Real Estate

Bought! 71 Acres of Ardrossan

Radnor Township's Board of Commissioners voted 4 to 3 on Monday to buy 71 acres of the Ardrossan estate.

Radnor Township's Board of Commissioners voted 4 to 3 on Monday to buy 71 acres of the Ardrossan estate.

To cover the $11.6 million cost, Radnor plans to use 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," reads a township document on the acquisition.

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."

Interested in local real estate?Subscribe to Patch's new newsletter to be the first to know about open houses, new listings and more.

"Board President Elaine Schaefer said the community has had a 'long-standing desire' to preserve Ardrossan as open space. She pointed to a 2006 referendum that allowed the board to sell up to $20 million in bonds to pay for open space that was approved by 80 percent of the residents," reports Main Line Media News.

"Also, in the four recent hearings held to discuss the purchase where "scores of people spoke," residents supported the plan 3 to 1, she said. While Schaefer said that she understands the financial concerns of 'the minority,' Schaefer, who was just reelected, said that Radnor was a democracy," the newspaper reports.

Interested in local real estate?Subscribe to Patch's new newsletter to be the first to know about open houses, new listings and more.

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."

Related:


Get more local news delivered straight to your inbox. Sign up for free Patch newsletters and alerts.

We’ve removed the ability to reply as we work to make improvements. Learn more here