Chester County Real Estate News: May 24th, 2010
South Coatesville adopts revitalization plan
South Coatesville Borough Council unanimously adopted a comprehensive plan Tuesday night that includes a revitalization strategy for blighted areas along South First Avenue. Members of the planning commission began discussing the borough’s comprehensive land-use plan in March 2008 after attending a Chester County 2020 meeting. The plan sets overall policies for development, preservation and revitalization of the borough over the next 15 years, officials said. Borough officials selected Urban Research and Development Corp. of Bethlehem to work on the overall community revitalization plan and Kairos Design Group of Lemoyne to work on the South First Avenue master plan. These consulting groups, along with borough consultant Theodore Robinson, worked with the planning commission on the plan during the past year. The plan focuses on land use and housing; recreation and historic preservation; downtown and economic revitalization; community facilities and services; transportation; and actions for implementation, according to the consultants.
Source: Daily Local; 5/20/10
Birmingham Township: Balancing development and preservation
The June issue of Main Line Today features a profile of Chester County’s oldest township, Birmingham, from rural to residential. As of the last census, Birmingham had Chester County’s highest per-household median income at $152,516. The population in the township doubled from 1,584 residents in 1980 to 4,221 in 2000. Despite this housing boom, thirty-eight percent of the township is perpetually eased, under conservation ownership, protected by homeowners’ association, deed restrictions or in flood plains.
Source: Main Line Today; June 2010
Unionville-Chadds Ford adjusts spending plan
Only the first of three projected tiers of reduction was incorporated into the Unionville-Chadds Ford School District’s 2010-11 budget following last week’s public hearings. According to district Business Manager Bob Cochran, the only major change to the budget to emerge from the hearing is the addition of roughly $20,000 to fund the high school boys volleyball team and various other underfunded programs. The cuts announced by the district include the elimination of midday kindergarten busing, reductions in hourly overtime costs, reductions in support staff levels, elimination of discretionary travel, elimination of funding for community outreach programs, and reduction of elementary and secondary staff. The only Tier 2 adjustment made to the budget was with respect to increased activity fees. The budget currently stands at $70.1 million. The budget sets the tax rates at 24.26 mills in Chester County, a 2.88 percent increase, and 20.83 mills in Delaware County, a 0.73 percent increase. A mill is $1 in tax per $1,000 of assessed real estate value. That means a property assessed for tax purposes at $300,000 in Chester County will generate a school property tax of $7,200. In Delaware County, for a home assessed at $300,000, the tax would be just over $6,200.
Source: Daily Local; 5/17/10
Layoffs add to budget woes for Kennett schools
A series of teacher layoffs in the Kennett Consolidated School District has the teacher’s union troubled over how the situation was handled. Barry Tomasetti, district superintendent, confirmed in a phone interview last week that 12 teachers, one quasi-support staff position and possibly up to two more support staff positions have been eliminated. Tomasetti blamed the district’s budgetary issues on a reduction in real estate income as well as increases in retirement and health care benefits. He said the delay in the state’s budget is also a component in the decision because district officials are still unsure as to how much the district will receive in state funding. According to school board member Mike Finnegan, the budgetary process is hindered because the state has yet to post its budget, which could allocate anywhere from $300,000 to $800,000 for the district. The state budget has a June 30 projected completion date.
Source: Daily Local; 5/17/10
Top bond rating for Downingtown Area School District
The Downingtown Area School District recently announced that it has received the highest bond rating available from Moody’s Investors Service. The Downingtown Area School District received the AAA rating after Moody’s completed an analysis of the district’s finances. The rating is a result of the district’s history of conservative budgeting, increasing revenue and maintaining appropriate reserve levels. Moody’s expects the district to continue to grow and regain the residential and commercial growth it experienced before the recent economic downturn. The rating will allow the district to benefit from lower interest rates, which will ultimately save the district money on upcoming projects, such as the third middle school and the STEM Academy.
Source: Daily Local; 5/17/10
