This evening the Barclay Grounds preservation effort achieved it biggest milestone to date. In a Special Meeting, West Chester Borough Council voted unanimously (5-0) in favor of the acquiring the Barclay Grounds from its current owners, StanAb. The deal, however, is a complicated one and the Barclay Grounds will only be saved if, at the end of 2014, the combined total of grants from the County and State plus the funds raised by the Barclay Grounds Preservation Alliance (BGPA) amount to $1.2 million. Otherwise the property will be sold back to StanAb.
Terms of the Contract:
According to the contract negotiated between the Borough and StanAb the Borough will pay StanAb a $20K deposit (which has already been provided to the Borough in the form of donations by supporters of BGPA) upon signing the contract (probably tomorrow, 12/31/13). The first closing (at which time the Borough will take possession of the two High Street lots – Lots 1 and 4) will occur on June 30th, when the Borough will make an additional payment of $600K. The timing of this payment is based on the anticipated date of receipt of grant money from the County. The second closing (for an additional $600K, in return for the two N. Church St. lots – Lots 2 and 3) must be completed by 12/31/14 – a date based on the anticipated timing of any State grants to be awarded.
If the County grant comes in substantially below the $500K being applied for, then the Borough will not conduct the first closing and the property will remain with StanAb – who will also keep the $20K deposit. If sufficient County funding is received and the first closing is completed but the State grant comes in substantially below the $500K that is anticipated, then the Borough may sell back the first two lots purchased (the “put option”) and not close on the second two lots. StanAb would then have until 12/31/15 to pay the Borough back the money from the first two lots – but would keep the $20K deposit.
The year ahead:
So the vote tonight basically set up a framework for success – and to succeed in preserving the Barclay Grounds the BGPA needs to generate $17,000/month throughout 2014.
We invite you to join the BGPA in its efforts in 2014 to raise the funding to save the Barclay Grounds. Please go to the bottom of the Home page and click on the link to Volunteer.
In return we can promise you the opportunity to meet and work with a group of talented, motivated, public-spirited people. So why not join us for a fun and rewarding year ahead in support of a very worthwhile cause.