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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 referenced multifamily revenue bonds of $48,000,000 for the benefit of Stewart Gardens; both measures passed 5-0 after a property manager from Stewart Gardens spoke in support, saying the property "hasn't been rehabbed since the 1980s" and requesting assistance for modernization to provide safer, modern housing.
Council also approved a $2,000,000 appropriation from the FY2024 bond authorization to support Southeast Community Redevelopment and approved a resolution to contribute up to $3,030,000 to the Port Warwick Foundation to support an arts and entertainment festival on Memorial Day weekend 2026; the City also approved an appropriation of $3,030,000 of FY2025 year-end surplus funds to the Port Warwick Foundation. City staff said the Port Warwick award would be made under specific terms and conditions required by Virginia law for funding charitable organizations.
In addition, council adopted standing authority to issue up to $85,000,000 in general obligation improvement/refunding bonds for calendar year 2026, and approved multiple transportation-related appropriations including a Smart Scale grant award ($16,354,759) and VDOT-funded highway safety program funds ($931,259). All motions on these finance items passed by recorded unanimous votes in the meeting transcript.
Next steps: staff will implement the bond-issuance processes and program agreements; the transcript records motions and approvals but does not include details of final bond terms, issuance schedules, or the specific contractual terms for the Port Warwick contribution beyond the $3,030,000 cap.
