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RESOLUTION OF THE NEWPORT NEWS REDEVELOPMENT AND
HOUSING AUTHORITY APPROVING A LOAN EXTENSION AGREEMENT FOR
TRADITION BREWING COMPANY UNDER THE NNUDAG PROGRAM
WHEREAS, Tradition Brewing Company, a cornerstone business located in the
City Center area of Newport News, has maintained a long-standing partnership with the
Newport News Redevelopment and Housing Authority (NNRHA) through the NNUDAG
loan program; and
WHEREAS, the company has requested approval of a restructured repayment
plan and extension of its existing loan originally issued April 20,2016, in the amount
of $250,000 at 3 percent interest; and
WHEREAS, the City of Newport News’ Department of Development, in
consultation with our Finance Department, has confirmed that as of April 14, 2026,
Tradition Brewing Company is current in its payments and has demonstrated improved
financial performance; and
WHEREAS, granting the extension supports local economic development, job
retention, and continued revitalization of the City Center area; and
WHEREAS, NNRHA reserves the right to accelerate the loan in the event the
borrower becomes delinquent for sixty (60) days or more after the commencement of the
agreed upon loan restructure.
NOW, THEREFORE, BE IT RESOLVED, that the Board of Commissioners of the
Newport News Redevelopment and Housing Authority hereby approves the loan
extension request for Tradition Brewing Company under the NNUDAG Program, subject
to the terms and conditions outlined in the City’s recommendation letter dated
April 14, 2026; andJump to an indexed page (195 of 195)