Township Retains Financial Advisor for Campus Borrowing
Vacant land (at top) on East High Street, where the Lower Pottsgrove municipal campus is proposed
SANATOGA PA – Lower Pottsgrove will pay a professional financial advisory firm a maximum of $22,500 for its assistance, if and when the time comes, to help the township borrow the millions of dollars necessary to build its proposed municipal campus at the southeast corner of East High Street and South Pleasant View Road.
The township Board of Commissioners on Monday night (Oct. 5, 2020), during a public meeting at Sunnybrook Ballroom, authorized President Bruce Foltz to execute an “engagement letter” with PFM Financial Advisors LLC. The township has been working with PFM representative Jamie Schlesinger for several months, and also heard a financing options presentation from him during its Sept. 24 meeting.
PFM is charging the township a flat fee for its services in determining the best option, within a range of $20,000 to $22,500, township Solicitor Charles Garner explained. It gets paid only when a transaction is completed, Manager Ed Wagner added.
The municipal campus would house both the township administration and the police department in a new structure significantly larger than the existing municipal building on Buchert Road. Its plans are not yet complete but are being finalized, according to Commissioner Ray Lopez. As a result, the board still lacks a final price tag for the building, although its earlier estimates put the cost at about $8 million.
Construction loans taken by the township, according to the Sept. 24 information, would be backed and re-paid primarily if not entirely by taxes its levies.
Photo by The Post