Title
Dept./ Agency: Economic and Housing Development
Action: (X) Ratifying (X) Authorizing ( ) Amending
Type of Service: Resolution of Support
Purpose: To provide Municipal Council support for the submission of an application for funding from the New Jersey Department of Community Affairs, New Jersey Affordable Housing Trust Funds.
Entity Name: 650 Springfield Ave Urban Renewal, LLC
Entity Address: Monmouth Junction, New Jersey 08852
Grant Amount: $0.00
Total Project Cost: $0.00
City Contribution: $0.00
Other Funding Source/Amount: $0.00
Grant Period: Not Applicable
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
650-656 Springfield Avenue/Block 364/Lot 1.05/South Ward
Additional Information:
body
WHEREAS, 650 Springfield Ave Urban Renewal, LLC, 61 Deans Lane, Monmouth Junction, New Jersey 08852, proposes to construct a new ground up three-story mixed-use affordable housing building with ten (10) affordable residential units and one (1) commercial space for the Girl Scouts of America to be located at 650-656 Springfield Avenue/Block 364/Lot 1.05/South Ward ("Project");
WHEREAS, the Municipality has determined that the Project will meet all or part of the City of Newark's low and moderate housing obligation in its Housing Element and Fair Share Plan; and
WHEREAS, 650 Springfield Ave Urban Renewal, LLC has presented to the Municipal Council a revenue projection, which sets forth the financing of the Project; and
WHEREAS, 650 Springfield Ave Urban Renewal, LLC’s application for funding from the New Jersey Department of Community Affairs (“NJDCA”) under the New Jersey Affordable Housing Trust Fund Program requires the support of the Municipal Council; and
WHEREAS, 650 Springfield Ave Urban Renewal, LLC will be subject to NJDCA requirements and to the terms and conditions of the Affordable Trust Fund. Guidelines
NOW, THEREFORE, BE IT RESOLVED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY, THAT:
1) The Newark Municipal Council (“Municipal Council”) supports the application for funds under the New Jersey Affordable Housing Trust Fund Program being submitted by the 650 Springfield Ave Urban Renewal, LLC, 61 Deans Lane, Monmouth Junction, New Jersey 08852, to the New Jersey Department of Community Affairs (“NJDCA”).
2) The submission of the application and the support of the Municipal Council thereof is hereby ratified from the date of submission of the application for the Funds to the date of adoption of this Resolution.
3) The Municipal Council does hereby adopt the within Resolution and supports the application, pursuant to and in conformity with the NJDCA requirements for the Funds.
STATEMENT
Resolution, wherein the Newark Municipal Council supports the application for funds under New Jersey Affordable Housing Trust Fund Program being submitted by the 650 Springfield Ave Urban Renewal, LLC, 61 Deans Lane, Monmouth Junction, New Jersey 08852, to the New Jersey Department of Community Affairs (“NJDCA”) and ratifies its support from the date of submission of the application for the funds to the date of adoption of this Resolution.