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BOND PURCHASE AGREEMENT
$23,000,000
Newport News Redevelopment and Housing Authority
Multifamily Housing Revenue Bonds
(Stuart Gardens I Apartments)
Series 2026
________ __, 2026
Newport News Redevelopment and Housing Authority
227 27th Street
Newport News, Virginia 23607
Stuart Gardens Housing Partners, LP
c/o Vitus Development III, LLC
2607 2nd Avenue, Suite 300
Seattle, Washington 98121
Ladies and Gentlemen:
Colliers Securities LLC (the “Underwriter”), on its own behalf and not as your fiduciary, hereby
offers to enter into this Bond Purchase Agreement (this “Bond Purchase Agreement”) with the Newport
News Redevelopment and Housing Authority, a political subdivision of the Commonwealth of Virginia
(the “Issuer”) and Stuart Gardens Housing Partners, LP, a Virginia limited partnership (the “Borrower”).
This offer is made subject to the Issuer’s and the Borrower’s acceptance on or before 10:00 a.m., Eastern
Time, of the date hereof, and, upon such acceptance, this Bond Purchase Agreement shall be in full force
and effect in accordance with its terms and shall be binding upon the Issuer, the Borrower and the
Underwriter, all as of 10:00 a.m., Eastern Time, on the date hereof.
The Issuer is authorized to issue the above-captioned Multifamily Housing Revenue Bonds (Stuart
Gardens I Apartments) Series 2026 (the “Bonds”) pursuant to the Virginia Housing Authorities Law,
Chapter 1,Title 36 of the Code of Virginia of 1950, as amended (the “Act”) and pursuant to a final resolution
of the Issuer adopted on June 16, 2026 (the “Bond Resolution”). The Bonds shall be as described in and
shall be issued pursuant to an Indenture of Trust, dated as of July 1, 2026 (the “Indenture”), by and between
the Issuer and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”). Capitalized terms
used herein but not defined herein shall have the meanings assigned thereto in the Indenture, as the context
requires.
Simultaneously with the issuance of the Bonds, there will be executed and delivered a Loan
Agreement, dated as of the date of the Indenture (the “Loan Agreement”), between the Issuer and the
Borrower, pursuant to which the Issuer will loan the proceeds of the Bonds to the Borrower (the “Loan”)
for the purpose of financing costs of the renovation, rehabilitation, construction, improvement, and
equipping of the multifamily rental housing facility consisting of approximately 250 rental units and related
facilities and located at 1358 Garden Drive, Newport News, Virginia 23607 (the “Project”).
The Bonds are special, limited obligations of the Issuer, and the principal of and interest thereon
will be payable solely from the revenues and other moneys assigned by the Indenture to secure such
payment. At all times the Bonds will be secured by Eligible Investments and Available Money sufficient
to pay, without need for reinvestment, all of the interest and principal on the Bonds when due to the Initial
Mandatory Tender Date, as further described herein.Jump to an indexed page (744 of 744)