July 23, 2020
Dear Kennett Township Residents and Business Owners,
On Monday July 27, 2020 the Board of Supervisors are scheduled to entertain a proposal from TD Bank to acquire $5,000,000.00 in debt to support the Open Space fund. The proposal was received through a competitive and public bid process and will refinance an existing debt service obligation while also providing new money for the fund. The new money will be available for future open space preservation opportunities to help us reach out preservation goal of 30%. Additionally, the market is very competitive at present with the proposal offering a percentage rate of 1.34%. This provides a significant savings on the costs of the existing debt service, approximately $2.83 Million at 4.24%, while also positioning us for future preservation opportunities.
The Board and I heard concerns in previous meetings about the viability of receiving a strong proposal given the circumstances of 2019. The very competitive proposals we received are a testament to the financial health of the Township and strength of our operations. I am very pleased that the work of the Board and staff have enabled us to pursue financial tools that ultimately save the taxpayers money and provide options to achieve Township priorities.
If you have any questions, comments, or concerns about the proposed action please feel encouraged to call me at the Township office at 610-388-1300, email me at email@example.com, or attend the virtual meeting at 7:00p.m. Instructions and the Zoom link can be found on our website at: https://www.kennett.pa.us/Calendar.aspx?EID=1041.
Eden R. Ratliff