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RESOLUTION OF THE
NEWPORT NEWS REDEVELOPMENT AND HOUSING AUTHORITY
CHOICE NEIGHBORHOOD V-DOWNTOWN, LLC
CHOICE NEIGHBORHOOD DOWNTOWN COMMERCIAL PARTNERS, LLC
WHEREAS, the Newport News Redevelopment and Housing Authority (the “Authority”),
was created pursuant to the Virginia Housing Authorities Law (the “Act”), Chapter 1, Title 36,
Code of Virginia of 1950, as amended (the “Virginia Code”), and exist and operates as a public
body corporate and politic; and
WHEREAS, the Act empowers the Authority: (a) to issue its notes or bonds in accordance
with the provisions of the act for the purpose of making loans for the prevention and elimination
of slum or blighted areas, for assistance in housing construction or rehabilitation by private
sponsors and to refund prior obligations issued for any such purposes; (b) with the approval of the
local governing body or its designee, to form corporations, partnerships, joint ventures, trusts, or
any other legal entity or combination thereof, on its own behalf or with any person or public or
private entity; and (c) in connection with any housing project, to transfer, convey, sell, lease or
tent lands embraced in any housing project; and
WHEREAS, the City of Newport News, Virgina (the “City”) and the Authority were
awarded a Choice Neighborhood Initiative Grant pursuant to that Choice Neighborhood Initiative
Implementation Grant Agreement dated June 27, 2019 (the “Grant Agreement”) by and among the
United States Department of Housing and Urban Development (“HUD”), the Authority and the
City; and.
WHEREAS, the Authority with consent of the City formed and created Choice
Neighborhood V-Downtown LLC, a Virginia limited liability company (“Choice V LLC”) and
Choice Neighborhood V-Downtown Corporation, a Virginia corporation (Choice V
Development”) to act as manager of Choice V LLC, to develop and construct Choice
Neighborhood V-Downtown, a residential development in the southern part of the City (the
“Project”); and
WHEREAS, the Authority with the consent of the City, formed and created Choice
Neighborhood Downtown Commercial Partners, LLC, a Virginia limited liability company
(“Choice Downtown Commercial”) and Choice Neighborhood Downtown Commercial Partners
Development Corporation, a Virginia corporation (“Choice Downtown Commercial Development
Corporation”) to act as manager of Choice Downtown Commercial, to develop and construct
Choice Downtown Commercial, a commercial/retail component of the Project; and
WHEREAS, the Authority has entered into an agreement with Pennrose Holdings, LLC
(“Pennrose”), for the development and construction of the Project; and
WHEREAS, the Authority, Choice V, LLC and Pennrose entered certain loan agreements
for the design, development, and construction of the Project; and
WHEREAS, the parties are obtaining construction and permanent financing through Truist
Bank (“Truist”) and other financing sources; andJump to an indexed page (54 of 54)