant Fund
Purpose
PURPOSE/BACKGROUND:
Reallocate certain grant funds dedicated to specialized programs to the Economic Development Authority of the City of Hampton, Virginia's (the "EDA") Revolving Loan and Grant Fund; and authorize the EDA to use those reallocated grant funds to provide support to businesses throughout the City.
Discussion:
The City Council of the City of Hampton ("City Council"), through the adoption of its fiscal year 2010 budget, appropriated to the EDA $1.5 million to administer the then newly created program designed to stimulate retail and other commercial activities in the Downtown and Phoebus areas of the City (the "Downtown Hampton/Phoebus Retail Incentive Fund"). Since its inception approximately half of those funds have been invested to revitalize the Phoebus and Downtown areas, with awards to Sly Clyde's, Mango Mangeaux's several endeavors, Baker's Wife, to name a few. In addition, the Downtown area has also been enhanced, with EDA grant funds being used to transform what was La Bodega to Baked Bistro, as well as multiple facade improvements to replace awnings and update building facades throughout the Downtown area. In recent years, it is apparent that over the course of the past 12 years, the purpose of the original funding has been reasonably satisfied. It is also apparent that other areas in the City are in need of similar support in order to enhance and sustain a strong economic base throughout the City. The Downtown Hampton/Phoebus Retail Incentive Fund has a current balance of approximately $755,821.
In another action, in 2012, the City Council also redirected $45,000 available to the EDA for Small Business Incubator Operations to the Hampton Economic Gardening Program, a program intended to assist...
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