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Sept. 26, 2017 - The Boo Williams Sportsplex has generated tourism and tax revenue for Hampton for 10 years, as it brings in sports players and their families for weekend tournaments. However, the partners who paid for and own the building want to sell.
The city doesn’t want to lose that annual economic activity, placed at more than $9 million in a study commissioned by the facility.
For the record, the financing to purchase the building won’t cost the city any additional money.
Hampton’s Economic Development Authority would buy the building for its assessed value. The city will borrow the money over 15 years. Boo Williams would agree to run the operation and pay rent for the life of the bonds. Rent payments, plus the amount of the facility’s annual tourism grant and usage fees, are expected to cover the payments without any new city funds.
Read more at www.hampton.gov/ForTheRecord