Letter to the Editor: Bancroft and Public Debt

To the Editor:

Like many Haddonfield residents, I'm concerned about the prospect of substantial municipal/taxpayer dollars being poured into the acquisition and development of the Bancroft property. The recent debacle in Collingswood, whereby that borough funneled millions of municipal dollars into the "LumberYard" condo project only to have the project fail, has undermined the municipality's bond rating and saddled residents with millions of dollars in debt. Haddonfield residents should not be left similarly holding the bag on millions— or potentially tens of millions of dollars—in municipal debt for a public development project at Bancroft, particularly in light of the current economic climate.
 
My question for the Borough Commissioners and my fellow residents is this: The current use of the Bancroft property is educational. Has enough serious thought and effort been devoted to maintaining the property for educational use on a private—rather than public—basis? In other words, are there one or more charter or other private schools that can be lured to the property? This would maintain the current character of the property, have a relatively low environmental impact on the property and, most notably, would limit local taxpayer exposure to the project.
 
I realize, of course, most private or charter schools would be unable afford the high acquisition and development costs for the Bancroft property. This means a combination of well-heeled benefactors, federal moneys, state moneys, and other public and private funding sources would need to be secured by the private developer. Presumably Haddonfield taxpayers would also be willing to make a modest direct (revenue) or indirect (e.g., lease-back) contribution to the project, in return for tangible benefits such as meaningful preservation of green space.
 
The Bancroft property is ideally situated for a private educational use. Haddonfield already has solid reputation as the go-to place for primary and secondary school education. We already have some of the best public teachers in the region, who could be tapped on a part-time basis by a private school, and vice-versa. Moreover, the most recent redevelopment plan for the Bancroft property envisions some use of the property by . So, why not have a private enterprise fund such development, lease a portion of property back to the public high school on an as-needed basis at a fair market rate, and mitigate local taxpayer exposure to the project?
 
There's a lot of talk these days in neighboring portions of South Jersey about the need for charter schools. Conservatives in our area, for example, lament the fact that American history and real values are no longer taught adequately in many of our public schools. I'd like to think that there are wealthy donors, trusts, and foundations out there who would be willing to contribute substantial sums to have their name on a private school or one or more of its buildings, particularly if that school reflects and advances their particular values and ideals. Wishful thinking, perhaps. But necessary thinking if Haddonfield is to avoid falling into the debt hole Collingswood now finds itself in.
 
John Sullivan
Haddonfield