2018-03-05T17:07:43-06:00 2016-12-31 GRANT THORNTON LLP 757 THIRD AVENUE 3RD FLOOR NEW YORK NY 100172013 990 2016-01-01 813857390 Kingsland Street Urban Renewal LLC C/O Seton Hall University % STEPHEN GRAHAM KING 9737619343 400 South Orange Avenue South Orange NJ 07079 STEPHEN GRAHAM MANAGER 9737619343 2018-03-05 true Daniel Romano P00504182 2125990100 2018-03-05 209.220.136.124 26377520180645000008 2018-03-05 P C8C4688EC72A735915B1B9C06A2F4F4B08C16E7B C8C4688EC72A735915B1B9C06A2F4F4B08C16E7B 2016 2021-01-29 14:40:06Z X Stephen Graham 400 South Orange Avenue South Orange NJ 07079 77810 false X N/A X LLC 2015 NJ Kingsland Street Urban Renewal, LLC was established to support its members Seton Hall University and Hackensack University Medical Center. 2 2 0 0 0 0 0 0 0 0 0 0 0 77810 0 77810 0 0 0 0 0 0 0 0 0 0 2504750 0 2504750 0 -2426940 0 78329673 0 62644489 0 15685184 X Kingsland Street Urban Renewal, LLC will support its members Seton Hall University, a New Jersey not-for-profit corporation ("SHU") and Hackensack University Medical Center, a New Jersey not-for-profit corporation ("HUMC"), directly or indirectly, in (i) operating schools that offer educational opportunities in the fields of medicine, health, medical services and nursing, (ii) operating laboratory and medical research facilities and (iii) providing medical services to community residents and others. false false 0 0 0 Kingsland will acquire, develop, own, operate, maintain and manage a medical education, laboratory and research center, located in the City of Clifton and Township of Nutley, New Jersey, and provide use of such facility to its members. Kingsland will also initiate and conduct projects for the redevelopment of an economically depressed area pursuant to a redevelopment plan or projects necessary, useful or convenient for the relocation of residents displaced by the redevelopment of all or part of one or more redevelopment areas, or low and moderate income housing projects. Kingsland, as representative of its two members, has entered into a long-term lease with a real estate developer to build a 16 acre health and medical campus to serve as the home for collaborative efforts of the two institutions, including the joint institution School of Medicine a separately incorporated educational institution which is in the process of obtaining its own 501(c)(3) determination and Seton Halls College of Nursing and School of Health and Medical Sciences which will relocate from their South Orange, NJ campus. The collaborative campus will also serve as a major site for health science research and discovery activities by appealing to pharma and other health industry employers, working with other universities on research and discovery efforts and creating much needed research space in the State of New Jersey. The Kingsland campus will provide an economic boost to the region as well as help alleviate the predicted shortage of physicians in the State of New Jersey which is expected to be upwards of 3,000 by the year 2020. 0 true false false false false false false false false false true false false false true false false false false false false false false false false false false false false false false false false false false false false false false false false false false false false false false true 0 0 0 false false false false false false false false false false false X 2 2 true false false false true true true false false false false true true false false false false false false false X STEPHEN GRAHAM 9737619343 400 SOUTH ORANGE AVENUE South Orange NJ 07079 X X Stephen Graham Manager 3.0 0.0 X X 0 0 0 Robert Glenning Manager 3.0 0.0 X X 0 0 0 Dennis Garbini Manager 3.0 0.0 X X 0 0 0 Mark Sparta Manager 3.0 0.0 X X 0 0 0 0 0 0 0 false false false Jones Lang LaSalle 400 Interpace Parkway PARSIPPANY NJ 07054 Lease Broker 2342040 Cushman Wakefield 1290 Avenue of Americas NEW YORK NY 10104 Contractor, Advisory 1337796 2 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 USE OF FACILITIES 900099 77810 77810 77810 77810 77810 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 START UP EXPENSES 2158929 2158929 CENTRAL UTILITY COSTS 188779 188779 COMMON AREA EXPENSES 151308 151308 REPAIRS AND MAINTENANCE 5639 5639 95 95 2504750 0 2504750 0 0 34714293 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1696210 41919170 0 41919170 0 0 0 0 0 0 0 0 0 0 0 78329673 0 1890023 0 0 0 1884059 0 0 0 0 0 0 0 0 0 0 0 58870407 0 62644489 X 0 15685184 0 0 0 0 0 15685184 0 78329673 X -2426940 18112124 X X false false false X 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 77810 77810 77810 X 0 0 41919170 41919170 41919170 0 CAPITAL LEASE OBLIGATION 56000000 DUE TO MEMBERS 2870407 58870407 Form 990, Part VI Part VI, Section A, Line 1a & 1b: Number of Voting Members Stephen Graham and Robert Glenning each share a vote. The same applies for Dennis Garbini and Mark Sparta. Part VI, Section A, Line 2: Disclosure of Business Relationship Stephen Graham and Dennis Garbini have a business relationship as they are coworkers at Seton Hall University. Robert Glenning and Mark Sparta have a business relationship as they are coworkers at Hackensack University Medical Center. Part VI, Section A, Line 6: Members Kingsland Street Urban Renewal, LLC, was formed by its two members, Seton Hall University (SHU) and Hackensack University Medical Center (HUMC). Each have a 50% interest in Kingsland. Part VI, Section A, Line 7a: Members with the Power to elect or appoint members of the governing body Additional Persons may be admitted by the Members to Kingsland as Members upon such terms as are established by the Members by unanimous consent. Members shall have no pre-emptive or similar right to subscribe to the purchase of new membership Interests in Kingsland. Part VI, Section A, Line 7b: Governance Decisions Kingsland shall initially have four Managers, and thereafter shall have an even number of Managers consisting of no less than four Managers. Half of the Managers shall be appointed by SHU and half by HUMC. The business and affairs of Kingsland shall be managed by the Managers. Except for situations in which the approval of the Members is expressly required by nonwaivable provisions of applicable law or this Agreement, the Managers shall have full and complete authority, power and discretion to manage and control the business, affairs and properties of Kingsland, to make all decisions regarding those matters and to perform any and all other acts or activities customary or incident to the management of Kingsland. Except as otherwise set forth herein, a vote of the majority of Managers shall be necessary and sufficient to authorize Kingsland to take any action. The SHU Managers and the HUMC Managers, respectively, shall each be required to vote together as a block (a "Block Vote") with each Block Vote having equal weight regardless of the number of individual SHU Managers or HUMC Managers actually casting a vote on particular issue or matter. Part VI, Section A, Line 8: Documentation of meetings The organization did not hold any meetings during the year. Part VI, Section B, Line 11b: Form 990 Review Process The Form 990 is prepared by a nationally recognized accounting firm in conjunction with management. All information reported on the Form 990 was provided by management and reviewed by the accounting firm. The form 990 is provided to the managers prior to filing with the internal revenue service. Part VI, Section B, Lines 12-14: Conflict of interest policiy monitoring and enforcement Kingsland has a conflict of interest policy in place however, its policy for monitoring and enforcing compliance is in the process of being completed. In addition, Kingsland is in the process of completing its whistle blower policy and document retention/destruction policy. These boxes are anticipated to be checked yes on the 2017 Form 990. Part VI, Section B, Lines 15a & 15b: Compensation Kingsland does not compensate any member listed on Part VII. Part VI, Section B, Line 19: Availability of Documents to the Public The governing documents and financial statements are available to the public upon request, at managements discretion. Form 990, Part VII, Section A Each of the listed managers are paid by their respective employers Seton Hall University ("SHU") and Hackensack University medical Center ("HUMC") for their duties to those organizations. They are not compensated for their services to Kingsland. Form 990, Part XI, Line 9 Capital Contributions by members $18,112,124 Form 990, Part XII, Line 2c The organization is in the process of establishing a committee that will consist of certain managers that will assume the responsibility for oversight of the audited financial statement and selection of an independent accountant.