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WHEREAS, Choice V, LLC will develop and construct both the residential and
commercial/retail components of the Project and will enter into a master lease (the “Master Lease”)
and related agreements with Choice Downtown Commercial for the commercial/retail components
of the Project; and
WHEREAS, the Authority is making loans to Choice V LLC in the approximate total
amount of $18,116,280 at zero interest from the following sources: (a) $5,811,915 CNI funds; (b)
$2,000,000 NNRHA funds (c) funds from the City in the approximate amount of $5,304,365 (d)
permanent loans from DHCD in the approximate amount of $3,000,000 at the time of permanent
conversion, and (e) a permanent loan from HTEE Funds in the approximate amount of $2,000,000.
(The above loans and funding sources are collectively referred to as the “Loans”); and
WHEREAS, the financing of the Project will continue the operations of the Authority and
the Project and further discharge its lawful purposes, duties and responsibilities by making
additional affordable, safe and sanitary dwelling accommodations available for persons of low or
moderate income who reside int the City.
NOW THEREFORE, BE IT RESOLVED BY THE NEWPORT NEWS
REDEVELOPMENT AND HOUSING AUTHORITY:
1. The recitals made in the preambles to the Resolution are hereby adopted as a part of this
Resolution.
2. That the Executive Director of the Authority is hereby authorized to enter into the
following documents, all subject to legal counsel review:
a. All loan documents with Choice V-Downtown, LLC, to affect the Loans, to include
any and all documents, notes, loan agreements, deed of trusts, pledge agreements,
regulatory agreements, amendments, modifications and refinancing thereof.
b. Any and all related and necessary documents needed to effectuate the Loans and
any refinance of said Loan to include any amendments, modifications, or
refinancing thereof.
c. All loan documents for funding of the Loans, including a Funding Agreement with
the City.
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The Executive Director shall have the authority to negotiate any further terms, conditions,
and requirements for the Loan, including adjustments to loan principal, term and contract
amounts.
4. The provisions of this Resolution are hereby declared to be separable, and if any section,
phrase or provision of this Resolution shall be declared invalid, such invalidity shall not
affect the validity of the remainder of the sections phrases and provisions of this
Resolution.
5. The Authority shall perform such other acts and adopt such further resolutions as may be
required to implement its undertakings hereinabove set forth.Jump to an indexed page (54 of 54)