Addison Court Purchase and Leaseback with Primecore | Borough of State College | PRIMECORE

Scope & details

The full contract record, as filed.

Contract amount

$15,750,000 (purchase price); $250,000 initial payment; $5,000,000 due at LIHTC application filing; balance due at closing in 2027

Contract type

FACILITIES

Contract term

Lease-back of Addison Court to Primecore for an additional 40 years of senior housing following LIHTC approval; closing in 2027

Renewal date

2067-12-31

Renewal

Agreement is tied to a LIHTC tax credit application that would extend Addison Court’s operation as senior housing for an additional 40 years; no recurring renewal terms are specified beyond the long-term housing commitment.

Document type

AgendaPacket

Source document

Borough of State College Council AgendaPacket Regular Meeting 2026-08-31

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Frequently asked questions

Common questions about this contract, answered from the record.

Who was awarded the facilities contract by Borough of State College?

PRIMECORE was awarded this facilities contract by Borough of State College, as recorded on August 31, 2026. The contract value is $15,750,000 (purchase price); $250,000 initial payment; $5,000,000 due at LIHTC application filing; balance due at closing in 2027.

How much is the PRIMECORE contract with Borough of State College worth?

The PRIMECORE contract with Borough of State College is valued at $15,750,000 (purchase price); $250,000 initial payment; $5,000,000 due at LIHTC application filing; balance due at closing in 2027, covering facilities work.

What type of contract is this?

This is a Facilities contract, documented as a agendapacket record.

Where was this contract approved?

This contract appears in Borough of State College Council AgendaPacket Regular Meeting 2026-08-31 (AgendaPacket), dated August 31, 2026 from Borough of State College. Civic IQ extracts contract records directly from agency meeting documents and solicitations.

What other contracts does PRIMECORE hold?

PRIMECORE may hold additional government contracts. View their full contract history, the agencies they serve, and total tracked spend on their Civic IQ vendor profile.

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