Bancroft Purchase Agreement Announced, a Big Bang Before the Fireworks

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 property next door.

The landmark deal, 10 years in the making, marks a signature achievement for the and the . 

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.