Notice of Public Hearing (TEFRA)

NOTICE OF PUBLIC HEARING (TEFRA) (Posted September 4, 2026 at 11:05 AM)

NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY NOTICE OF PUBLIC HEARING 

NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY

NOTICE OF PUBLIC HEARING

The New Jersey Economic Development Authority (the “Authority”) will hold a public hearing at its regular monthly meeting on September 16, 2026 at 10:00 a.m. at the Authority’s Board Room located at 36 West State Street, 1st Floor, Trenton, New Jersey 08625, or at 1-888-790-3708 (Conference ID: 7825427).  The public hearing will be held for the purpose of providing a reasonable opportunity for interested persons to express their views, both orally and in writing, with respect to the proposed issuance by the Authority of its qualified 501(c)(3) bonds, as defined in section 145 of the Internal Revenue Code of 1986, as amended (the “Code”) in one or more series of tax-exempt and/or taxable revenue bonds (the “Bonds”) in an aggregate principal amount not to exceed $115,000,000 pursuant to a plan of financing in connection with the following matters:

MUNIficent Quadrant Human Services NJ, LLC, a Delaware limited liability company (the “Purchaser”), Mpower Wellness NJ LLC, dba Wellness Recovery Center New Jersey, a New Jersey limited liability company (“WRC Operating Company”), and Zen Sobriety Homes LLC, a New Jersey limited liability company (“Zen Operating Company” and collectively with the Purchaser and WRC Operating Company, the “Borrower”), each being a single member limited liability company that is disregarded as an entity separate from its sole member for federal income tax purposes, and the sole direct or indirect member of each being MUNIficent Foundation, Inc., a Delaware nonstock corporation and an organization described in Section 501(c)(3) of the Code, have requested that the Authority issue the Bonds and lend the proceeds thereof to the Borrower to be used: (a) by the Purchaser to (i) purchase of all of the membership interests in WRC Operating Company and Zen Operating Company (together, the “Operating Companies”), and (ii) expand, renovate and/or equip certain facilities owned and operated by the Operating Companies, consisting of (A) an outpatient substance use disorder and behavioral health treatment center located at 231 Clarksville Road, West Windsor[1], New Jersey 08550, and (B) seven residential facility sober living homes currently operated at the following addresses: (1) 536 State Road, Princeton, New Jersey 08540; (2) 640 State Road, Princeton, New Jersey 08540; (3) 200 North Post Road, West Windsor[2], New Jersey 08550; (4) 144 Cranbury Road, Princeton Junction, New Jersey 08550; (5) 150 Gainsboro Road, Lawrence Township[3], New Jersey 08648, (6) 125 Merrick Rd Hamilton, New Jersey 08691 and (7) 118 Bethel Ave Hamilton, New Jersey 08620 (collectively referred to herein as the “Project”), (d) establishing a debt service reserve fund for the benefit of the Bonds, (ii) funding certain liquidity and other reserves, (iii) funding a portion of interest due on the Bonds during the transition period for the Project, (iv) financing working capital, and (v) paying certain expenses incurred in connection with the issuance of the Bonds.  The reasonably expected $115,00,000 maximum principal amount of Bonds may be allocable to any one of the components of the Project listed above, but the aggregate principal amount of Bonds allocable to all components of the Project will not exceed $115,000,000.  The Project will be owned and operated by the Borrower.

At the hearing, members of the public may appear in person or by attorney or by calling in on the Authority’s telephone conference line at 1-888-790-3708, Conference ID: 7825427 to provide information and make statements concerning the foregoing application.  Written comments must be submitted to the Authority no later than 5:00 p.m. on the day before the public hearing via email to Governance.Team@njeda.gov. 

ECONOMIC DEVELOPMENT FINANCINGS OF THE NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY WILL BE SPECIAL, LIMITED OBLIGATIONS OF THE AUTHORITY PAYABLE SOLELY FROM THE PAYMENTS MADE BY THE BORROWER TO THE AUTHORITY AND CERTAIN FUNDS AND ACCOUNTS ESTABLISHED UNDER THE INDENTURE FOR THE BONDS AND ARE NOT OBLIGATIONS OF THE STATE OF NEW JERSEY, NOR OF ANY COUNTY OR MUNICIPALITY THEREOF.

            This notice is published in accordance with the public notice requirements of Section 147(f) of the Internal Revenue Code of 1986, as amended.