Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Resolution Endorsing
Purpose: Resolution of the Municipal Council Consenting to the Transfer of Membership Interest in Essex Plaza Owner One, LLC.
Additional Information:
Ordinance 6PSF-j(s) adopted on July 20, 2021.
body
WHEREAS, Essex Plaza Owner One, LLC (the "Entity") previously applied for a tax exemption pursuant to the New Jersey Housing and Mortgage Finance Agency Law of 1983, as amended and supplemented, N.J.S.A. 55:14K-1 et seq. (the "HMFA Law"), for a project to acquire and substantially renovate an existing eight (8) story building consisting of four hundred fifty (450) senior affordable housing rental units (the "Housing Units"), and on-site community and medical facilities, located on real property commonly known as 1056-1070 Broad Street and 1048-1054 Broad Street, Newark, New Jersey 07102 and identified on the Official Tax Map of the City of Newark, as Block 892, Lots 1 and 16 (collectively, the "Project"); and
WHEREAS, on July 20, 2021, the Municipal Council adopted Ordinance 6PSF-j(s) granting a thirty (30) year tax abatement for the Project and authorizing the execution of the "Financial Agreement" (the "Agreement") memorializing the terms and conditions applicable to the tax exemption; and
WHEREAS, the Entity participated in the HMFA's Low Income Housing Tax Credit Program ("LIHTC Program"); and
WHEREAS, currently Essex Plaza Owner One MM, LLC ("Sole Member") owns 100% of the membership interest in the Entity; and
WHEREAS, the Sole Member is seeking to transfer 99.99% of its membership interest in the Entity to GSB LIHTC Investor, LLC as the tax credit investor; and
WHEREAS, as required by Article IX of the Agreement, the Entity is requesting the City's consent to such transfers.
NOW, THEREFORE, BE IT RESOLVED BY THE MUNICIPAL ...
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