Supervisors OK $5.5M More to Township Debt
The township approved a $5.5 million, 20-year reset loan with Univest Bank in December for the purpose of open space acquisition for a future community center
If Montgomery Township had a wish list, then two things would be right at the top: complete the condemnation lawsuit with the Zehr family and acquire the Zehr tract as open space, and construct and open a community center at Stump and Horsham roads. While the former remains in litigation to this day, the latter may be on the horizon in the next two years. The future of both properties rests with a decision from the state Department of Community and Economic Development. Supervisors approved 4-0-1 Monday night an ordinance to increase the township debt by $5.5 million for open space acquistion. On Dec. 12, the board entered into an agreement with a 3-1-1 vote with Univest bank for a tax-free loan of $5.5 million for 20 years, at a rate of 2…
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