Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing (X) Amending
Type of Service: Need for Housing Project
Purpose: To support an application for the project known as Newark Makerhoods, for the rehabilitation of the Krueger-Scott Mansion for a commercial/office use along with the construction of a mixed-use complex consisting of 66 units of housing, of which approximately 16 units will be affordable housing, and approximately 16 affordable workshops where tenants can operate small businesses (Central Ward)
Entity Name: Newark Makerhoods, LLC.
Entity Address: 200 Central Park South, Apt. 9R, New York, New York 10019
Funding Source: New Jersey Housing Mortgage Finance Agency Program (Low Income Housing Tax Credit)
Total Project Cost: $29,303,130.00
City Contribution: $0.00
Other Funding Source/Amount: New Jersey Department of Community Affairs, Neighborhood Preservation Balanced Housing Program
List of Properties:
(Address/Block/Lot/Ward)
145 Court Street, Newark, New Jersey, Block 2508, Lot 18 (Central Ward)
143 Court Street, Block 2508, Lot 19 (Central Ward)
141 Court Street, Block 2508, Lot 20 (Central Ward)
137 Court Street, Block 2508, Lot 22 (Central Ward)
139 Court Street, Block 2508, Lot 21 (Central Ward)
597-601 Dr. ML King Blvd., Block 2508, Lot 29 (Central Ward)
607-609 Dr. ML King Blvd., Block 2508, Lot 34 (Central Ward)
20-22 College Place, Block 2508, Lot 43 (Central Ward)
24-26 College Place, Block 2508, Lot 46 (Central Ward)
28 College Place, Block 2508, Lot 47 (Central Ward)
129-135 Court Street, Block 2508, Lot 52 (Central Ward)
Additional Information:
body
WHEREAS, the City of Newark (the "City"), a public body corporate and politic of the State of New Jersey, 920 Broad Street, Newark, New Jersey 07102, in its capacity as redevelopment entity pursuant to §4(c) of the Local Redevelopment and Housing Law, N.J.S.A. 40A:12A-1 et seq. (the “Act” or “LRHL”), and NEWARK MAKERHOODS, LLC, a New Jersey limited liability company, 200 Central Park South, Apt. 9R, New York, New York 10019 (together with its permitted successors and assigns, the "Redeveloper") (each of the City and Redeveloper individually a "Party", and collectively, the "Parties") have executed a purchase and sale agreement regarding the real property located at 145 Court Street, , Block 2508, Lot 18; 143 Court Street, Block 2508, Lot 19; 141 Court Street, Block 2508, Lot 20; 137 Court Street, Block 2508, Lot 22; 139 Court Street, Block 2508, Lot 21; 597-601 Dr. ML King Blvd., Block 2508, Lot 29; 607-609 Dr. ML King Blvd., Block 2508, Lot 34; 20-22 College Place, Block 2508, Lot 43; 24-26 College Place, Block 2508, Lot 46; 28 College Place, Block 2508, Lot 47; and 129-135 Court Street, Block 2508, Lot 52 (the “Properties”); and
WHEREAS, the Properties are on the site of the historic Krueger-Scott Mansion, (the “Mansion”) a 19th century Victorian mansion and Historic Landmark so designated by both the State of New Jersey and the National Register of Historic Places; and
WHEREAS, the Parties recognize the historic importance of the Mansion and acknowledge that its rehabilitation and/or restoration is a desirable goal; and
WHEREAS, the Redeveloper plans to develop the existing vacant lots by constructing a mixed-use complex consisting of approximately 66 units of housing, of which approximately 16 units will be affordable housing, and approximately 16 affordable workshops where tenants can operate small businesses and rehabilitating the Mansion into a business incubation space, with approximately 20,000 square feet of office space for local commercial entities, while preserving the Mansion’s historic character (the “Project”); and
WHEREAS, the Redeveloper desires to apply for and obtain funds from the New Jersey Department of Community Affairs, Neighborhood Preservation Balanced Housing Program for an amount not to exceed the maximum amount allowed in accordance with N.J.A.C. 5:43-1.1 et seq., for the Project for the purpose of developing approximately 66 units of housing, of which 16 units will be affordable housing; and
WHEREAS, the City of Newark is not seeking credit for the units in this project towards meeting its affordable housing obligation as set forth in the City’s Housing Element and Fare Share Plan; and
WHEREAS, this resolution does not require the appropriation of any Municipal funds; and
WHEREAS, pursuant to the terms of the New Jersey Department of Community Affairs, Neighborhood Preservation Balanced Housing Program, the Governing Body of the City of Newark hereby determines that there is a need for this Project in the City.
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 Newark Makerhoods proposed by Newark Makerhoods, LLC, 200 Central Park South, Apartment 9R, New York, New York 10019, consisting of the rehabilitation of the former Krueger-Scott Mansion for a commercial/office use along with the construction of a mixed-use complex consisting of 66 units of housing, of which approximately 16 units will be affordable housing, and approximately 16 affordable workshops where tenants can operate small businesses meets an existing need.
(2) The Municipal Council does hereby adopt the within Resolution in support of the Application of Newark Makerhoods, LLC for such funds to the New Jersey Department of Community Affairs, Neighborhood Preservation Balanced Housing Program and acknowledges that the Project is located in an eligible municipality in accordance with N.J.A.C. 5:43-1.3(a). The City of Newark also asks that Newark Makerhoods, LLC, as permitted under N.J.A.C 5:43-1.3 (a), contract only for this project, directly with the Department of Community Affairs.
STATEMENT
This Resolution extends support for an application from Newark Makerhoods, LLC, to the New Jersey Department of Community Affairs, Neighborhood Preservation Balanced Housing Program for funding to be used towards the rehabilitation of the former Krueger-Scott Mansion for a commercial/office use along with the construction of a mixed-use complex consisting of 66 units of housing, of which approximately 16 units will be affordable housing, and approximately 16 affordable workshops where tenants can operate small businesses on real property located at 145 Court Street Block 2508, Lot 18; 143 Court Street, Block 2508, Lot 19; 141 Court Street, Newark, New Jersey, Block 2508, Lot 20; 137 Court Street, Block 2508, Lot 22; 139 Court Street, Block 2508, Lot 21; 597-601 Dr. ML King Blvd., Block 2508, Lot 29; 607-609 Dr. ML King Blvd., Block 2508, Lot 34; 20-22 College Place, Block 2508, Lot 43; 24-26 College Place, Block 2508, Lot 46; 28 College Place, Newark, New Jersey, Block 2508, Lot 47; and 129-135 Court Street, Block 2508, Lot 52 (Central Ward).