Jenkintown Borough Council should sell part or all of 433-435 Cedar to recoup expenses and maintain tax revenue
In November of 2016, Jenkintown Borough Council purchased two lots on Cedar street for the purpose of redevelopment as a park.
This purchase was done without community knowledge or input, including the immediate neighbors on Cedar Street, as well as key affected stakeholders such as the School District.
In addition to the purchase price of 250,000, interest payments on the debt of said purchase price, and pre-purchase costs of inspection, environmental study, etc.., the borough and the school district will experience a combined tax revenue loss of more than $10,000 annually and lose an unknown amount of earned income tax revenue.
The acquisition was an unplanned and unbudgeted expenditure of taxpayer funds, and undertaken without a redevelopment plan (or funding for redevelopment) for the properties,
For these reasons, the signers of this petition demand that the borough sell part of all of these properties to recoup the above costs, eliminate debt payments, and reduce the expected budget expenditure of any project at the site by reducing the size of the project.