• Entertainment District Brings More Great Things To Do
  • Business Expansion, Retention & Growth Projects Abound
  • Collaboration is at the Heart of the Year's Success
  • New Developments for Living and Working
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About

Mission

The core mission of the Economic Development Authority of the City of Newport News, Virginia (EDA) and the Industrial Development Authority of the City of Newport News, Virginia (IDA) (collectively “EDA/IDA” and/or “the Authority”) is to grow and diversify the tax and employment base of the City.

Board of Directors

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Thomas P. Herbert, P.E.
2014 Chair – Member of the Board since 2009

Mr. Herbert is the Vice President and Director of Private Sector Programs for H&A Architects & Engineers, a multidisciplinary firm offering a wide array of engineering and design capabilities for a variety of private, municipal, institutional and federal clients around the world.

Wendy C. Drucker
2014 Vice-Chair – Member of the Board since 2008

Ms. Drucker is Managing Director of Drucker & Falk, LLC, which specializes in multifamily, commercial and senior real estate. Headquartered in Newport News, Drucker & Falk operates in the Mid-Atlantic and Southeast regions of the United States.

Alonzo R. Bell, Jr., CCIM
Member of the Board since 2007

Mr. Bell is the founder and principal broker of Randolph Real Estate Services Company, LLC, and has over 20 years of experience in commercial real estate brokerage.

Cary B. Epes
Member of the Board since 2010

Mr. Epes is a retired banking executive, formerly of Old Point National Bank, which has offices throughout Hampton Roads.

Cassandra P. Greene
Member of the Board since 2013

Mrs. Greene is a retired senior finance and communications executive, formerly of Sara Lee Corporation and the U.S. Small Business Administration, and serves on several non-profit boards on the Peninsula.

Arthur P. Henderson, Jr.
Member of the Board since 2006

Mr. Henderson is a retired business executive, former CFO with Noland Company, a leading wholesale distributor of plumbing, mechanical and electrical supplies. Mr. Henderson is also a Certified Public Accountant.

C. Gary Minter
Member of the Board since 2010

Mr. Minter is President of POMOCO Lincoln Mercury and Vice President of POMOCO Auto Group, which has locations on the Peninsula and in Smithfield.

James M. Bourey – City Manager (ex officio)

Florence G. Kingston – Secretary/Treasurer (ex officio)

Cherry Lee Croushore – Assistant Secretary

Joy Robison – Interim Recording Secretary

Raymond H. Suttle, Jr., Esquire – Legal Counsel

Conway H. Sheild, III, Esquire – Legal Counsel

Ralph M. Goldstein, Esquire – Legal Counsel

Message from the Chair

about-chairInnovation is a word that is used frequently today. It’s defined as a new idea, device or process that meets new requirements, needs, or satisfies an existing market demand. As the nation continues to steady itself in the face of uncertain times, the Economic and Industrial Development Authority for the City of Newport News in 2014 continued to provide innovative and forward-thinking solutions that foster an atmosphere favorable for business growth and diversification.

Diversification continues to drive growth throughout Newport News. Businesses from all over the world find this location to be a vibrant and welcoming place in which to expand and succeed, illustrated in 2014 by many local and global business developments. The Thomas Jefferson National Accelerator Facility continued its plans for major expansion. Continental Automotive Systems announced its commitment to update and expand its plant’s manufacturing machinery and equipment to accommodate a new line of turbochargers. Canon Virginia announced expansion of its automated cartridge and toner manufacturing facilities. These are just a few examples of the growth that keeps Newport News on the forefront of global innovation.

Projects such as the state-of-the-art Paragon City Center 12 Theater, Neo Kitchen + Bar, My Pi Custom Pizza and Travinia Italian Kitchen & Wine Bar opened this year. The critical Middle Ground Boulevard expansion also neared completion and the entire roadway from Warwick Boulevard to Rock Landing Drive was named City Center Boulevard. There were many other important infrastructure, construction and revitalization projects throughout the City. New ground was broken this year on the Tech Center at Oyster Point mixed-use development concept. These properties, along with several existing business expansions, have brought an entirely new dynamic to an already favorable business climate in Newport News.

The EDA/IDA continued its commitment to the redevelopment of the Southeast section of the City in 2014. With the opening of the Newport News Shipbuilding Apprentice School and the continued infrastructure revitalization projects taking place, the area has begun to grow as businesses locate and succeed in this improving business environment. Our continued focus in pursuing desirable growth in every part of the City further unifies the community in the shared goal of economic diversification.

As always, our existing business base remained a vital part of the City’s growth and success. Over 250 businesses participated in business-related workshops and activities, while City staff continued to foster a positive and welcoming environment for existing businesses. Also this year, numerous existing businesses were able to utilize the Façade Improvement Grant (FIG) as well as other new and innovative programs to further improve the aesthetics of their location and the surrounding area. We maintain strong alliances throughout the region and state that support these efforts and our mission.

As you read about the projects and accomplishments in the following pages, I’m sure you will agree that the EDA/IDA continues to demonstrate forwardthinking leadership and innovation in all its endeavors, ensuring that Newport News continues to be a place Where Great Things are Happening.

Sincerely,

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Thomas P. Herbert, P.E.
2014 Chair, EDA/IDA

Standing Committees

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Design Review

Cary B. Epes
Chair

Alonzo R. Bell, Jr.

Thomas P. Herbert

Rob Mann
AES Consulting Engineers

Teresa Nettles
Thalhimer Commercial Real Estate

Sylvia Weinstein
Oyster Pointer

Beth Willis
Carmines Robbins & Company

Mike Dallas
Jefferson Lab
(Advisory Member)

Ted Kitchens
Newport News/ Williamsburg International Airport
(Advisory Member)

Executive Committee

Wendy C. Drucker
Chair

Arthur P. Henderson, Jr.

Thomas P. Herbert

C. Gary Minter

Marketing

C. Gary Minter
Chair

Wendy C. Drucker

Cassandra P. Greene

Mary Aldrich
PBMares

Don Blankenship
Retired

Faye Gargiulo
Riverside Health System

Gary Hunter
Langley Federal Credit Union

Senator John Miller
Virginia General Assembly

Parking

Arthur P. Henderson, Jr.
Chair

Alonzo R. Bell, Jr.

Cary B. Epes

John Lunsford
Retired

Jim MacDougall
MacPaint, Ltd.

Gene Soud
Retired

Revolving Loan Fund

Cassandra P. Greene
Chair

Cary B. Epes

Arthur P. Henderson, Jr.

Susan Harris
TowneBank

George Knight
Commonwealth Environmental Services

South Newport News

Alonzo R. Bell, Jr.
Chair

Cassandra P. Greene

C. Gary Minter

Effie Ashe
Retired (Deceased)

Carl Burt
Retired

Richard Coleman
Retired

Troy Smith, Jr.
Smith Brothers Enterprises

Special Purpose Committee Appointments

Alonzo R. Bell, Jr.
Workforce Investment Board

C. Gary Minter
Regional Air Service
Enhancement Committee

C. Gary Minter
Conference Center Marketing (Chair)

Arthur P. Henderson, Jr.
Sister Cities of Newport News

Cary B. Epes
Community Development
Block Grant Committee

Staff Support to EDA/IDA

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James M. Bourey
City Manager

Florence G. Kingston
Director of Development
(Also EDA/IDA Secretary/Treasurer)

Carol U. Meredith
Assistant Director

Sam J. Workman, Jr.
Assistant Director

Cherry Lee Croushore
Manager of Development
(Also EDA/IDA Assistant Secretary)

N. Douglas Winstead
Manager of Special Development Projects
(Retired during 2014)

Zoe M. Lumpkin, CPA
Financial Services Administrator

Christopher A. Morello
Administrator of Development Projects

Joy E. Robison
Administrative Services Manager
Interim EDA/IDA Recording Secretary

Marc A. Rodgers
Senior Project Coordinator

Derek E. Perry
Project Coordinator II

Bryan C. Witt
Manager of Special
Development Projects

Tricia F. Wilson
Business Development Specialist

Matt Johnson
Former Business
Retention Coordinator

George A. Schraudt
Senior Economic Analyst

Robin N. Boyd
Marketing Coordinator

Jared W. Midkiff
Marketing and Development Coordinator

Doreen P. Kopacz
Port Development Administrator

Andrew S. Wilks
Property Manager

Travis C. Fisher
Real Estate Coordinator

Recognition of Florence Kingston

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Culinary Institute of Virginia (CIV) Culinary Clash

Florence Kingston, Secretary/Treasurer of the EDA/IDA, was a featured contestant and celebrity chef at the CIV’s Peninsula Culinary Clashin March 2014. Teamed up with faculty chefs and CIV students, Florence competed against a host of local celebrities. Guests sampled and voted on contestants’ dishes. The winner took the title of top chef and students on the winning team received scholarships. The event was held to celebrate the opening of the school’s new City Center campus.

Virginia Peninsula Chamber of Commerce Pink Bag Luncheon

In July 2014, Florence was a featured speaker at the Virginia Peninsula Chamber of Commerce’s monthly Pink Bag Luncheon and networking event. Hosted by the Chamber’s Outstanding Women’s Exchange, the mission of the Pink Bag Luncheon series is to create unique experiences where women build community, network and economic opportunity, and to connect and engage with other motivated women in the region.

Around the City

Dr. Martin Luther King, Jr. Plaza

Dr. Martin Luther King, Jr. Plaza

On Saturday, May 17th, the City celebrated the unveiling of the bronze bas relief sculpture, “The Unfinished March,” by renowned Louisville, Kentucky, artist Ed Hamilton, at the Dr. Martin Luther King, Jr. Plaza at Jefferson Avenue and Dr. Martin Luther King, Jr. Way/25th Street. The massive bronze sculpture—depicting Dr. King emerging from the surface with other civil rights activists—tells an inspiring story which is envisioned to unify and encourage the community and the City as a whole. The installation of the sculpture was paired with a public presentation with the artist at The Peninsula Fine Arts Center.

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Newport News Shipbuilding Apprentice School & Mixed-Use Development

Newport News Shipbuilding Apprentice School & Mixed-Use Development

The end of 2013 saw the opening of the Apprentice School mixed-use redevelopment project in the City’s traditional Downtown. The project included an 86,000-square-foot state-of-the-art Apprentice School, 197 market-rate apprentice and workforce housing units, 30,416 square feet of retail and a 382-space parking garage and green area in a campus-like setting on an approximately six acre site. The transformational project came to life in 2014. The new Apprentice School bustled with classes, sporting events and activities. The excitement about the new facility remained high at year-end. The EDA’s parking garage was fully operational, supporting the Apprentice School, housing and retail. […]

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Superblock Charrette

Superblock Charrette

On June 27th–28th, planning consulting firm Rhodeside & Harwell, the City of Newport News and the Newport News Redevelopment and Housing Authority engaged the community in a charrette to help generate development ideas about the Downtown public greenspace known as the Superblock, between Washington and West Avenues and 26th and 28th Streets. Attendees formed small groups and became fully engrossed in creating judicious design concepts for their ideal Superblock site. The end result was a visual documentation collective of all the group participants.

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Road Improvements

Road Improvements

The City and EDA have begun coordinating efforts with an engineering consulting firm, Liebherr and the City of Hampton to implement much-needed improvements to the transportation infrastructure critical to Liebherr’s expansion and the overall appearance of Copeland Industrial Park. The City received approval of $650,000 in State Economic Development Access Program funds to partially fund improvements.

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UPS

UPS

In October, the IDA acquired 89 Nelson Drive. The property is adjacent to the IDA-owned parcel, 11008 Warwick Boulevard, which is leased to the United Parcel Service (UPS) for one of its parcel tracking facilities. The IDA will develop additional parking on 89 Nelson Drive to help meet UPS’s parking needs. This will be essential as the IDA works to ensure that UPS continues doing business in Newport News upon the expiration of its 20-year lease on July 1, 2015.

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Canon Virginia, Inc.

Canon Virginia, Inc.

By September 2014, the Phase I Canon Boulevard sidewalk — authorized by the EDA and funded 100% by Commonwealth of Virginia Transportation Opportunity Grant Funds (TPOF) — had been completed along the west side of Canon Boulevard from City Center Boulevard (formerly Middle Ground Boulevard) to the entrance of Compass Pointe at Old Oyster Point Road. Also in September, the EDA authorized contracting for design (ATKINS) and installation (Denbigh Construction Company) of Phase II, which will extend the same new sidewalk north from the Compass Pointe entrance, around the corner of Canon Boulevard and Oyster Point Road, and continue along […]

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University of Virginia/Virginia Tech Center

University of Virginia/Virginia Tech Center

In 2014, the University of Virginia/Virginia Tech Center in Newport News celebrated its first full year in existence. During the past year, there has been tremendous growth at the Center through a variety of outreach events, for-credit and not-for-credit courses and specialized training cohorts designed to meet the needs of local businesses. In addition, each university has partnered with the EDA in offering to the community no charge lunch-and- learn workshops on topics such as crowdfunding, effective project management, creating customer loyalty through experience engineering, and using emotional intelligence in the workplace. The options that the University of Virginia and […]

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Applied Research Center

Applied Research Center

The Virginia Tech Corporate Research Center, Inc. (VTCRC) is preparing its office and showroom space in the Applied Research Center (ARC) Building and will occupy 1,349 square feet of space on the second floor. VTCRC occupancy encompasses significant leasehold improvements to include lighting, ceiling fans, storefront windows and space configuration changes. VTCRC will use the space to attract growing high-technology companies to the planned Tech Center. To add to its nuclear imaging cameras that better detect breast cancer, Dilon Technologies, Inc. acquired the Massachusetts-based Dynasil Corp. of America, a manufacturer of high precision gamma probes for use in cancer surgeries. […]

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Hayashi Sushi & Grill

Hayashi Sushi & Grill

In October 2014, staff assisted with the planning of an expansion celebration for Hayashi Sushi & Grill. Located in City Center, owner Lenny Sean’s new expansion space takes the place of two former storefronts (an additional 1,800 square feet and seating for nearly 50 more guests), and features a colorful, state-of-the-art hibachi cooking and dining area (visible on Merchants Walk), as well as a private dining area. An awning was added to the patio area for a more comfortable outdoor dining experience. The event included live music, samples of sushi and hibachi cuisine, and the debut of a new sushi […]

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Travinia Italian Kitchen & Wine Bar

Travinia Italian Kitchen & Wine Bar

The newest partner in the City Center Entertainment District, Travinia Italian Kitchen & Wine Bar arrived in early October. The restaurant specializes in “Contemporary American Italian” cuisine in a casual setting and has locations across Virginia, North and South Carolina and Florida. Travinia executives celebrated the arrival of the Newport News eatery by dedicating two pre-grand opening nights to military and children’s charities.

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Paragon City Center 12 Theater/Neo Kitchen + Bar/My Pi Custom Pizza

Paragon City Center 12 Theater/Neo Kitchen + Bar/My Pi Custom Pizza

After several years of negotiation, the EDA welcomed Paragon Entertainment Holdings, LLC to the City’s Entertainment District in May. Located at the corner of Thimble Shoals Boulevard and Fountain Way, the Paragon City Center complex includes 12 screens (including two Extreme Theaters, each with 65’ wall-to-wall, floor-to-ceiling screens), luxury leather VIP reclining seats, online reserved seating and two new restaurant concepts – NEO Kitchen + Bar (featuring craft beers, fine wines and cocktails), and My Pi Custom Pizza, where every pie is one of a kind. The venue held two successful charity days to benefit active-duty and retired military, as […]

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Daily Press Relocation

Daily Press Relocation

In conjunction with the celebration of the official Tourism Zone certification, the Daily Press Media Group announced its plan to relocate its publishing and media headquarters from its home on Warwick Boulevard to City Center. This move was completed in December. Employees affected in the move include more than 150 editorial, marketing and administrative staffers. The new offices consist of a modern, open layout with a significant digital presence.

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Patrick Henry Place

Patrick Henry Place

After the original developer stopped construction in 2008, Patrick Henry Place is once again making progress under a new developer, Gibraltar Commercial V, LLC. The new plans for the development intend to add over 600 housing units. The development plan not only contemplates housing, but also will supply retail buildings to complement existing and planned development on the property. In addition, the Patrick Henry Place development will add public art, recreational trails and open space for the benefit of the community. In support of the project, the EDA committed the remaining $850,000 from the prior project toward the necessary public […]

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Upper Warwick Boulevard

Upper Warwick Boulevard

The EDA closed on the acquisition of 15411, 15407 and 15401 Warwick Boulevard, purchasing the property from John B. Babbs, Trustee under the John B. Babbs Revocable Trust to facilitate voluntary land assemblage efforts in support of the City’s Upper Warwick Boulevard Corridor Initiative. The three abutting sites total approximately 2.8 acres near the entrance of the Stoneybrook Estates subdivision. The demolition of the deteriorating structures is under way.

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Ft. Eustis Boulevard CSX Bridge Replacement Project

Ft. Eustis Boulevard CSX Bridge Replacement Project

Built in the 1960s along with the adjacent Reservoir Bridge, this bridge over the CSX Corridor is a crucial component of the portion of Ft. Eustis Boulevard that provides eastwest connectivity into and out of the Upper Warwick Corridor. This completely new bridge, with immediate on-ramp access to I-64, will provide a wider, safer passage for vehicles than the former one. The $6.3 million project is a City-administered, VDOT program that replaces a structure which stood well beyond its useful life. The majority of funding has been committed through City sources, followed closely by State Revenue Sharing garnered by the […]

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PlymKraft, Inc.

PlymKraft, Inc.

In 2014, PlymKraft, Incorporated, a diversified rope and specialty products manufacturer, initiated its relocation from Camp Morrison to existing warehouse space in Oakland Industrial Park at 281 Picketts Line. The relocation was followed by improvements to the facility, including installation of a concrete pad and roof structure mounted adjacent to the building. The concrete pad and roof structure are both necessary for the use of the air compressors/tanks essential to the operation of equipment required for the company’s business.

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Target Flavors

Target Flavors

Target Flavors announced in January they will purchase the property located at 251 Enterprise Drive in Oakland Industrial Park

Read More »

Business News

Financials

EDA/IDA Financial Highlights for Fiscal Year July 1, 2013 to June 30, 2014

At the end of the fiscal year, the Authorities’ assets and deferred outflows of resources exceeded liabilities and deferred inflow of resources by $99.65 million. This amount represents an increase of $1.89 million over the prior year’s ending balance of $97.76 million. Total operating revenues increased by approximately $613,000 in FY 2014. Total operating expenses in FY 2014 decreased by $1.7 million mostly due to a decrease in cost of land sold. Net non-operating expenses increased by $7.8 million due to the write down of land in the amount of $3.2 million, recognition of the deduction for the pay down of the Achievable Dream funding with debt service reserve funds of $3.6 million, along with a write down of the loan due to the City of Newport News, Virginia (the “City”), for the construction of the Applied Research Center of $1 million.

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During the year, the Industrial Development Authority (the “IDA”) received the second of five grant payments from the Commonwealth of Virginia for the Advanced Shipbuilding Training Facility Grant Program. This grant payment was paid to Armada Hoffler, the developer, in accordance with the Amended and Restated Memorandum of Understanding between the Industrial Development Authority, Huntington Ingalls Incorporated, Armada Hoffler and the Commonwealth of Virginia. The project is a significant mixed-use redevelopment in the City’s traditional downtown. It includes a state-of-the-art 88,740-square-foot Apprentice School, with 197 apprentice and workforce housing units, 38,000 square feet of retail and a 382-space parking garage in a 6-acre campus-like setting. On December 6, 2013, a grand opening ceremony of the Apprentice School was celebrated. The IDA continued to lease the 382-space parking garage and 91 spaces of surface parking under the Parking Lease Agreement during the year.

During the year, the Economic Development Authority (the ‘EDA”) dispersed a Governor’s Opportunity Fund grant in the amount of $250,000 to High Liner Foods, Inc., a Canadian publicly-owned processor and marketer of frozen seafood. The company plans to invest a total of $6.6 million to expand its U.S. food service production in the City and create 57 new jobs.

Under the State and Local Tourism Zone Incentive programs, eligible businesses can quality for a reimbursement of a portion of new taxes generated by the program. Two projects have been approved by the state, City and EDA for tourism zone incentives. One is Second Street Bistro, LLC, which is approved for the local tourism incentive and the second is CCOP Thimble Shoals One, LLC, approved for a combination of both the local program and the Commonwealth’s Tourism Development Financing Program. Under the local tourism incentive, Second Street Bistro, LLC is entitled to an amount equal to 40% of Food and Beverage tax generated and remitted to the City. During the year, a portion of this incentive was earned. The second project, which is approved for a combination of the local incentive and the Commonwealth’s Tourism Development Financing Program, is associated with the entertainment district which includes Tucanos Brazilian Grill, The Cove Tavern, Toby Keith’s I Love This Bar and Grill, Travinia Italian Kitchen & Wine Bar and Paragon Theaters. Under the Commonwealth’s Tourism Development Financing Program, a percentage of the taxes collected for periods during FY 2014 were remitted to the EDA by the state, the City and the developer. The EDA has the fiduciary responsibility to transfer this incentive to TowneBank with the express purpose of making payments to the Gap Financing Loan. As of June 30th, there is an account receivable from the state of $11,032 and an account payable to Towne Bank of $33,096 related to this Tourism Zone Project.

In June 2014, the City agreed to write down the amount the Authorities owe for the financing of the construction of the Applied Research Center by $1,000,000. The balance owed to the City at June 30th, after the write down and annual payment on the loan by the Authorities, is $10,156,140.

The EDA continues its Façade Improvement Grant Program which restores, sustains and improves commercial properties located within the City by providing matching funds toward eligible façade improvements. This program was originally funded by the EDA with an initial commitment of $300,000 in FY 2012, followed by $300,000 funded by the City in FY 2013. In FY 2014, this program continued with funding of $200,000 from the City Economic Development fund and $100,000 from the Authorities’ Economic Development CIP projects and has benefited over 35 properties City wide with grants in the amount of $749,409.

In March 2014, the Authorities entered into a contribution agreement with W.M. Jordan Company, which is a preliminary step in the implementation of a large mixed-use economic development project consisting of a corporate research center, retail and commercial construction and 250 luxury apartments. In the contribution agreement, the EDA agrees to contribute to necessary road and sewer improvements and to further negotiate in good faith all necessary components of the larger project. This development is located adjacent to one of the top ten US national science laboratories, Jefferson Lab, which has major facility upgrade plans that will be meshed with the corporate research development. To facilitate the corporate research center, the Authorities, the City and Newport News Public Schools have begun planning for necessary land transactions for the relocation of the School Division’s Service Center for Operations and Transportation. During the year, the Authorities sold to W. M. Jordan a parcel considered necessary to the infrastructure of the project located at 12098 Jefferson Avenue.

apprentice_school

Overview of the Financial Statements

The Authorities are component units of the City. Component units are other governmental units over which the City (the City Council, acting as a group) can exercise influence and/or may be obligated to provide financial support. Component units of the City are presented as a separate column in the government-wide financial statements of the City. The Authorities’ operations are accounted for as business-type activities in a proprietary fund, which is used to account for the ongoing activities that are financed and operated similar to those often found in the private sector. The measurement focus is upon determination of net income.

Summary of Financial Statements

Total asset and deferred outflows of resources of the Authorities exceeded recorded liabilities and deferred inflows of resources by $99.65 million as of June 30, 2014, and $97.76 million as of June 30, 2013 (restated). Approximately $12.87 million in fiscal year 2014 and $16.83 million in fiscal year 2013 of net position is restricted as to the purpose for which it may be used.

The following table reflects the condensed net position of the Authorities:

Capital Assets and Debt Administration

At the end of 2014, the Authorities had $155.89 million invested in capital assets. During the year, Construction in Progress decreased by $2.5 million and Buildings increased by $243,899. The decrease was caused by the transfer of a Southeast parcel to the land account and the increase in Buildings resulted from renovations to the Rouse Tower building. Additional information on the Authorities’ capital assets can be found in Note 6 of the basic financial statements.

The following table shows the capital assets at year-end:

As of year-end, the Authorities had $109.52 million of debt outstanding in bonds and notes payable. Additional information on the Authorities’ long-term debt can be found in Note 9 to the basic financial statements.

A significant portion of the Authorities’ outstanding debt is payable solely from lease proceeds. Lease agreements are set up to, at the very least, cover the principal and interest payments of the outstanding debt associated with that specific lease.

In FY 2013, the Authorities refunded a portion of its Economic Development Revenue bonds Series 2004 A and B, Series 2005 A and B and Series 2006, which were used to fund design and development of the area surrounding the City’s Operation Center, the construction and equipping of the parking facilities in City Center, the Conference Center and the acquisition and renovation of Rouse Tower. This refunding took advantage of favorable market conditions and will deliver debt service savings with no extension of maturity. The difference between the cash flows required to service the old debt and the cash flows required to service the new debt is $2,641,014. The economic gain from the transaction, which is the difference between the present value of the old debt service and the present value of the refunded debt service, is $2,234,606. The new 2012 Series Bonds are secured with a
Payment Agreement with the City.

In FY 2013, the Authorities paid off the Coats and Clark notes payable due to Old Point National Bank.

In addition, in FY 2013, the Authorities amended the Printpack note with Bank of America to extend the maturity for five years. The corresponding lease agreement with Printpack was also amended.

The following table summarizes debt outstanding at year-end:

newport-news-park

In Summary

This financial report is designed to provide our citizens, taxpayers, bondholders and creditors with a general overview of the Authorities’ finances and to demonstrate the Authorities’ accountability for the money it receives. If you have questions about this report or need additional financial information, contact the Secretary/Treasurer or Financial Services Administrator at (757) 926-8428 of the Authorities, c/o Department of Development, 2400 Washington Avenue, 3rd Floor, Newport News, Virginia 23607.