Bancroft Purchase Agreement Announced, a Big Bang Before the Fireworks
The BOE and the borough announce an agreement Tuesday to purchase Bancroft property for $12.19 million.
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Pdfs
They just couldn't wait to launch the fireworks tonight at the high school stadium, so the BOE and the borough kicked off the celebration early by announcing a tentative deal Tuesday afternoon to buy the the sprawling, 19-acre Bancroft property next door.
The landmark deal, 10 years in the making, marks a signature achievement for the borough and the school board.
Here are some of the details:
Steve Weinstein, president of the Haddonfield School Board, and Ed Borden, borough commissioner, announce that negotiations with Bancroft Neurohealth have resulted in a proposed Letter of Intent for the purchase of the Bancroft site for public use.
The proposed Letter of Intent will be the subject of three public meetings. The first will be a joint Board of Education-Commissioner meeting on Wed., July 18th at 7pm in the Borough Hall. The terms of the proposed agreement will be presented and public comment will be taken. NO ACTION WILL BE TAKEN BY EITHER BOARD THAT NIGHT.
Following that meeting, the Commissioners will consider action at their meeting on July 23rd and the BOE will hold another special meeting for its decision. Final approval will be subject to the public's approval of a bond referendum.
The terms of the agreement are:
Purchase Price: $12,192,500 (which is the current assessed value of the property), subject to referendum approval
Timing:
- Bancroft has up to 2 years to sign an agreement of sale for a new site
- The District will not have to sell its bonds until Bancroft has the agreement for a new location
- Bancroft must immediately begin looking for a new site and prepare plans for construction
- Once the District purchases the property, Bancroft may remain on the property for 2 years while it is building its new facility; if it goes beyond 2 years, it will have to pay rent of $400,000/$500,000 for years 3 & 4. It must vacate no later than 4 years—if it doesn't, Bancroft is subject to repayment of all the debt service paid by the District from the beginning until it vacates.
Ownership: will be divided between the District and the Borough based on the funding available for open space use and affordable housing.
Bond referendum: likely to be around $16 million less all open space funding obtained and turf field funding (if provided).
Click on the PDF, above right, to read the full letter of intent.
Check back with Haddonfield Patch throughout the afternoon for updates on this breaking news story.
In This article
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Bancroft
425 Kings Hwy E, Haddonfield, NJ (P.O. Box 20) -
Haddonfield Municipal Hall
242 Kings Hwy E, Haddonfield, NJ -
Haddonfield Board of Education
1 Lincoln Ave, Haddonfield, NJ
Brian Kelly
2:24 pm on Tuesday, July 3, 2012
This deal, which was negotiated behind closed doors without public consent, needs full disclosure at every level. It's time for every resident to be made aware of the implications to the tax structure and debt of Haddonfield, the change to every neighborhood in the area, and what this will really mean to our historical heritage.
Do not think the price tag stops at 12 million dollars...that is only the beginning. To have a forum where all residents can have their opinions heard, go to the facebook page for Haddonfield United. Make your voices heard.
Mr. B.
3:44 pm on Tuesday, July 3, 2012
Once again, a sudden deal is announced. I think all of us in Haddonfield should be nervous about this. The face of our town could drastically change and not for the better if this is not handled properly and not matter what they do, we will all be stuck paying for it. The turf fields ridiculousness was one thing, but we all need to pay very close attention to how this deal develops and let our voices be heard during every step of the way.
Adam R
7:55 pm on Tuesday, July 3, 2012
Maybe Haddonfield can beat Tavistock in the race for highest average property tax bill in Camden County. Go Bulldogs!
Martha
8:56 pm on Tuesday, July 3, 2012
Surprised
Martha
9:00 pm on Tuesday, July 3, 2012
Quite frankly, with all the horrific abuse/neglect and death cases among the clients over many years that have occurred at Bancroft NeuroHealth, it's about time it's sold. I am just surprised that no one in Haddonfield was aware of it.
Jack S
10:30 pm on Tuesday, July 3, 2012
The chatter at pre-July 4th festivities has Commissioner Borden claiming that this is a "done deal." The public referendum, in his view, is apparently a foregone conclusion. But let's be clear: A $16 billion bond issue means tens of thousands of taxpayer dollars per Haddonfield household over the next decade or more, since bonds are typically issued, reissued and extended, putting Haddonfield's 2000 households in the bag over time for $20, $25, $30 million or more for this purchase. And to what end? So that Commissioner Borden and Super Weinstein can continue to rub elbows with the Norcross brothers and the Borough can replace a private educational institution (Bancroft) with an expanded public educational institution (HMHS)? How is that a good use of taxpayer money, at a time when our officials can't even patch potholes? Commissioners Columbi and Kasko -- who allegedly are fiscally conservative -- need to show some backbone on this fiasco and put a stop to it, before we taxpayers through them out of office permanently. Turf field aside, enough is enough!