OTHERAPPROVED

Toms River Township Council AgendaPacket 2026-06-10

Jamestowne Village Affordable Housing Settlement Approved

$50,000.00 contribution from Affordable Housing Trust Fund; long-term PILOT service charge equal to 5% of annual gross revenues from 42 affordable units (per settlement)Township of Toms RiverJD JAMESTOWNE LLCJune 10, 2026

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Description

The Council approved a comprehensive Settlement Agreement with JD Jamestowne, LLC for the Jamestowne Village property, enabling 42 deed-restricted affordable units through new construction and conversions. The deal includes overlay zoning, a prospective long-term tax exemption with a 5% revenue service charge on the affordable units, and a $50,000 Affordable Housing Trust Fund contribution over a 40-year affordability term.

Contract Details

Contract Amount

$50,000.00 contribution from Affordable Housing Trust Fund; long-term PILOT service charge equal to 5% of annual gross revenues from 42 affordable units (per settlement)

Vendor

JD JAMESTOWNE LLC

Agency

Township of Toms River, NJ

Contract Type

OTHER

Document Date

June 10, 2026

Contract Term

Affordable units deed-restricted and PILOT coterminous for at least 40 years

Renewal Info

Affordable housing deed restrictions and associated PILOT are intended to run for at least 40 years; any extension beyond that period would require separate approval.