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RESOLUTION OF MEMORIALIZATION OF THE JACKSON TOWNSHIP RENT LEVELING BOARD

RESOLUTION No.: 2024-13

RE: MGM JACKSON, LLC, 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, MGM Jackson, LLC, has duly filed an application seeking a Consumer Price Index (CPI) rent increase of 4.1% effective on or after April 1, 2024, in accordance with the start date of each tenant's lease; and

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

WHEREAS, a public hearing was held on said application on March 28, 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, PC, has reviewed the application and finds the same to be accurate; and

WHEREAS, the rental increase for each of the sites set forth in the application is consistent with that permitted by the Ordinance; and

WHEREAS, the Board has determined that the application for rental increases 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

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submitted, if any, makes the following findings:

NOW, THEREFORE, BE IT RESOLVED, by the said Board that on this 23 day of April, 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 4.1% is hereby approved effective on or after April 1, 2024, in accordance with the start date of each tenant's lease.
  2. The total rent for each unit commencing on or after April 1, 2024, shall be set forth on Schedules A, as prepared by Board accountant, Carmen J. Memoli, and attached hereto and made a part hereof.
  3. There are twenty (20) vacant lots listed on the spreadsheet.

Joseph Sullivan

OSEPH SULLIVAN, CHAIRMAN

JACKSON TOWNSHIP RENT LEVELING BOARD

MOVED BY: Tremer

SECONDED BY: CialKouski

ROLL CALL

Those In Favor: T. Sullivan, O. Di Capua, E. Cialkowski, F. Seillivan, 3. Tremer, Those Opposed:

Those Opposed: None

Those Absent: Bn to, Robert to

Those Not Voting: Boycc

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CERTIFICATION

The foregoing is a true copy of a memorializing resolution by said Board at its meeting of March 28, 2024, as copied from the minutes of said meeting.

Dated: May 23, 2024

LOIS ROGERS, Secretary

Jackson Township Rent Control Board

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

March 28, 2024

To: Jackson Township Rent Leveling Board Members

RE: Application-MGM Jackson, LLC, CPI Rent Increase-2024

Dear Board Members:

Enclosed please find the proposed CPI Rent Increase application for MGM Jackson, LLC, (applicant). The applicant is entitled to a maximum CPI increase of 4.1%, The increase is effective for April 1, 2024, or in accordance with the lease renewal date, whichever is later.

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

Carmen J. Memoli, CPA