Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Resolution of Need for Housing Project
Purpose: To support HJHMFA Low Income Housing Tax Credit Application for the Baxter Park South Phase II housing project proposed by Baxter II Residences Urban Renewal, LP, 2430 Estancia Blvd., Suite 101, Clearwater, FL 33761, for construction of 330 rental units of affordable housing on Block 2833.03 Lot 2 and Block 2854 lot 1.
Entity Name: Baxter II Residences Urban Renewal, LP
Entity Address: 2430 Estancia Blvd., Suite 101, Clearwater, Florida 33761
Funding Source: New Jersey Housing Mortgage Finance Agency Program (Low Income Housing Tax Credit)
Total Project Cost: $109,181,161.00 (Approximately)
City Contribution: Not yet Identified
Other Funding Source/Amount: Not yet identified
List of Properties:
(Address/Block/Lot/Ward)
158-176 James Street/Block 2833.03/ Lot 2/Central Ward
180-248 Orange Street/Block 2854/Lot 1/Central Ward
Additional Information:
body
WHEREAS, Baxter II Residences Urban Renewal, LP, 2430 Estancia Blvd., Suite 101, Clearwater, Florida 33761, hereinafter referred to as the ("Sponsor"), proposes to construct approximately three hundred thirty (330) rental units of affordable housing on a site described as Block 2833.03, Lot 2 and Block 2854, Lot 1, as shown on the Official Assessment Map of the City of Newark, Essex County, New Jersey and commonly known as, 158-176 James Street, Newark, New Jersey (Central Ward), and 180-248 Orange Street, Newark, New Jersey (Central Ward), for a project known as Baxter Park South Phase II (hereinafter referred to as the "Project"), to be occupied by individuals whose income is within guidelines set by the New Jersey Low Income Housing Tax Credit program; and
WHEREAS, the Project shall be completed pursuant to 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. 5:80-1.1 et seq., and all applicable guidelines promulgated thereunder (the foregoing hereinafter collectively referred to as the "HMFA Requirements") within the City of Newark (hereinafter collectively referred to as the "Municipality"); and
WHEREAS, the Project will be subject to the HMFA Requirements and the mortgage and other loan documents executed between the Sponsor and the New Jersey Housing and Mortgage Finance Agency (hereinafter referred to as the "Agency"); and
WHEREAS, pursuant to the HMFA Requirements, the Governing Body of the Municipality hereby determines that there is a need for this housing project in the Municipality.
NOW, THEREFORE, BE IT RESOLVED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY, THAT:
1. The Municipal Council finds and determines that the project known as Baxter Park South Phase II (hereinafter referred to as the "Project") proposed by Baxter II Residences Urban Renewal, LP, 2430 Estancia Blvd., Suite 101, Clearwater, Florida 33761 (hereinafter referred to as the "Sponsor"), consisting of the construction of approximately three hundred thirty (330) rental units of affordable housing on a site described as Block 2833.03, Lot 2 and Block 2854, Lot 1, as shown on the Official Assessment Map of the City of Newark, Essex County, New Jersey and commonly known as 158-176 James Street, Newark, New Jersey (Central Ward), and 180-248 Orange Street, Newark, New Jersey (Central Ward), meets or will meet an existing housing need.
2. The Municipal Council does hereby adopt the within Resolution and makes the determination and findings herein contained by virtue of, pursuant to, and in conformity with the provisions of the HMFA Law to enable the Agency to process the Sponsor's application for funding to finance the Project.
STATEMENT
This Resolution will permit Baxter II Residences Urban Renewal, LP, 2430 Estancia Blvd., Suite 101, Clearwater, Florida 33761, to meet the requirements for funding from NJHMFA to construct approximately three hundred thirty (330) rental units of affordable housing for a project known as Baxter Park South Phase II, Newark, New Jersey ("the Project") to be occupied by individuals whose income is within guidelines set by the New Jersey Low Income Housing Tax Credit Program on a site described as Block 2833.03, Lot 2 and Block 2854, Lot 1, as shown on the Official Assessment Map of the City of Newark, Essex County, New Jersey and commonly known as, 158-176 James Street, Newark, New Jersey (Central Ward), and 180-248 Orange Street, Newark, New Jersey (Central Ward).