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 Center Street Owners, LLC, 1865 Palmer Avenue, Suite 203, Larchmont, New York, New York 10538, known as the New Jersey Performing Arts Center Arts and Education District Phase 1, located at 1 Center Street, Newark, New Jersey 07102 (Block 17, Lots 1.01 and 1.02) meets or will meet 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 to enable the Agency to process the Sponsor's application for funding the Project through the Low Income Housing Tax Credit Program.
Entity Name: Center Street Owners, LLC
Entity Address: 1865 Palmer Avenue, Suite 203, Larchmont, New York, New York 10538
Funding Source: New Jersey Housing Mortgage Finance Agency Program (Low Income Housing Tax Credit)
Total Project Cost: $217,130,272.00
City Contribution: $0.00
Other Funding Source/Amount: $0.00
List of Properties:
(Address/Block/Lot/Ward)
1 Center Street/Block 17/Lot 1.01 and Lot 1.02 /Central Ward
Additional Information:
body
WHEREAS, Center Street Owners, LLC, 1865 Palmer Avenue, Suite 203, Larchmont, New York, New York 10538 (hereinafter referred to as the “Sponsor”), proposes to construct a project on a site located at 1 Center Street, Newark, New Jersey (Central Ward), as more commonly known as Block 17, Lots 1.01 and 1.02 on the Official Tax Map of the City of Newark, known as the New Jersey Performing Arts Center Arts and Education District Phase 1, which consists of three (3) multi-family rental buildings with approximately 320 units, of which 20% (approximately 63 units) shall be designated as affordable housing units designated for families at an average of 60% AMI, along with approximately 20,000 square feet of ground floor retail/commercial space (hereinafter 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 the “HMFA Requirements”) within the City of Newark (hereinafter referred to as the “Municipality”); and
WHEREAS, the Project will be subject to the HMFA Requirements and the mortgage and other loan documents executed between the Sponsor and the New Jersey Housing and Mortgage Finance Agency (hereinafter referred to as the “Agency”); and
WHEREAS, pursuant to the HMFA Requirements, the Governing Body of the Municipality hereby determines that there is a need for this housing Project in the Municipality; and
WHEREAS, the Sponsor has presented to the Municipal Council a revenue projection, 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.
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 Center Street Owners, LLC, 1865 Palmer Avenue, Suite 203, Larchmont, New York, New York 10538, known as the New Jersey Performing Arts Center Arts and Education District Phase 1, for the construction of three (3) multi-family rental buildings with approximately 320 units, of which 20% (approximately 65 units) shall be designated as affordable housing units designated for families at an average of 60% AMI, along with approximately 20,000 square feet of ground floor retail/commercial space located at 1 Center Street, Newark, New Jersey (Central Ward), and more commonly known as Block 17, Lots 1.01 and 1.02 on the Official Tax Map of the City of Newark, 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.
2. The Municipal Council finds and determines that the Project proposed by Sponsor meets all or part of the City of Newark’s low and moderate income housing obligations.
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 HMFA Requirements to enable the Agency to process the Sponsor’s application for Agency funding to finance the Project.
STATEMENT
This Resolution supports that the Municipal Council finds and determines that there is a need within the City of Newark for the Project proposed by Center Street Owners, LLC known as the New Jersey Performing Arts Center Arts and Education District Phase 1, located at 1 Center Street, Newark, New Jersey 07102 (Block 17 Lots 1.01 and 1.02) located at 1 Center Street, Newark, New Jersey (Central Ward), and more commonly known as Block 17, Lots 1.01 and 1.02 on the Official Tax Map of 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 to enable the Agency to process the Sponsor's application for funding the Project through the Low Income Housing Tax Credit Program.