• Created on October 10, 1989 through a transfer of assets from the Regional Redevelopment and Housing Authority (RRHA) to the City of Newport News.
• Chartered through a state law that allows cities and counties to create industrial development authorities with wide-ranging powers to facilitate local economic development with powers not granted to local governments.

The NEWPORT NEWS ECONOMIC DEVELOPMENT AUTHORITY (NNEDA)

• Established in 1992 when the Oyster Point Development Corporation (OPDC) was combined with the NNIDA.
• Took over the charter that had been granted to OPDC by the State through special legislation.

Both organizations (collectively, the NNEDA) share the same Board of Directors, which are appointed by the Newport News City Council.

The purpose of the NNEDA is to create new jobs, expand the tax base and diversify the economy of the City of Newport News.

Board and Organizational Structure-The NNEDA is governed by a seven-member Board. The Board elects a Chairman and a Vice-Chairman. The Vice-Chairman is the Chair of the Planning and Policy Analysis Committee (which functions as an executive committee for the NNEDA). The work of the NNEDA is accomplished through a committee structure. Committees make recommendations to the Board, which sets policy and takes public action. Committees (except for the executive committee) are made up of Board members and citizen appointees.

Appointments-The Newport News City Council appoints each Board Member for a four-year term, with the terms staggered so that continuity is maintained on the Board. Board Members are appointed from among the City’s business leaders, with special attention to incorporate on the Board a range of expertise including real estate, finance and law. Board members select citizen appointees for the various NNEDA committees.

City Council Control-The Newport News City Council has final control over the decisions of the NNEDA.

• The City retained ownership of all the assets that were inherited from RRHA.
• The City Council appropriates the annual operating budget for the NNEDA and may make special appropriations during the year to finance other NNEDA activities.
• Whenever the NNEDA negotiates a land sale or lease with a company, the parcel is deeded by the City to the NNEDA, thus providing City Council with ultimate approval over the NNEDA's economic development activities.

Committee Structure-Besides the Board of Directors, which meets monthly, the NNEDA operates through a committee structure that involves Board members and appointed volunteers. There are six committees reporting to the NNEDA Board:

• Planning and Policy Analysis Committee (the executive committee),
• Design Review Committee,
• Marketing Committee,
• Parking Committee
• Revolving Loan Fund Committee and
• South Newport News Committee.

Meeting Schedule-The Board meets monthly (generally the first Friday of each month). Committees meet monthly (with the exception of Revolving Loan Fund and South Newport News, which meet quarterly), prior to the Board meeting. The executive committee generally meets on the third Tuesday of each month