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EXHIBITA
 
Date:April 4, 2018FromTerence M. Wall, Township AdministratorLavona Patterson, Chief Financial OfficerTo:Township of Cranford Township CommitteeRe:SUMMARYAND RECOMMENDATIONOFTHEAPPLICATION FORALONG TERM TAX EXEMPTIONSUBMITTED BYBIRCHWOODDEVELOPERS URBAN RENEWAL ASSOCIATES, LLC
I. INTRODUCTION
Wehave reviewedthe application ofBirchwood Developers Urban Renewal Associates, LLC
(“BDURA”)
seeking a taxexemption under the Long Term Tax Exemption Lawof 1992,N.J.S.A. 40A:20-
1 et seq., (“LTTE”)
for the Project described below and provide the followingsummary and recommendation to the Township Committee.
II.PROJECT SUMMARYProject Name
:The Birchwood Avenue RedevelopmentProject
Project Location:
215 and 235Birchwood AvenueBlock 291, Lot 15.01and Block 292, Lot 2The Township Committeeadopted Resolution No. 2017-188A designating the Property as anon-condemnation area in need of redevelopment pursuant to the Local Redevelopment andHousing Law, N.J.S.A.40A:12A-1 et seq.
ExistingUse:
The Property is undeveloped and vacantland owned by the Township.It currently generates norevenue to the Township.
Description ofProject/Units:
The Projectconsistsof the constructionthree apartment buildings consistingof225 residentialunits, of which 34 unitsshall be affordableunits,together with a clubhouse of no less than 4,000square feet that will include a large community room, a multi-purpose room and exercise facility,anoutdoor terrace of no less than 2,500 square feet and covered and surface parking spaces.
Project Cost:
 
The total estimated project costs (hard and soft costs)are $64,611,625.
ConstructionSchedule:
BDURA estimates that the building sitepreparation will beginAugust/September 2018andestimatesthat the Project will be substantially complete andoccupancywill beginbyFeb-June2020.
Jobs Created
:
Per the developer’s estimate,
the Project will create approximately two hundred forty-six(246)full-time equivalent construction jobs over the duration of the construction of the Project, as wellas approximately twelve (12) full-time permanent jobs in connection with operation of theProject
Proposed Initial RentsTypeSF# oUnitsEstimatedRentMonthly RentTotalAnnual RentalIncome1 Bedroom
90051$2,000$102,000$1,224,000
1 Bedroom/w Den
1,25015$2,200$33,000$396,000
Affordable
95034$941$31,994$383,928
2 Bedroom(Interior)
1,34098$2,500$245,000$2,940,000
2Bedroom(Corner)
1,60027$2,650$71,550$858,600
Total225$5,802,528III.SUMMARY OF TAX EXEMPTION/PILOT REQUESTEDApplicant:
Birchwood Developer Urban Renewal Associates LLC820 Morris TurnpikeShort Hills, New Jersey 07078BDURA has representedand demonstrated that it is a duly formed urban renewal entity pursuantto the LTTE, and has been approved by the New Jersey Department of Community Affairs.
Term/Annual Service Charge:

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