How much money is needed to save the Barclay Grounds?
The purchase price for the Barclay Grounds was set by negotiation between the Borough Administration and the owner at $1.2 million – based on an appraisal commissioned by the Borough.
Where is the money expected to come from?
To date grants worth $950K have been awarded by the State of Pennsylvania and Chester County. Since West Chester Borough Council does not wish to increase the tax burden on the residents in order to purchase the Barclay Grounds the plan is to finance the remainder of the purchase price for the property through: new revenue streams for the Borough; corporate gifts and sponsorships; and donations from members of the public.
The BGPA has committed to raise up to $200,000 to help the Borough purchase the Barclay Grounds. If the Borough completes the purchase and the amount the BGPA raises is more than the amount needed to cover the gap between the grant funding obtained and the purchase price, then that excess will be donated to the Borough to cover the future operating costs for the park.
To secure the agreement of sale the Borough was required to make a non-refundable deposit of $20,000 by December 30th, 2013. The $20,000 was raised by the BGPA through appeals for public donations and presented to the Borough in time to make the downpayment. This $20,000 is part of the BGPA’s commitment of $200,000. The BGPA also funded the $7,250 needed to pay for the grant writing services for the grant applications to Chester County and the State of Pennsylvania. This $7,250 is additional funding by the BGPA above its commitment of $200,000.
When will the money have to be raised by?
The agreement of sale is a fairly lengthy and complex legal document that includes two “closings” and a potential “put option”. Anyone wishing to understand the exact details of the agreement should contact the Borough Administration to view the document. In a nutshell, however, the Borough must provide the total purchase price of $1.2 million (less the $20K deposit already made) to the seller in December 2015 in order to complete the transaction.
How is the BGPA progressing against its funding commitment of $200,000?
As of October 15, 2015 the BGPA has raised at total of $60,250 through private and corporate donations plus several fundraising events. Given that $7,250 was paid to fund the writing of the grant requests to the County and State a total of $53,000 has been raised towards the $200,000 commitment – leaving $143,000 to be raised.
The Barclay Grounds Preservation Alliance would like to thank the many private individuals and businesses who have generously made financial contributions or donated or purchased items for our fundraising events. If you would like to make a tax deductible donation please click here.