Proposed Ardrossan Agreement: 70 Acres for $11.6 Million

Radnor Township has received a signed agreement from the would-be seller of approximately 71 acres of the Ardrossan Estate on Darby-Paoli Road and Newtown Roads.

According to a document posted on Radnor.com, the township would buy 70.03 acres for $11,653,820.00

The proposed property to be purchased is listed as:

Price: Parcel A, the “Wheeler field” 27.65 acres: $2,400,000.00

Parcel B, the “Quarry tract” 16.336 acres: $3,600,000.00

Parcel C, the “Rye field” 27.04 acres: $5,653,820.00

The proposed acquisition would be funded by a $10 million bond issue (previously approved by Radnor voters) as well as supplementary grant funding requested from DCNR, Delaware County and private fundraising, according to the township document.

"The bond payments would be largely funded by revenue from our Open Space Fund, which comes from the real estate transfer tax, rather than from property taxes. However, for an 11 year period (2015 to 2026) the projected payments will exceed the amount available in that fund and we would need a millage increase to make up the difference," it reads.

The document continues, "The millage increase would be structured to sunset in 2026. The millage increase required would be .15 mills. The median home assessment in Radnor is $264,710. That landowner would pay $39.71 a year with such an increase. Further, 67% of the properties in Radnor are assessed under $344,682 and those taxpayers would pay an average of $29.34, with the highest in that range paying $51.70."

According to the document, the intended use for the land would be for a trail system (both walking/running on the perimeter and macadam/biking on the road) "and continued agricultural use through a farming licensing agreement, and reforestation, habitat and wetland restoration."

Other information in the township's document includes how bond payments would be paid and why the township says it can not get the land for free.

Consideration of whether to acquire a portion of the estate to preserve as open space is listed in the document after an application for conditional use and subdivision and land development approval.