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RESOLUTION OF MEMORIALIZATION OF THE JACKSON TOWNSHIP RENT LEVELING BOARD

RESOLUTION No.: 2024-24

RE: GM PROSPECT POINTE Application for CPI Increase

BE IT RESOLVED, by the local Rent Control Board of the Township of Jackson, County of Ocean and State of New Jersey, as follows:

WHEREAS, proper notice of the application was provided by the applicant as required by Ordinance; and

WHEREAS, GM PROSPECT POINTE, has duly filed an application seeking a Consumer Price Index (CPI) rent increase of 4.1% (plus an additional 1.5% where heat is provided) for a total CPI increase of 5.6%. The increase is effective for annual leases ending on April 30, May 31, June 30, July 31, August 31, and September 30, 2024, respectively, in accordance with the start date of each tenant's lease; and

WHEREAS, a public hearing was held on said application on October 24, 2024, in the Municipal Building of the Township of Jackson at which time the applicant provided evidence as to the accuracy and appropriateness of the CPI increase as referenced in the application; and

WHEREAS, the Board accountant, Carmen J. Memoli, of the firm of Memoli & Company, has reviewed the application and finds the same to be accurate; and

WHEREAS, The Rent Leveling Ordinance for the Township of Jackson provides for rent increase not to exceed CPI + 1.5% per year for apartments where the landlord supplies heat; and

WHEREAS, the Board has determined that the application for rental increase should not

be effective until after the Board has had the opportunity to review and vote on the applications;

WHEREAS, said Board having considered said application, testimony and exhibits submitted, if any, makes the following findings:

NOW, THEREFORE, BE IT RESOLVED, by the said Board that on this 14TH day of November,2024, based upon the findings herein above stated, the application is hereby granted subject to the following conditions, together with all stipulations of the applicant:

1. The application for CPI increase of rent increase of 4.1% (plus an additional 1.5% where heat is provided) for a maximum CP increase of 5.6%, where heat is included, for the attached list of apartments, is hereby approved. The increase is effective for annual leases ending on April 30, May 31, June 30, July 31, August 31 and September 30, 2024, respectively, in accordance with the start date of each tenant's lease; and
2. The total rent for each space shall be set forth on the attached Schedules as prepared by Board accountant, Carmen J. Memoli, and attached hereto and made a part hereof.

Joseph Sullivan

JOSEPH SULLIVAN, CHAIRMAN

JACKSON TOWNSHIP RENT LEVELING BOARD

MOVED BY: E. C. JacksonSt.I

SECONDED BY: W. BOYCE

ROLL CALL

Those In Favor: J. Sullman, E. C. Salkouski, N. Boyce, F. Seelman, D. Wankel Those Opposed: None

Those Absent:

Those Not Voting:

CERTIFICATION

• The foregoing is a true copy of a memorializing resolution by said Board at its meeting of 10/24/2024 as copied from the minutes of said meeting.

Dated: 11/14/2024

LOIS ROGERS, Secretary

Jackson Township Rent Control Board

222 Oak Avenue, Suite 5 Toms River, NJ 08753 732.240.3366 | fax 732.240.5305 memolicpa.com

October 24, 2024

To: Jackson Township Rent Leveling Board Members

RE: Application-GM Prospect Pointe, CPI Rent Increase-2024-2025

Dear Board Members:

Enclosed please find the proposed CPI Rent Increase application for GM Prospect Pointe (applicant). The applicant is entitled to a maximum CPI increase of 4.1%, plus an additional 1.5% for heat provided, thus the total CPI Increase would be 5.6%. The increase is effective for annual leases ending on October 31, 2024, November 30, 2024, December 31, 2024, January 31, 2025, February 28, 2025, and March 31, 2025, respectively.

In reviewing this application, we found a complete application without any issues or discrepancies.

Sincerely,

Carmen J. Memoli, CPA