Cost analysis for the purchase of Bancroft released

The Borough Commissioners announced today that its redevelopment counsel, Ed McManimon, has put together a preliminary cost analysis of what it would possibly take for the borough to purchase the 19-acre Bancroft property and maintain it for open space purposes.

Assuming that the campus can be purchased for $12 million — which had been previously reported by redevelopment firm Clarke, Caton, and Hintz — McManimon put together a cost analysis of what it would take to construct turf fields, demolish the existing structures, maintain the parks, and make the necessary site improvements for borough taxpayers.

McManimon estimated that the total capital cost of the proposed project would be about $19.5 million. Using the maximum amount of green acres, county, and open space funding, this total could be reduced to $14.275 million, he reported.

In the end, for the average assessed homeowner in Haddonfield it would mean a $271 annual increase over the next 20 years. The average assessed value of a home in Haddonfield is $491,000. Each $1 million increase or decrease in the project means an annual increase or decrease of $16 from the $271 figure for taxpayers.

The report will be shared to the public at the next scheduled commissioners meeting at 7:30 p.m. on Tuesday, Sept. 27.

Stay tuned for more details. To view the entire report, please click here.