Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Need for Housing Project
Purpose: To determine whether the proposed Project will meet(s) an existing housing need within the City of Newark, 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.
Entity Name: Essex Plaza Owner One, LLC
Entity Address: c/o Fairstead, 250 West 55th Street, 35th Floor, New York, New York 10019
Funding Source: New Jersey Housing Mortgage Finance Agency Program (Low Income Housing Tax Credit)
Total Project Cost: $130,054,096.00
City Contribution: $0.00
Other Funding Source/Amount: Low Income Housing Tax Credits -$43,775,000.00; HMFA First Mortgage, Note - $70,000,000.00, Note II $13,592,000.00, Deferred Developer Fee - $2,687,096.00
List of Properties:
(Address/Block/Lot/Ward)
1056-1070 Broad Street/Block 892/Lot 1/East Ward
1048-1054 Broad Street/Block 892/Lot 16/East Ward
15-25 Camp Street/Block 892/Lot 24/East Ward
107 Orchard Street/Block 892/Lot 26/East Ward
109 Orchard Street/Block 892/Lot 27/East Ward
111 Orchard Street/Block 892/Lot 28/East Ward
113 Orchard Street/Block 892/Lot 29/East Ward
115 Orchard Street/Block 892/Lot 30/East Ward
117 Orchard Street/Block 892/Lot 31/East Ward
119-121 Orchard Street/Block 892/Lot 33/East Ward
123-125 Orchard Street/Block 892/Lot 35/East Ward
127 Orchard Street/Block 892/Lot 37/East Ward
129-131 Orchard Street/Block 892/Lots 39, 40 and 50/East Ward
22-30 Pennington Street/Block 892/Lot 43/East Ward
20 Pennington Street/Block 892/Lot 47/East Ward
18 Pennington Street/Block 892/Lot 48/East Ward
115 Orchard Street Rear/Block 892/Lot 53/East Ward
Additional Information:
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WHEREAS, Essex Plaza Owner One, LLC, (hereafter referred to as the “Sponsor”) proposes the acquisition and rehabilitation of an affordable housing project containing four hundred fifty-one (451) senior affordable housing units in a rental housing project known as Essex Plaza One (hereafter referred to as the “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 (the foregoing hereinafter collectively referred to as “NJHMFA Requirements”) within the City of Newark (hereafter referred to as the “Municipality”) on a site described as Block 892, Lots 1, 16, 24, 26, 27, 28, 29, 30, 31, 33, 35, 37, 39, 40, 43, 47, 48, 50 and 53, as shown on the Official Assessment Map of the City of Newark, Essex County and commonly known as 1056-1070 Broad Street, 1048-1054 Broad Street, 15-25 Camp Street, 107 Orchard Street, 109 Orchard Street, 111 Orchard Street, 113 Orchard Street, 115 Orchard Street, 117 Orchard Street, 119-121 Orchard Street, 123-125 Orchard Street, 127 Orchard Street, 129-131 Orchard Street, 22-30 Pennington Street, 20 Pennington Street, 18 Pennington Street and 115 Orchard Street Rear, Newark, New Jersey (East Ward); and
WHEREAS, the Project will be subject to the NJHMFA Requirements and the mortgage and other loan documents executed between the Sponsor and the New Jersey Housing and Mortgage Finance Agency (hereafter referred to as the “Agency”); and
WHEREAS, pursuant to the NJHMFA Requirements, the Governing Body of the Municipality hereby determines that there is a need for this housing project within the Municipality; and
WHEREAS, the Sponsor has presented to the Municipal Council a revenue projection for the Project, 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 as Exhibit A.
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 Essex Plaza One proposed by Essex Plaza Owner One, LLC, c/o Fairstead, 250 West 55th Street, 35th Floor, New York, New York 10019 (“Sponsor”), whom will rehabilitate an existing affordable housing project containing four hundred fifty-one (451) affordable housing units for senior citizens, located at 1056-1070 Broad Street, 1048-1054 Broad Street, 15-25 Camp Street, 107 Orchard Street, 109 Orchard Street, 111 Orchard Street, 113 Orchard Street, 115 Orchard Street, 117 Orchard Street, 119-121 Orchard Street, 123-125 Orchard Street, 127 Orchard Street, 129-131 Orchard Street, 22-30 Pennington Street, 20 Pennington Street, 18 Pennington Street and 115 Orchard Street Rear, Newark, New Jersey and known as Block 892, Lots 1, 16, 24, 26, 27, 28, 29, 30, 31, 33, 35, 37, 39, 40, 43, 47, 48, 50, and 53 as shown on the Official Assessment Map of the City of Newark, in the East Ward, Essex County, 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”). .
2. The Municipal Council finds and determines that the existing four hundred fifty-one (451) residential unit housing development proposed by Sponsor meets all or part of the City of Newark's senior housing obligation.
3. 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 NJHMFA Requirements to enable the Agency to process the Sponsor's application for Agency funding to finance the Project.
STATEMENT
Resolution wherein the Municipal Council finds and determines that there is a need within the City of Newark for the proposed Project known as Essex Plaza One by Essex Plaza Owner One, LLC, c/o Fairstead, 250 West 55th Street, 35th Floor, New York, New York 10019, which enables the New Jersey Housing and Mortgage Finance Agency to process Essex Plaza Owner One, LLC’s application for funding to finance the acquisition and rehabilitation of (451) affordable rental units for senior citizens on a site described as Block 892, Lots 1, 16, 24, 26, 27, 28, 29, 30, 31, 33, 35, 37, 39, 40, 43, 47, 48, 50, and 53 as shown on the Official Assessment Map of the City of Newark, Essex County and commonly known as 1056-1070 Broad Street, 1048-1054 Broad Street, 15-25 Camp Street,107 Orchard Street, 109 Orchard Street, 111 Orchard Street, 113 Orchard Street, 115 Orchard Street, 117 Orchard Street, 119-121 Orchard Street, 123-125 Orchard Street, 127 Orchard Street, 129-131 Orchard Street, 22-30 Pennington Street, 20 Pennington Street, 18 Pennington Street and 115 Orchard Street Rear, Newark, New Jersey. (East Ward)