Delco to borrow $40M, including $10M for open space

MEDIA >> Delaware County Council approved the borrowing of $40 million Wednesday, including $10 million that will be set aside to create the county’s first fund specifically for open-space acquisition.

By a vote of 4-1, with county Councilman Brian Zidek being the sole opponent, council approved directing Calhoun Baker Inc. to instruct the Delaware Valley Regional Finance Authority to issue $40 million of general obligation notes.

“This will be the first time, I believe, in Delaware County where we have raised or specifically set aside funds ... in order to create an open-space fund,” county council Chairman John McBlain said. “It is my firm hope that this is a very good start ... that that $10 million can turn into $20 or $30 million for the continuing preservation and improvements to our open space parks and recreation.”

He said Delaware County had been reported as having 20.1 percent of its land preserved, compared to 13.6 percent for Philadelphia; 19.6 percent for Bucks; 13 percent for Montgomery; and 26 percent for Chester. Other reports, such as the Delaware Valley Regional Planning Commission, noting lesser quantities of open space for Delaware County, McBlain said.

Zidek expressed concerns regarding not seeing the conversion certificate, which outlines the interest rate procedure, to not bidding out the financial advisor to Carmen Belefonte being solicitor for the Delaware Valley Regional Finance Authority.

“I’m left in a position, which is not an unfamiliar one for me here, where Calhoun Baker and Del Val may indeed be the best,” Zidek said, “but the fact of the matter is the process ... would have been better served had we actually sought competition.”

In addition to the open-space allocation, the borrowing will distribute $4 million for the demolition of the Toal Building and the Orange Street garage, which is underway; $2.5 million for renovations to the Fifth and Penn streets building in Chester housing Adult Probation staff; $3.2 million for the renovations to the state police crime lab; $12 million for the threeyear overhaul of Building 8 at the Fair Acres Geriatric Center; $2.5 million for the county’s SEPTA capital improvement contribution; $2 million for the remaining amount on the $6 million countywide reassessment contract; and $3.7 million for courthouse, government center, prison and juvenile detention renovations and the purchase of vehicles and IT equipment.

Council Vice Chairman Colleen Morrone explained that the Fair Acres project will see the renovation of the 12 resident floors at Building 8, as well as the lobby and a lower level.

She said each resident room will have its own bathroom and the two elevators will be replaced in the project at the building where 550 senior citizens live.

“I feel that this $40 million borrowing has five really unique benefits that protect the health, safety and welfare of Delaware County residents,” Morrone said, referring to the crime lab renovations, those at Fair Acres, the SEPTA projects allocation, the open-space fund, and infrastructure improvements.

Councilman Kevin Madden also spoke to the Fair Acres component.

“We’re doing some work there that’s going to make for frankly a more comfortable and good experience for our residents,” he said.