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Council approves Stewart Gardens financing, Port Warwick festival funding and multiple bond authorizations
Summary
Council unanimously approved multifamily housing revenue bond approvals for Stewart Gardens, appropriated funds for Southeast redevelopment and authorized grants and general-obligation bonding — including a proposed contribution of up to $3.03 million to the Port Warwick Foundation and standing GO bond authority up to $85 million.
At its Dec. 9 meeting, the Newport News City Council approved several finance and funding items aimed at housing rehabilitation, community redevelopment and a large festival grant.
Council approved jurisdictional authorization for the Newport News Redevelopment and Housing Authority to issue multifamily housing revenue bonds in support of Stewart Gardens housing renovation; city staff described the request as up to $45,000,000 to finance renovation and improvements for low- and moderate-income residents. A follow-on item…
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