April 14, 2015 SUBJECT: Agenda for Board Meeting
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MEMORANDUM TO: Members of the Authority FROM: Melissa Orsen Chief Executive Officer DATE: April 14, 2015 SUBJECT: Agenda for Board Meeting of the Authority April 14, 2015 Notice of Public Meeting Roll Call Approval of Previous Month’s Minutes Chief Executive Officer’s Monthly Report to the Board Authority Matters Incentive Programs Bond Projects Loans/Grants/Guarantees Office of Recovery Board Memorandums Real Estate Executive Session Public Comment Adjournment BOND PROJECTS Combination Preliminary and Bond Resolutions ITEM: Ben Porat Yosef, Inc. APPL.#40565 LOCATION: Paramus/Bergen PROCEEDS FOR: Acquisition of existing building/Refinancing FINANCING: $7,875,000 Tax-exempt Bond / $135,000 Taxable Bond MOTION TO APPROVE: Mr. Stoller SECOND: Mr. Alagia AYES: 12 RESOLUTION ATTACHED AND MARKED EXHIBIT: 13 PUBLIC HEARING: Yes PUBLIC COMMENT: None Mr. Imperatore left the call at this time. ITEM: Provident Group – Rowan Properties LLC APPL.#40570 LOCATION: Glassboro/Gloucester PROCEEDS FOR: Construction of new building or addition/Purchase of equipment & machinery FINANCING: $144,000,000 Tax-exempt Bond / $1,000,000 Taxable Bond MOTION TO APPROVE: Mr. Dumont SECOND: Ms. Kokas AYES: 11 RESOLUTION ATTACHED AND MARKED EXHIBIT: 14 PUBLIC HEARING: Yes PUBLIC COMMENT: None REAL ESTATE ITEM: Higher Education Public Private Partnership Program Rowan University – Student Dormitory and Dining Facility REQUEST: To approve Rowan’s University’s application to develop a 742 unit freshman dormitory on 8.38 acres on the applicant’s campus under the Higher Education Private Public Partnership Program. MOTION TO APPROVE: Mr. Alagia SECOND: Mr. Stoller AYES: 11 RESOLUTION ATTACHED AND MARKED EXHIBIT: 15 Combination Preliminary and Bond Resolutions ITEM: Puerto Rican Organization for Community Education and Economic Development APPL.#40507 LOCATION: Elizabeth/Union PROCEEDS FOR: Refinancing FINANCING: $2,500,000 Tax-exempt Bond MOTION TO APPROVE: Mr. Stoller SECOND: Ms. Kokas AYES: 11 RESOLUTION ATTACHED AND MARKED EXHIBIT: 16 PUBLIC HEARING: Yes PUBLIC COMMENT: None MEMORANDUM TO: Members of the Authority FROM: Melissa J. Orsen Chief Executive Officer DATE: April 14, 2015 RE: Monthly Report to the Board THIRD FOUNDERS & FUNDERS EVENT CONNECTS ENTREPRENEURS AND INVESTORS The EDA hosted its third Founders and Funders event on March 10, providing 30 entrepreneurs and emerging companies with access to angel and venture capital investors. Held at the Commercialization Center for Innovative Technologies (CCIT) in North Brunswick, the event introduced the startup companies to more than 20 prospective investors, including Edison Partners, the NJIT Highlanders Angel Network, and Rostra Capital. At the event, a diverse range of technology and biotechnology companies met with investors in 10- minute, one-on-one sessions to discuss strategy, business models and funding opportunities. Attendees included Gold Mobile, a Clark-based company that provides a cloud-based platform to enhance a business’s mobile ordering, payment, and loyalty programs; NeedMe of Red Bank, which is developing a website where people can meet others with similar medical diagnosis, medications and procedures; Arkay Therapeutics, a life sciences company located in East Windsor focused on developing drugs to treat diabetes; and CCIT tenant BioAegis Therapeutics, which creates products that restore depleted levels of plasma gelsolin. The EDA plans to host Founders & Funders semi-annually, and the next event is scheduled for September. HOTEL INDIGO CELEBRATES OPENING IN NEWARK InterContinental Hotel Group unveiled its Hotel Indigo Downtown Newark during an official ribbon cutting ceremony last month. The 108-room boutique hotel represents the re-creation and re- purposing of the historic National State Bank building located at 810 Broad Street. The hotel is a joint venture with local developers Samer and Thafer Hanini of the Hanini Group and Islam Zughayer. The property is managed by Crestline Hotels & Resorts and is franchised by an affiliate of InterContinental Hotel Group. In addition to the EDA’s approval of an award under the legacy Economic Redevelopment and Growth (ERG) Program, the development was supported by several investors including Prudential Financial, Inc., the City of Newark, the National Development Council, and HRS Management. The hotel, which is expected to create 65 new, permanent jobs, also features restaurant ALVA, which converted the original bank vault into a pizza oven; and, Skylab, the only rooftop lounge in downtown Newark. FMERA RAMPS UP REDEVELOPMENT EFFORT In mid-March, the Fort Monmouth Economic Revitalization Authority (FMERA) issued two Requests for Offers to Purchase (RFOTPs) for properties in the Oceanport section of the Fort. FMERA previously had issued an additional six RFOTPs in February, paving the way for extensive redevelopment of the former military base. The properties span Oceanport, Tinton Falls and Eatontown, and total nearly 100 acres of land. The most recent RFOTPs were issued for the former Nurses’ Quarters, an approximately 18,665- square-foot parcel in the Oceanport section of the Fort, expected to be used for residential purposes; and, a 4.2 acre parcel containing the 16,420-square-foot former Community Center in Oceanport. The property includes Van Kirk Park Memorial and is part of the Fort’s Green Tech Campus development district, which is intended to accommodate office/research and institutional uses within a campus-like setting. CLOSED PROJECTS Through March 2015, EDA closed on more than $417 million in assistance to 74 projects, leveraging $668 million in total public/private investment and supporting the creation of more than 2,200 new jobs and over 1,100 construction jobs. EVENTS EDA representatives participated as speakers, attendees or exhibitors at 35 events in March. These included the NJBIZ Best 50 Women in Business celebration in Somerset, the New Jersey Builders Association Annual Board of Director's Meeting in Atlantic City, New Jersey Future’s Redevelopment Forum in New Brunswick, the Newark Regional Business Partnership Real Estate Market Forecast in Newark, and a clean energy event in Bordentown hosted by The Pew Charitable Trusts in collaboration with the Rutgers University EcoComplex and the New Jersey Technology Council. ____________________________ AUTHORITY MATTERS MEMORANDUM TO: Members of the Authority FROM: Timothy Lizura President and Chief Operating Officer DATE: April 14, 2015 RE: 2014 Comprehensive Annual Report Request The Members of the Board are requested to approve the Authority’s comprehensive annual report for 2014, as required under Executive Order No. 37 (2006). Background Each year since inception, as directed under our enabling legislation, the Authority designs and distributes our Annual Report of accomplishments and activities to support economic development in New Jersey. Beginning in 2006, in order to meet the requirements of Executive Order No. 37 (2006), our Annual Report is combined with our audited financial statements and serves as our “comprehensive annual report” for 2014. The audited financial statements for the year ending December 31, 2014 were prepared pursuant to Generally Accepted Accounting Principles for a government entity. I am also pleased to inform the Board that the independent accounting firm of Ernst & Young has issued an unmodified opinion with regard to the 2014 financial statements. Certification accompanying the financial statements has been executed by the President and Chief Operating Officer and the Controller that the EDA has followed its standards, procedures and internal controls. On March 19, 2015 per its Charter, as well as section 9 of Executive Order 122 (2004), the Audit Committee reviewed the draft comprehensive annual report, including the 2014 audited financial statements prior to release and considered the relevancy, accuracy and completeness of the information presented. Also pursuant to Executive Order 122 (2004), the independent auditor met with the Audit Committee, where it was reported that the financial audit resulted in no negative findings or internal control deficiencies. Subsequent to the meeting and its review of the report, the Committee recommended that the report be presented to the Board for approval. Under Executive Order No. 37 (2006), the Authority is required to obtain approval of a comprehensive annual report from its Board of Directors. Upon approval, this report will be submitted to the Governor’s Authorities Unit, posted to the EDA website, and transmitted electronically to members of the Legislature. Recommendation: Authority staff has prepared the comprehensive annual report for 2014 as required under Executive Order No. 37 (2006) and recommends Members’ approval in order to submit the report to the Governor’s Authorities Unit, post to the Authority’s website, and transmit to the Legislature. ______________________ Prepared by: Erin Gold New Jersey Economic Development Authority 2014 Annual Report New Jersey Economic Development Authority Mailing Address: PO Box 990, Trenton, NJ 08625-0990 Street Address: 36 West State Street, Trenton, NJ 08625 Phone: (609) 858-6700 E-mail: [email protected] 1 Message from EDA Board Chairman Al Koeppe As Chair of the Board of the New Jersey Economic Development Authority (EDA), I am happy to report that 2014 was another exciting year as the Authority continued its mission to fuel job creation and encourage private investment in the state. With a well-earned reputation for professionalism and