Title
Dept./ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Need for Housing Project
Purpose: To determine whether the Project, proposed by Terrell Redevelopment Partners Urban Renewal, LP, known as Terrell Homes - Phase I, located at Block 2442, Lot 1 (pending sub-division perfection as approved by the Central Planning Board on August 17, 2020, proposed Block 2442, Lot 1.02), more commonly known as 91-97 Chapel Street, Newark, New Jersey 07105, being a portion of 59-97 Chapel Street (sometimes referred to as 35 Riverview Court (East Ward)), will meet an existing housing need within the City of Newark, pursuant to the provisions of the New Jersey Housing 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 to enable the Agency to process the Sponsor's application for funding the Project through the Low Income Housing Tax Credit Program.
Entity Name: Terrell Redevelopment Partners Urban Renewal, LP
Entity Address: One Parker Plaza, Fort Lee, New Jersey 07024
Funding Source: New Jersey Housing Mortgage Finance Agency Program (Low Income Housing Tax Credit)
Total Project Cost: $20,045,742.00
City Contribution: $0.00
Other Funding Source/Amount: $0.00
List of Properties:
(Address/Block/Lot/Ward)
59-97 Chapel Street/Block 2442/Lot 1/East Ward
Additional Information:
Block 2442, Lot 1 is pending subdivision perfection as approved by the Central Planning Board on August 17, 2020, proposed as Block 2442, Lot 1.02.
body
WHEREAS, Terrell Redevelopment Partners Urban Renewal, LP, (hereafter referred to as the “Sponsor”) proposes to construct a project known as known as Terrell Homes - Phase I, which consists of a new five-story building consisting of sixty-nine (69) affordable, age-restricted rental units available to those with low and moderate incomes (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 to be identified on the Official Tax Map of the City of Newark as Block 2442, Lot 1 (pending subdivision perfection as approved by the Central Planning Board on August 17, 2020, proposed Block 2442, Lot 1.02), and more commonly known as 91-97 Chapel Street, Newark, New Jersey, being a portion of 59-97 Chapel Street (sometimes referred to as 35 Riverview Court (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, the Project will or may be subject to requirements of the New Jersey Department of Community Affairs (hereinafter referred to as the “Department of Community Affairs”), Neighborhood Preservation Balanced Housing Program in accordance with N.J.S.A. 52:27D-320 and applicable rules promulgated thereunder at N.J.A.C. 5:43-1.1 et seq., and the mortgage and other loan documents executed between the Sponsor and the Agency; and
WHEREAS, pursuant to the NJHMFA Requirements, the Governing Body of the Municipality hereby determines that there is a need for this age-restricted housing project in 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 to 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, proposed by Terrell Redevelopment Partners Urban Renewal, LP, One Parker Plaza, Fort Lee, New Jersey 07024, the Sponsor, known as known as Terrell Homes - Phase I, for the construction of a new five-story building consisting of sixty-nine (69) affordable, age-restricted rental units available for those with low and moderate incomes on a site located at Block 2442, Lot 1 (pending sub-division perfection as approved by Central Planning Board on August 17, 2020, proposed Block 2442, Lot 1.02), and more commonly known as 91-97 Chapel Street, Newark, New Jersey, being a portion of 59-97 Chapel Street (sometimes referred to as 35 Riverview Court(East Ward)) on the Official Tax Map of the City of Newark (the “Project”), 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 proposed sixty-nine (69) age-restricted rental units available for those with low and moderate incomes will meet 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 development of the Project known as Terrell Homes - Phase I proposed by Terrell Redevelopment Partners Urban Renewal, LP, One Parker Plaza, Fort Lee, New Jersey 07024,( Sponsor). The Sponsor will construct a new five-story building consisting of sixty-nine (69) affordable, age-restricted rental units with low and moderate incomes on a site to be identified on the Official Tax Map of the City of Newark as Block 2442, Lot 1 (pending subdivision perfection as approved by the Central Planning Board on August 17, 2020, proposed Block 2442, Lot 1.02), and more commonly known as 91-97 Chapel Street, Newark, New Jersey, being a portion of 59-97 Chapel Street (sometimes referred to as 35 Riverview Court (East Ward)).