Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Need for Housing Project
Purpose: First Amendment to a proposed Project to determine if it will meet(s) an existing housing need within the City of Newark.
Entity Name: 10 Park Place Newark, LLC
Entity Address: 50 Park Place, Newark, New Jersey 07102
Funding Source: New Jersey Housing Mortgage Finance Agency Program (Low Income Housing Tax Credit)
Total Project Cost: $147,303,034.00
City Contribution: $0.00
Other Funding Source/Amount: $0.00
List of Properties:
(Address/Block/Lot/Ward)
8-12 Park Place/Block 17/Lot 7/Central Ward
6 Park Place/Block 17/Lot 9/Central Ward
2-4 Park Place/Block 17/Lot 10/Central Ward
Additional Information:
Resolution 7R2-f, adopted on June 5, 2024, adopted the Original Resolution of Support.
This is a First Amendment to a proposed Project, pursuant to the provisions of the New Jersey Housing and Mortgage Finance Agency Law of 1983, as amended (N.J.S.A. 55:14K-1 et seq.), the rules promulgated thereunder at N.J.A.C. 5:80-1 et seq., and all applicable guidelines.
body
WHEREAS, on June 5, 2024, the Newark Municipal Council adopted Resolution 7R2-f (“Original Resolution”), determining that the project, rehabilitation of a historic building into a mixed use project with 231 affordable residential dwelling units, tenant amenities and ground floor commercial use (“Project”), as proposed by 10 Park Place Newark LLC, 50 Park Place, Newark, New Jersey 07102 (hereinafter referred to as the “Sponsor”), pursuant to the provisions of the New Jersey Housing and Mortgage Finance Agency Law of 1983, as amended (N.J.S.A 55:14K-1 et seq.), the rules promulgated thereunder at N.J.A.C. 5:80-1 et seq., and all applicable guidelines (the foregoing hereinafter collectively referred to as the “NJHMFA Requirements”) within the City of Newark (hereinafter referred to as the “Municipality”) on a site described as Block 17, Lots 7, 9 and 10 as shown on the Official Assessment Map of the City of Newark, Essex County and commonly known as 8-12 Park Place, 6 Park Place and 2-4 Park Place, Newark, New Jersey (Central Ward), meets or will meet an existing housing need within the City of Newark, New Jersey; and
WHEREAS, on September 10, 2024, the Sponsor requested an amendment to the Original Resolution, to reflect an amendment in the Project from 231 affordable units to 196 affordable units with the balance of the Project remaining the same (“Amended Project”); and
WHEREAS, pursuant to the Original Resolution and the NJHMFA Requirements, the Governing Body of the Municipality hereby determines that there is a need for this Amended Project in the Municipality; and
WHEREAS, the Sponsor has presented to the Municipal Council a revenue projection, which sets forth the anticipated revenue to be received by the Sponsor from the operation of the Project as estimated by the Sponsor and the Agency, a copy of which is attached hereto and made a part hereof.
NOW, THEREFORE, BE IT RESOLVED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY, THAT:
1. Resolution 7R2-f, adopted on June 5, 2024, is hereby amended to amend the Project from 231 affordable residential dwelling units to 196 affordable residential dwelling units.
2. The Newark Municipal Council (“Municipal Council”) hereby finds and determines that the Amended Project as proposed by 10 Park Place Newark LLC, 50 Park Place, Newark, New Jersey 07012 (the “Sponsor”), whom will rehabilitate a historic building into a mixed-use project with 196 affordable residential dwelling units, tenant amenities and ground floor commercial use (“Amended Project”), located at 8-12 Park Place, , 6 Park Place, and 2-4 Park Place, Newark, New Jersey, and known as Block 17, Lots 7, 9 and 10 (Central Ward) on the Official Assessment Map of the City of Newark, meets or will meet an existing housing need within the City of Newark, New Jersey, pursuant to the provisions of the New Jersey Housing and Mortgage Finance Agency Law of 1983, as amended (N.J.S.A. 55:14k-1 et seq.), the rules promulgated thereunder at N.J.A.C. 5:80-1 et seq., and all applicable guidelines (the foregoing collectively referred to as “NJHMFA Requirements”).
3. The Municipal Council finds and determines that the Amended Project, residential unit housing development proposed by Sponsor meets all or part of the City of Newark’s low and moderate income housing obligations.
4. The Municipal Council does hereby adopt the within Amended Resolution and makes the determination and findings herein contained by virtue of, pursuant to, and in conformity with the provisions of the NJHMFA Requirements to enable the Agency to process the Sponsor’s application for Agency funding to finance the Project.
5. All other parts of Resolution 7R2-f adopted on June 5, 2024, shall remain the same.
STATEMENT
This Resolution authorizes an amendment to Resolution 7R2-f, adopted on June 5, 2024, to amend the number of affordable residential dwelling units from 231 to 196, and thus determining that there is a need within the City of Newark for the amended proposed Project by 10 Park Place Newark LLC, 50 Park Place, Newark, New Jersey 07012, which enables the New Jersey Housing and Mortgage Finance Agency to process Sponsor’s application for funding to finance the rehabilitation of a historic building into a mixed-use project with 196 affordable residential dwelling units, tenant amenities and ground floor commercial use, located at 8-12 Park Place, 6 Park Place and 2-4 Park Place, Newark, New Jersey, and known as Block 17, Lots 7, 9 and 10 (Central Ward).