Township of Evesham Council Meeting Agenda Packet May 2026
Township Grants Purchase Option to Pine Street Ventures
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Description
Evesham Township Council approved Resolution 167-2026 authorizing an Option Agreement with Pine Street Ventures, LLC for the sale of the DPW Redevelopment Area. The agreement grants Pine Street an exclusive six‑month option, extendable upon LIHTC award, to buy the site for $1,250,000 for development of senior affordable housing.
Contract Details
Contract Amount
$1,250,000
Vendor
PINE STREET VENTURES LLC
Agency
Township of Evesham, NJ
Contract Type
FACILITIES
Document Date
May 1, 2026
Contract Term
Option Period: 6 months from Effective Date in May 2026, with possible extension to the sooner of Construction Loan closing or December 30, 2027 upon receipt of 9% LIHTC award
Renewal Date
2026-11-30
Renewal Info
Initial option period is six months from the Effective Date in May 2026. If a 9% LIHTC award is received from NJHMFA, Pine Street may extend the option period to the sooner of construction loan closing or December 30, 2027.
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