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PURCHASE AND SALE CONTRACT
THIS PURCHASE AND SALE CONTRACT (this “Contract”) is made this‘]*“ day
of A JOUST 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 Contract
may be collectively referred to by the term “Parties” or individually as “Party”.
RECITALS:
A. EDA is a political subdivision of the Commonwealth of Virginia and promotes
economic development in the City of Newport News, Virginia (the “City”).
B. EDA and 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 Commercial Facilities (defined below) of specific size, high quality design,
and quality materials on the real property owned by EDA and consisting of approximately 1.26
acres, as described in Exhibit A (the “Land”) and located at 2900 Huntington Avenue. The term
“Property” shall mean the Land, the improvements thereon, and all rights and appurtenances
pertaining to the Land and such improvements.
Cc. Negotiations by the Parties have produced this agreement for the Developer to
develop, construct and equip a parking garage with approximately 1,050 parking spaces and
approximately 6,000 square feet of retail commercial space on the Land (collectively, the
“Commercial Facilities”) to support an unaccompanied military housing complex with
approximately 750 two-bedroom units and certain retail commercial space to be constructed by
the Developer on a parcel of land adjacent to the Land (such improvements, collectively with the
Commercial Facilities, the “Project’”). The Project is described in detail in Developer’s Proposal
4924-8886-8988, v. 12
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