Title
Dept./ Agency: Economic and Housing Development
Action: (X) Ratifying (X) Authorizing ( ) Amending
Type of Service: Resolution of Support
Purpose: To provide Municipal Council support, for the submission of an application, for tax credits sought by Developer, under the NJ Aspire Tax Credit Program to the New Jersey Economic Development Authority
Entity Name: 69 Sherman Avenue Urban Renewal Co, LLC
Entity Address: 27 Austin Street, Newark, New Jersey 07114
Total Project Cost: $38,046,212.00
City Contribution: $0.00
Other Funding Source/Amount: Traditional debt financing and equity funding
Grant Period: Ten (10) years - Tax Credit Period, from project completion date
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale ( ) Grant ( ) Sub-recipient (X ) n/a
List of Property
(Address/Block/Lot/Ward
69-81 Sherman Avenue/Block 2803/Lot 20.01/South Ward
Additional Information:
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WHEREAS, 69 Sherman Avenue Urban Renewal Co, LLC (the "Developer"), proposes the construction of forty-four (44) affordable housing rental units, which shall be restricted to tenants at 60% of Area Median Income ("AMI") at the property located at 69-81 Sherman Avenue, Block 2803, Lot 20.01, in the City of Newark, County of Essex, New Jersey (hereinafter referred to as the "Project"); and
WHEREAS, in connection with the financing of the Project, the Developer is applying to the New Jersey Economic Development Authority (the "NJEDA") for tax credits under the newly created Aspire Tax Credit Program (the "Funds"), which was authorized by the New Jersey Economic Recovery Act of 2020 (Sections 54 through 67 of P.L. 2020, c. 156 and later amended by Sections 22 through 29 of P.L. 2021 c. 160); and
WHEREAS, the NJEDA's underwriting requirements for the Funds align with the City of Newark's objecti...
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