By ROBERT LINNEHAN
An interesting nugget came out of an otherwise short borough meeting on Tuesday night, as Commissioner Ed Borden announced a presentation at the Tuesday, Sept. 27 borough meeting concerning the costs associated with the acquisition of the Bancroft property for open space.
The meeting will begin at 7:30 p.m.
Borden said the borough solicitors and other representatives have crafted a presentation estimating just how much money it will take to purchase the 19-acre property for public use. The presentation will detail how much it will cost in maintenance as well, he said, and will go into the possible benefits it would have for Haddonfield and its taxpayers to own the campus.
Potential revenue streams to purchase the property — including the open space trust fund and the Green Acres funding — will be discussed as well.
Throughout the process, Phil Caton of Clarke, Caton, and Hintz has valued the property at around $12 million.
The borough has about $500,000 in a green acres grant, $950,000 in its open space fund, and Camden County also has funding available for municipalities looking to acquire property for open space. All of this could be used for the purchase of the property.
