Title
Dept./ Agency: Economic and Housing Development
Action: (X) Ratifying (X) Authorizing ( ) Amending
Type of Service: Resolution of Support
Purpose: To provider Municipal Council support, for the submission of an application, for tax credits sought by Developer, under the NJ Aspire Tax Credit Program to the New Jersey Economic Development Authority
Entity Name: Pacific Apartments Ventures, LLC
Entity Address: c/o Millbrook Realty Group, LLC, 546 Fifth Avenue, 6th Floor, New York, New York 10036
Total Project Cost: $35,471,007.00
City Contribution: $0.00
Other Funding Source/Amount: Traditional debt financing and equity funding
Grant Period: Ten (10) years – Tax Credit Period, from project completion date
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale ( ) Grant ( ) Sub-recipient (X) n/a
List of Property
(Address/Block/Lot/Ward
164-184 Pennington Street/Block 932/Lot 1/East Ward
Additional Information:
body
WHEREAS, Pacific Apartments Ventures, LLC (the “Developer”), proposes the rehabilitation of an existing 100% affordable family housing project consisting of 80 residential units, of which 16 will be one-bedroom units, 40 two-bedroom units, and 24 three-bedroom units, to substantially renovate the apartment units, buildings, and systems that will modernize the buildings, preserve the affordability of the project, and provide social services through the Ironbound Community Corporation, at the property located at 164-184 Pennington Street, Newark, New Jersey, Block 932, Lot 1, in the City of Newark, County of Essex, New Jersey (hereinafter referred to as the “Project”); and
WHEREAS, in connection with the financing of the Project, the Developer is applying to the New Jersey Economic Development Authority (the “NJEDA”) for tax credits under the newly created Aspire Tax Credit Program (the “Fun...
Click here for full text