Chester County Real Estate News: July 5th, 2010
Developer, bank square off over stymied project in Chester County
Judge Albert W. Sheppard Jr. was unable to settle a dispute between Citizens Bank and J. Brian O’Neill. In January, O’Neill sued the bank for $8 billion, alleging broken financial promises by Citizens that he says have “destroyed” his much-anticipated – and largely incomplete – Uptown Worthington mixed-use development in Malvern. In documents filed last month, Citizens Bank contends that O’Neill’s suit is retaliation for the bank’s trying to collect more than $60 million O’Neill owes for loans connected to the Uptown Worthington project. As proposed in 2002, the 106-acre project at the former Worthington Steel plant along Routes 202 and 29 was to include 1.6 million square feet of housing, shops, entertainment venues, a hotel, and high-value office space. More than $100 million in federal, state, and local government funding was committed for phased-in distribution as the effort advanced from land acquisition and site development to construction, with $150 million more in the works. So far, less than 300,000 square feet has been built – the Wegmans and Target stores. On Wednesday, white PVC solid-panel fence was being installed just past the Target parking lot to block shoppers’ views of the acres of still-undeveloped ground.
Source: Philadelphia Inquirer; 6/22/10
Easttown hires assistant manager
Easttown Township’s Board of Supervisors hired Michael Brown, manager of Honey Brook Township, as its assistant manager. Brown will become manager upon the scheduled retirement of manager Gene Williams at the end of year. Easttown is governed by a five member board of supervisors and in 2000 had a reported population of 10,270 people.
Source: Main Line Suburban Life; 6/23/2010
Paoli rail yard to receive $1 million in state funding
The Paoli rail yard will get $1 million in state funding from the Redevelopment Assistance Capital Program for the construction of the Paoli Intermodel Transportation Facility. State Representative Paul Drucker noted, “The release of this funding facilitates the initial phase of the most significant public-private multi-modal transit project in the entire Delaware Valley region.” The funds will enable a solar-power generation project to be developed on the site to supply power to the Amtrak/SEPTA operations. The new Paoli Intermodal Transportation Facility is planned to include a new station, passenger amenities, office buildings, and an onsite parking garage.
Source: Main Line Suburban Life; 6/23/10
Unionville-Chadds Ford district adopts budget
The 2010-11 budget was adopted in the Unionville-Chadds Ford School District which includes a 2.88 percent increase in the property tax rate. The tax rate in Chester County will increase to 24.26 mills, which amounts to a school property tax bill of $7,278 for the average home assessed at $300,000. The Delaware County tax is set at 20.83 mills for a school property tax bill of $6,249. Budget reductions included the elimination of 11 teaching positions and several support positions. This is the first budget since Act 1 was enacted that the district did not raise taxes to the maximum allowed by law. Click here to visit the Unionville-Chadds Ford School District website.
Source: The Daily Local; 6/27/10
Spring-Ford Area school taxes up
Taxes in the Spring-Ford Area School District will increase by two percent for the 2010-11 school year. The school property tax rate will increase to 23.53 mills, up $46 per $100,000 in assessed property value. The school board also voted to furlough five district employees, a move meant to reduce budget expenditures. One board member stated that the district faced revenue losses due, in part, to property reassessments. Click here to review the final budget posted on the Spring-Ford Area School District website.
Source: Springford Reporter/Valley Item; 6/23/10
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