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DEVELOPMENT AGREEMENT
THIS DEVELOPMENT AGREEMENT ("Agreement") is made this 1'T'1-t day of
~Ai.-J< ....... .,-v .... S.,._.:f..___, 2026 ("Effective Date"), between the ECONOMIC DEVELOPMENT
AUTHORITY OF THE CITY OF NEWPORT NEWS, VIRGINIA ("EDA" or "Seller"), a
political subdivision of the Commonwealth of Virginia, and HAMPTON ROADS PPV, LLC, a
Delaware limited liability company ("Developer" or "Purchaser"). The parties to this Agreement
may be collectively referred to by the term "Parties" or individually as "Party".
RECITALS:
1. EDA is the owner of certain real property located at 2900 Huntington A venue in
the City of Newport News, Virginia, containing approximately 1.26 acres of land (the "EDA
Property") as further described on Exhibit A-1.
2. EDA and the City of Newport News, Virginia (the "City") desire to broaden and
modernize the supply of available housing units (and related parking facilities) constructed by
private developers, through Developer's construction of certain Residential Facilities and
Commercial Facilities ( each as defined below) of specific size, high quality design, and quality
materials on the EDA Property and a parcel ofland adjacent to the EDA Property further described
on Exhibit A-2 (the "Additional Property", and together with the EDA Property, the "Property").
3. The Parties have entered into a Purchase and Sale Contract (the "Purchase
Contract") whereby EDA intends to sell, and Developer intends to purchase, the EDA Property.
4. Huntington Ingalls Incorporated, a Virginia corporation ("HII"), as seller, and
Developer, as buyer, have entered into a Purchase and Sale Agreement whereby HII intends to
sell, and Developer intends to purchase, the Additional Property.
5. Developer has agreed to construct a parking garage with approximately 1,050
parking spaces and approximately 6,000 square feet of retail commercial space on the EDA
Property (the "Commercial Facilities") to support an unaccompanied military housing complex
with approximately 750 two-bedroom units and approximately 4,000 square feet of retail
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