Notice is hereby given that a telephonic public hearing, as required by Section 147(f) of the Internal Revenue Code of 1986, as amended (the “Code”), will be held by the Hudson County Improvement Authority (the “Authority”) on July 29, 2025 for the purpose of providing a reasonable opportunity for interested persons to express their views both orally and in writing on the proposed issuance by the Authority of County-Guaranteed Revenue Bonds (Bayfront Promenade Project), Series 2025 in an aggregate principal amount not to exceed $52,500,000 (the “Bonds”). The hearing will commence at 9:30 a.m. EDT, or as soon thereafter as the matter can be heard, and will be held via toll free telephonic means accessible to the general public as described below.
The proceeds of the Bonds will be loaned to affiliated entities, Bayfront Partners 32 Urban Renewal, L.P., a New Jersey limited partnership, Bayfront Partners 32 Urban Renewal Residential B L.P., a Delaware limited partnership and Bayfront Partners 32 Urban Renewal Commercial L.P., a Delaware limited partnership (collectively, the “Borrower”), whose general partner, Bayfront Development Partners, LLC, is a joint venture of Pennrose Holdings LLC and Omni Bayfront Jersey City LLC, to finance undertaking a housing project on a portion of the 100 acre former Honeywell industrial Brownfield site known as Bayfront I Redevelopment Area, specifically Block 26105.32 Lot 1 on the official tax maps of the City of Jersey City, New Jersey, delineated as Development Lot 32 (the “Bayfront Property”), consisting of (i) the construction and development of a housing project consisting of (a) fifty-two (52) parking garage spaces and commercial space, which may include a technology learning center, day care center, and credit union; (b) thirty-two (32) Affordable Housing Units, forty-nine (49) Workforce Housing Units, and twenty-four (24) market rate residential units, and (c) forty-two (42) Affordable Housing Units, forty-four (44) Workforce Housing Units, and nineteen (19) market rate residential units (collectively, the “Project”); (ii) the provision for deposit of money to a capitalized interest account; and (iii) the financing of the costs of issuance of the Bonds.
The Bonds are expected to be qualified residential rental bonds, as defined in section 142(d) of the Code, and are expected to be issued pursuant to the County Improvement Authorities Law, constituting Chapter 183 of the Laws of 1960 of the State of New Jersey, as amended and supplemented (N.J.S.A. 40:37A-44 et seq.).
THE BONDS ARE NOT AND SHALL NOT BE IN ANY WAY A DEBT OR A LIABILITY OF THE STATE OF NEW JERSEY OR OF THE COUNTY OF HUDSON (EXCEPT AS APPLICABLE UNDER AND LIMITED BY THE COUNTY GUARANTY AND THE GUARANTY AGREEMENT) OR OF ANY POLITICAL SUBDIVISION THEREOF OTHER THAN THE AUTHORITY AND DO NOT AND SHALL NOT CREATE OR CONSTITUTE ANY INDEBTEDNESS, LIABILITY OR OBLIGATION OF THE STATE OF NEW JERSEY OR OF THE COUNTY OF HUDSON (EXCEPT AS APPLICABLE UNDER AND LIMITED BY THE COUNTY GUARANTY AND THE GUARANTY AGREEMENT) OR ANY POLITICAL SUBDIVISION THEREOF, OTHER THAN THE AUTHORITY, EITHER LEGAL, MORAL OR OTHERWISE. THE BONDS ARE A SPECIAL, LIMITED OBLIGATION OF THE AUTHORITY, PAYABLE SOLELY OUT OF THE REVENUES OR OTHER RECEIPTS, FUNDS OR MONEYS OF THE AUTHORITY PLEDGED UNDER THE INDENTURE AND FROM ANY AMOUNTS OTHERWISE AVAILABLE UNDER THE INDENTURE FOR THE PAYMENT OF THE BONDS. THE BONDS DO NOT NOW AND SHALL NEVER CONSTITUTE A CHARGE AGAINST THE GENERAL CREDIT OF THE AUTHORITY. THE AUTHORITY HAS NO TAXING POWER.
The public hearing will be conducted in a manner that provides a reasonable opportunity for persons with differing views on both the issuance of the Bonds and the financing of the Project to be heard and to present their oral and written comments. At the time set for the public hearing, pursuant to Internal Revenue Service Revenue Procedure 2022-20, interested persons will be given a reasonable opportunity to express their views, both orally (via telephonic participation) and in writing, on the merits and location of the Project, the plan of financing, the issuance of the Bonds or related matters. Members of the public may listen to and contribute to any discussion during the hearing by: (1) dialing toll-free (833) 209-2588 and (2) entering conference code 821434934# at the prompt. Persons wishing to participate should submit a written request to speak to Leah Sandbank, Esq., McManimon, Scotland & Baumann, LLC, 75 Livingston Avenue, 2nd Flr, Roseland, New Jersey 07068, at least 24 hours before the hearing; however the hearing officer will also provide a time for additional comments at the end of the hearing. Oral remarks may not exceed five minutes in duration. Written comments should be delivered at the public hearing or mailed to Leah Sandbank, Esq., McManimon, Scotland & Baumann, LLC, 75 Livingston Avenue, 2nd Flr, Roseland, New Jersey 07068, for receipt not later than the date and time of the hearing. This notice is published, and the hearing is held, in satisfaction of the requirements of Section 147(f) of the Code.
Published at www.hcia.org on July 21, 2025
