The following was submitted to Radnor Patch by Radnor Township Commissioner John Nagle.
At a meeting of the Planning Commission on Monday October 7th, Ms. Leslie Morgan spoke in regard to the Ardrossan Modified Density application. In her comments Ms. Morgan made two statements which I believe need to be corrected. These statements were that Radnor's credit rating had been downgraded and that Radnor's credit rating was lower than the surrounding communities.
Here are the facts:
The Twp. WAS downgraded in 2007, after 4 years of operating deficits during which time Fund Balance went down to $1.4 MM from $6 MM.
As part of a Global Scale Revision, across the entire USA, the Twp. was upgraded to Aa1 on 4/23/2010 - where it has remained through 3 successive and rigorous reviews (in 11/2010, 2012 and again in 2013.)
Lower Merion = Aaa
Tredyffrin = Aaa
Upper Merion = Aaa
Willistown = Aa1 same as Radnor
Haverford Twp = Aa2
Easttown Twp = AA minus (equivalent to AA3)
Marple Twp = AA (equivalent to AA2)
It is important to note the following when reviewing the communities with higher ratings:
Lower Merion has Gladwyne and City Avenue Commercial District
Tredyffrin has the Chesterbrook Corp Center and Vanguard, etc.
Upper Merion has the K of P Mall
Furthermore, it is possible that, with an improving economy and continued aggressive management, the Twp could achieve a "Aaa", which, by the way is a single step up from our current ratings.
It is important that folks who provide testimony to our Boards and Commissions get there facts straight before making claims in support of their position.
Note: these statements can be viewed at the following YouTube site during the first few minutes of the recording: