File #: 21-0457    Version: 1 Name: Essex Plaza Owner One LLC Need For Housing Project
Type: Resolution Status: Adopted
File created: 3/29/2021 In control: Economic and Housing Development
On agenda: 4/21/2021 Final action: 4/21/2021
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: (Ad...
Sponsors: Council of the Whole

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)