Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing (X) Amending
Type of Service: Need for Housing Project
Purpose: To amend Resolution 7R2-c(AS) adopted on April 21, 2021, by revising the list of properties included in the Resolution and on the Sponsor’s Application with New Jersey Housing and Mortgage Finance Agency Low Income Housing Tax Credit Program, for funding for the Project known as Essex Plaza One.
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; and 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
Additional Information:
Resolution 7R2-c(AS) adopted on April 21, 2021, authorized the Department of Economic and Housing Development’s determination that the proposed Project meets 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.
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WHEREAS, on April 21, 2021, the Municipal Council (hereinafter referred to as the “Municipality”) adopted Resolution 7R2-c(AS) (hereinafter referred to as the “Original Resolution”), 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 the “NJHMFA Requirements”), determining that the proposed rehabilitation of an affordable rental housing project containing four hundred and fifty (450) senior affordable housing units at the sites located in the East Ward listed below (“Original Sites”), known as Essex Plaza One (the “Project”), as proposed by Essex Plaza One, LLC (“Sponsor”), meets or will meet an existing housing need and meets all or part of the City of Newark’s senior housing obligation:
1056-1070 Broad Street/Block 892/Lot 1
1048-1054 Broad Street/Block 892/Lot 16
15-25 Camp Street/Block 892/Lot 24
107 Orchard Street/Block 892/Lot 26
109 Orchard Street/Block 892/Lot 27
111 Orchard Street/Block 892/Lot 28
113 Orchard Street/Block 892/Lot 29
115 Orchard Street/Block 892/Lot 30
117 Orchard Street/Block 892/Lot 31
119-121 Orchard Street/Block 892/Lot 33
123-125 Orchard Street/Block 892/Lot 35
127 Orchard Street/Block 892/Lot 37
129-131 Orchard Street/Block 892/Lots 39, 40 and 50
22-30 Pennington Street/Block 892/Lot 43
20 Pennington Street/Block 892/Lot 47
18 Pennington Street/Block 892/Lot 48
115 Orchard Street Rear/Block 892/Lot 53; and
WHEREAS, the Original Resolution needs to be amended, to correct the Original Sites location of the Project, to reflect only the location of the existing buildings as follows:
1056-1070 Broad Street/Block 892/Lot 1; and
1048-1054 Broad Street/Block 892/Lot 16 (collectively “Revised Site Location”); and
WHEREAS, the Department of Economic and Housing Developments wishes to amend the Original Resolution to remove all the Original Sites, except the Revised Site Location, wherein the Department has determined that the Project meets or will meet an existing housing need and meets all or part of the City’s senior housing obligation.
NOW, THEREFORE, BE IT RESOLVED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY, THAT:
1. The Municipal Council amends Resolution 7R2-c(AS) adopted on April 21, 2021 for the Project known as Essex Plaza One, as proposed by Essex Plaza Owner One, LLC, c/o Fairstead, 250 West 55th Street, 35th Floor, New York, New York 10019 which consists of rehabilitating an existing affordable housing project containing four hundred fifty (450) affordable housing units for senior citizens. This Amendment shall change the site location of the Project to be located only at 1056-1070 Broad Street, Newark, New Jersey 07102 (Block 892, Lot 1) and 1048-1054 Broad Street, Newark, New Jersey 07102 (Block 892, Lot 16)(collectively “Revised Site Location”).
2. This Amending Resolution, specifically strikes the following locations, as the location for the Project:
15-25 Camp Street/Block 892/Lot 24
107 Orchard Street/Block 892/Lot 26
109 Orchard Street/Block 892/Lot 27
111 Orchard Street/Block 892/Lot 28
113 Orchard Street/Block 892/Lot 29
115 Orchard Street/Block 892/Lot 30
117 Orchard Street/Block 892/Lot 31
119-121 Orchard Street/Block 892/Lot 33
123-125 Orchard Street/Block 892/Lot 35
127 Orchard Street/Block 892/Lot 37
129-131 Orchard Street/Block 892/Lots 39, 40 and 50
22-30 Pennington Street/Block 892/Lot 43
20 Pennington Street/Block 892/Lot 47
18 Pennington Street/Block 892/Lot 48; and
115 Orchard Street Rear/Block 892/Lot 53.
3. The Municipal Council finds and determines that the Project meets or will meet an existing housing need within the City and meets all or part of the City’s senior housing obligation, 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, which will enable the New Jersey Housing and Mortgage Finance Agency to process the Sponsor’s application to fund the Project.
4. All other terms of the Original Resolution shall remain unchanged and in full force.
STATEMENT
This Resolution amends Resolution 7R2-c(AS), adopted on April 21, 2021, specifically, to remove the following sites from the project location for the Project known as Essex Plaza One, as proposed by Essex Plaza Owner One, LLC, c/o Fairstead, 250 West 55th Street, 35th Floor, New York, New York 10019:
15-25 Camp Street/Block 892/Lot 24
107 Orchard Street/Block 892/Lot 26
109 Orchard Street/Block 892/Lot 27
111 Orchard Street/Block 892/Lot 28
113 Orchard Street/Block 892/Lot 29
115 Orchard Street/Block 892/Lot 30
117 Orchard Street/Block 892/Lot 31
119-121 Orchard Street/Block 892/Lot 33
123-125 Orchard Street/Block 892/Lot 35
127 Orchard Street/Block 892/Lot 37
129-131 Orchard Street/Block 892/Lots 39, 40 and 50
22-30 Pennington Street/Block 892/Lot 43
20 Pennington Street/Block 892/Lot 47
18 Pennington Street/Block 892/Lot 48, and
115 Orchard Street Rear/Block 892/Lot 53.