FINANCIAL_SERVICESAMENDED

Richmond Development Corporation Resolution 2026-03 Amendment of Promissory Note

RDC Amends $1.2M Loan to Richmond Housing Authority

Increase in principal from $1,000,000 to $1,200,000 (total amended principal $1,200,000)Richmond Redevelopment & Housing AuthorityRICHMOND REDEVELOPMENT & HOUSING AUTHORITYApril 14, 2026

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Description

The Richmond Development Corporation approved an amendment to its promissory note with the Richmond Redevelopment and Housing Authority, increasing the loan to $1,200,000 and extending repayment to 15 years. The financing supports renovation work at 918 Chamberlayne Parkway, with revised interest terms and an updated scope of work.

Contract Details

Contract Amount

Increase in principal from $1,000,000 to $1,200,000 (total amended principal $1,200,000)

Vendor

RICHMOND REDEVELOPMENT & HOUSING AUTHORITY

Agency

Richmond Redevelopment & Housing Authority, VA

Contract Type

FINANCIAL_SERVICES

Document Date

April 14, 2026

Contract Term

Annual payments from October 1, 2026 through October 1, 2041 (15 years)

Renewal Date

2041-10-01

Renewal Info

Existing promissory note dated September 19, 2025 is amended to increase the principal to $1,200,000, extend the term to 15 years with annual payments starting October 1, 2026, change interest accrual terms, require all draws by September 1, 2026, and replace the original scope of work with the updated Exhibit C.

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Issuing Agency

Richmond Redevelopment & Housing Authority

Local Housing Authority

Richmond, VA

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