By ROBERT LINNEHAN
Several representatives from Bancroft attended the redevelopment meeting with the Haddonfield Planning Board Tuesday night and disagreed with financial numbers in two out of the three redevelopment options published by planning firm Clarke, Caton and Hintz.
Chief Operating Officer Joseph Flamini said Bancroft also disagreed with the valuation of the 19-acre property assigned by Phil Caton of the planning firm. In his study, Caton based his findings on the assessed value of Bancroft, about $12.1 million, that was determined through a tax reevaluation completed by the borough in 2007. Flamini said through discussions with developers, Bancroft believes the property could be sold for nearly $15 million.
The representatives also said Caton overvalued the values of two plans presented by Caton. Independent senior units and town homes, Flamini said, would cost residents of Haddonfield far more than originally proposed by Caton.
In his presentation in June, Caton said if the town home option were put into place, it would likely be a wash for the average tax payer of Haddonfield. If the independent senior units were constructed, Caton said it would likely result in a $39 savings for the average tax payer each year.
Flamini said the plans were overvalued and wouldn’t bring in as much potential revenue as Caton believed.
For a more detailed meeting write up, please revisit The Haddonfield Sun later this morning.
