Council authorizes $9.25M bond anticipation and $9.2M transfer to EDA for Boo Williams Sportsplex purchase

The Hampton City Council approved an amendment to the FY2018 capital budget that authorizes $9,250,000 in general obligation bond anticipation note proceeds and a $9,200,000 transfer to the Economic Development Authority to purchase the Boo Williams Sportsplex.

Staff described the amendment in brief: “This item is just to amend the capital budget to include $9,250,000. The $9,200,000 would go to the Economic Development Authority, for the purchase of the facility. The remaining $50,000 is will be used to cover the cost of the bond issuance,” an assistant city staff member explained during the presentation. The item proceeded as a public hearing with no speakers, and council moved and approved the budget amendment.

Council also considered a cooperation agreement later in the meeting to authorize the EDA to execute acquisition and lease documents related to the Sportsplex. Combined, the actions authorize the EDA to receive the transferred funds and proceed with the acquisition under terms the EDA will execute.