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WHEREAS, pursuant to proper notice, the Authority will conduct a public hearing on the
Applications of the Borrower for the issuance of the Bonds in compliance with the requirements
of Section 147(f) of the Internal Revenue Code of 1986, as amended (the “Cede”) and Section
15.2-4906 of the Code of Virginia (the “Virginia Code”) on April 15, 2025, and shall determine
along with the Borrower at a later date whether the Authority shall provide a Certificate of Public
Hearing to the City Council of the City (the “City Council”) and if at such time that the Authority
will recommend that the City Council provide “governing body approval” of the issuance of the
Bonds by the Authority; and
WHEREAS, the Borrower and the Authority shall comply with all applicable provisions
of the Act; and
WHEREAS, the Borrower currently proposes that the Project reserve at least forty percent
(40%) of the housing units contained therein for occupancy by persons whose income is less than
sixty percent (60%) of the area median gross income, as required by Section 142(4)(1)B) of the
Code; and
WHEREAS, each member of the Authority has, before entering upon his or her duties
during his or her present term of office, taken and subscribed to the oath prescribed by Section 49-
1 of the Code of Virginia of 1950, as amended: and
WHEREAS, no member of the Board of Commissioners of the Authority has any personal
or business interest in the Borrower or the Bonds or has otherwise engaged in conduct prohibited
under the Conflict of Interests Act, Chapter 31, Title 2.2 of the Code of Virginia of 1950, as
amended (the “Conflict of Interests Act”) in connection with this Resolution or any other official
action of the Authority in connection therewith: :
NOW, THEREFORE, BE IT RESOLVED BY THE NEWPORT NEWS
REDEVELOPMENT AND HOUSING AUTHORITY:
1. It is hereby found and determined that the Project and the approval of the Plan of
Finance and the issuance of the Bonds will be in the public interest and will promote the
availability of affordable housing and safe, decent and sanitary housing for those citizens with low
or moderate income in the Commonwealth and the City. 1
2. The Authority hereby plans to assist the Borrower in facilitating the Plan of
Financing by undertaking the issuance of its tax-exempt revenue Bonds if approved by the City
Council in an aggregate amount not to exceed $93,000,000 upon terms and conditions mutually
agreeable to the Authority and the Borrower. The Bonds will be issued pursuant to documents
satisfactory to the Authority and in accordance with a Final Resolution for each series of Bonds!
The Bonds may be issued in one or more series at one time or from time to time. .
3. It having been represented to the Authority that it is necessary for the Borrower to
proceed immediately with certain actions regarding the Project and the Plan of Financing, therefore
the Authority agrees that the Borrower may proceed to undertake actions to facilitate work on thd
Project and the Plan of Financing, enter into contracts with respect to the acquisition, renovation,
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