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Hello, and welcome to the September 2nd council meeting.

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First item is the approval of minutes

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for the council meeting on July 1st,

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2026. Do I have a motion?

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So moved.

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And a second?

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Second.

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All in favor?

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Aye.

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Aye.

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Aye. Any opposed?

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It passes.

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Okay.

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Next up is public comment for items not on the

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agenda.

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Please. Oh, and just noting that it's now stated on our agenda that we have a

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three-minute limit.

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Steve?

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Yes.

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Good evening. My name is Wendy Hunsicker, 51 Oriole Avenue

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in Lima.

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I just wanted to make a quick announcement.

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You've seen me up here before promoting Trewood Senior Living.

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I am no longer employed there. I'm back with Piazza Dealership, so if anybody's

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interested in a car, I might know a guy.

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But I am still involved with Treewood Senior Living, um, and we are

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having our carnival coming up on October 3rd, 2026.

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This is a car show with a carnival theme, small

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midway with food, fun games, live music, and the

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Delco Cruisers come with about 20 custom cars.

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So I just wanted to put that out there, invite everyone to Treewood for our

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carnival, again, on Saturday, October 3rd, from 1:30 to

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3:30 in the afternoon.

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Um, another note, uh, the township formed their senior citizens advisory committee.

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We had our first meet and greet. Another member of the committee is here tonight,

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Claire.

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So we just had our first meet and greet to discuss kind of what we hope to

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do for the community as a senior citizens advisory committee.

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Our first formal meeting will be in November, first or second week of

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November. So we're really hoping to figure out a way

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to reach out to the community. If you have senior

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neighbors living alone, they may need some resources.

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Get the word to them or to us that we can maybe help them out in

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some ways. Right. Thank you.

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Thank you.

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Anyone else for public comment?

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Thank you. Moving on to reports. First off is the chair's report.

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Wanted to pass along that the township has received an extension from the school

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district on the K-1 Center for the application through November

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21st, 2026. And the next planning

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commission meeting is scheduled to review that application

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next week, Tuesday, September 8th at 6:30 in the lower

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level of the student union building over at Penn State Brandywine.

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That is it for my report.

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There was a committee meeting. The finance committee did meet.

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Yeah. Yes, the finance committee met briefly before this meeting.

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We discussed some real estate news within the township

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and our upcoming budget approval process and calendar.

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Oops. Excuse me. Thank you.

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On to the manager's report. Mr. Assosas.

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Before I do that... I'm sorry, I was doing something else.

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Were we able to adopt the minutes?

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We did.

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Yes.

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Yes.

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We're just cruising along.

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Sorry about that.

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The township has its annual food truck event scheduled on Thursday, September 17th

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at Longview Park. It's from 4:00 to 8:00 PM. Right now, we have five food trucks.

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We're looking to get some more, and Parks and Rec Department will have some

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activities for kids and some music.

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Uh, the township's codes and permits staff, they've been working diligently over

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the past two months to implement our new online payment software, excuse me, our

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online permit software. We do have tentative go-live date of October 13th, so we're

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all looking forward to that. Folks will be able to-- Contractors will be able to

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fill out all their applications online instead of filling out paper applications,

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which is currently what we're doing.

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In that regards, we are still looking for citizens' photos.

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Anything that you think represents Middletown Township.

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It could be family, it could be events, it could be scenery.

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We would like to put that on the new codes website homepage.

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So best way to do that is use your camera, phone camera with a pano.

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Take a pano picture and you can send it to the township, and we'll gladly

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put that on the codes page.

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One other item that the sewer authority will be televising the sewer lines in

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Riddlewood during September. They're just making sure as part of their infiltration

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and inflow program, that they will be making sure there's no cracks or

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blockages in the lines. And the work will be taking place during the hours of 8:00

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AM and 3:30 PM, and they will be

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putting notices out for what areas of the

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subdivision they'll be doing.

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No, that's my report.

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Thank you. And do we have anything-

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Yeah

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...from state police? Yep.

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So the Pennsylvania State Police,

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just to fill in for Trooper Yen. We had

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598 calls for service, so that is a little down.

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August is usually a little slower month, and our crashes were down for the month,

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31 reportable crashes

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and eight non-reportables. So got some good news there.

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Less motor vehicle accidents.

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He's going to attempt to be with us

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hopefully later this month. Well, he's got called.

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So I do not have fire chief's report since we gave one last

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meeting. That will be at the next meeting.

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Just one update that I may get the engineer to also weigh in on is we

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do have

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energy transfer. We'll be conducting pipe inspections, which is called a smart

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pig inline s-inline inspections on

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their lines there along,

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in the area of Glenwood Elementary.

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So right away, as you well know, there was an ordinance a couple years ago that was

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put in place that no work preventive maintenance or anything will occur there

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during daylight, during daytime hours when school is in session.

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This is preventative maintenance. This is what we want to see happen.

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They inspect all those lines there, and that will occur, I believe Eric starting

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September eighth.

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Uh, yes, I believe that's correct.

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September eighth, and that work will be from seven PM to 5:00 AM.

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We did this last summer further down Panel Road, with very minimal

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disturbance to the residents, but I wanna make everybody aware that this will occur

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again obviously

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This is a good thing that they do their thing, but that'll be for six nights coming

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up here, our 11th permit meeting starting September 8th.

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Is there anything else, Vince?

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No. That's all I have. Thank you. On to the engineer's report. Mr. Sheka.

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Hi. Good evening, council,

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and residents. Things are a little bit slow, but we do have some activity, as I

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reported a couple weeks back at our park project on Lenai Road, Lenai Park project.

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So I thought we'd do just a very brief show and tell.

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The manager has some pictures up on the screen now that show kind of what things

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look like there. And again, this is really just more for your perspective, for

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those of you who can't make it out there.

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This just gives you a sort of view of what things look like.

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This is last week, or early last week, or perhaps, the end of the prior

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week. This shows the trees that were cleared out of the area that, if you're

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familiar with the park, if you're standing in the parking lot looking down into the

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park, there's a wooded area on the left-hand side that adjoins the properties on

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the rear of the properties on Lenai Road. That's where these trees were located.

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So that's the view without the trees.

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That's the pile of trees that were chipped from that area.

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Just to give you a perspective on the size of the pile and the heavy equipment in

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the background.

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This was from this morning,

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and I don't know if you could zoom out a little bit, Vincent, on that a little bit.

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Can that zoom out? Yep.

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That worked? Yeah. Maybe one more. Can it go down anymore?

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There you go. So this kind of

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shows the area where they're building the detention basin.

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It's very early stages of the project, it's a little boring right now if you like

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dirt work like I do. It's exciting to me, but here's another one.

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This is the view of the infiltration basin, which by the way, is working great.

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There has not been a drop of water that has come off this property since all those

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trees were cleared. It's actually hard to believe. It's almost unbelievable.

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But the dirt's really absorbing the water, and the contractor's doing a great job

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to keep the water on the property. Haven't had any issues with the conservation

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district. And then this is this morning after that heavy rainfall last night, and

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you can see there's very little water in the basin, which kind of wraps around to

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the left side of the picture. So that's all I got.

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I think that's all we have, right, Vince, for tonight? It is.

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That's all we got for tonight, but, um, I think the next time I report back to you,

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we'll have a lot better photos and more progress to report.

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And, uh, I think you'll start to see how things are taking shape.

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So that's all I have for tonight.

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Great.

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If anybody has any questions, I'm always here to answer them as well.

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All right. Thank you. Thank you.

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Yes, thank you. Next item is the public hearing for the amendment of the

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Darlington Valley PRD plan.

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Thanks, Mr. Chairman. At this time, we will adjourn this meeting and adjourn into

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the public hearing on this application of Andrea Scheller for a PRD

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or Planned Residential Development Plan Amendment pursuant to Section

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706.3 of the municipality's planning code.

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Uh, just by way of background, um, the Darlington Valley, uh,

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PRD was approved by Resolution 1953, so I'm assuming back

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in 1993. So at that point in time, the entirety of that

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development, pursuant to it being a planned residential development, was approved

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as essentially one plan. So unlike a situation where you get plan approvals

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for one property here, one property there, sort of all of the properties were taken

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into consideration as being one large property, uh, for purposes of

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a planned development. And that's usually done in a way to offset the development

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with additional open space here or there and gives more flexibility as that

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development, um, is actually then developed.

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The downside of that is then whenever there needs to be a change to that plan to a

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particular property, the entirety of that plan needs to be amended because, again,

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one property is part of the larger plan, and that's what's bringing us here

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today. Uh, but that amendment of the plan according to the municipalities planning

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code must be done pursuant to a public hearing after due notice has been given.

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Uh, I guess at this time I'll ask Michelle if you'd like to maybe, I guess, come up

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to the podium, uh, just in case. The court board, I think, will be in a better

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position to hear you. But at the beginning of this hearing, I do have a few

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exhibits that I will mark. The first exhibit,

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T or Township Exhibit One is the proof of notice of

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this hearing in the Delaware County Daily Times, which was published on August 14th

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and August 21st, 2026. Township Exhibit Two, or T2, is the

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proof of mailing, um, to the impacted neighboring property owners

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of five properties listed and proof of mail receipts that were provided by the

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applicant. Township Exhibit Three is going to be the application

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itself by Miss Scheller. Township Exhibit Four is going to be the proposed plan for

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the amendment that is on display for counsel at this time, just to understand what

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is being presented. And Township Exhibit Five is a letter of support or consent by

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the Darlington Valley Homeowners Association, where they state that they

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believe it's reasonable and it will have no negative repercussions for this

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community. Um,

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as the applicant in this matter, uh, I will turn it over to Ms.

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Scheller in a second just to briefly explain to the board what she's hoping to do.

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By its understanding, technically it's constructing a swimming pool into the side

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and rear yard setbacks of your property at 22 Stephen Drive. Is that correct?

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That's correct, yes.

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And you submitted a plan, and that's the plan that I've marked as

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Township Exhibits Four. Correct?

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Correct.

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You had that plan reviewed by township staff?

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I did.

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And you've discussed your plan with your neighbors?

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I did.

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And you've discussed it and obtained approval from the homeowners association that

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you're a part of?

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Yes, I did.

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And it's your understanding that homeowners association, uh, is sort of the

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association that makes up that planned residential development? Is that correct?

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Correct.

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Um, do you believe that this amendment of the plan is consistent with the

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efficient development and preservation of the entire planned residential

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development?

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I do.

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Do you have any reason to believe this adversely affects either the enjoyment of

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the land abutting or across the street from the planned residential

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development?

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I do not.

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Uh, and do you have any more information that you'd like to provide the board at

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this time?

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I feel like it's very clear, unless I missed something.

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Um, I feel like the most important thing was making sure my immediate neighbors

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were okay with a

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new pool going in, um, and changing the backyard.

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I'm glad that they are, and the three neighbors across the street are.

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I feel like it's

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very clear.

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00:17:23,004 --> 00:17:26,064
Before we proceed any further, is there anybody here in the public that's wishing

242
00:17:26,094 --> 00:17:29,454
to obtain standing at this hearing?

243
00:17:31,344 --> 00:17:36,204
Hearing and seeing none, um, any other testimony or exhibits you'd like to present

244
00:17:36,265 --> 00:17:37,134
for the hearing?

245
00:17:38,214 --> 00:17:40,164
I feel complete in what I've shared.

246
00:17:40,284 --> 00:17:43,494
Thank you. Does counsel have any questions for the applicant?

247
00:17:45,414 --> 00:17:45,504
Hey.

248
00:17:47,484 --> 00:17:51,384
Yes, if you wouldn't mind.

249
00:17:52,374 --> 00:17:58,164
Do you swear or affirm that the testimony you've produced here is true to the

250
00:17:58,344 --> 00:18:01,554
best of your knowledge and understanding? I do. Well...

251
00:18:01,674 --> 00:18:04,914
So Ms. Scheller, those questions that I asked you, if I were to ask-- Scheller, I'm

252
00:18:04,944 --> 00:18:08,424
sorry. If I were to ask those questions again now that you're under oath, would all

253
00:18:08,454 --> 00:18:09,444
your answers be the same?

254
00:18:09,504 --> 00:18:11,693
They would be the same.

255
00:18:11,754 --> 00:18:13,419
Thank you. Please have a seat just in case you're still-

256
00:18:13,434 --> 00:18:14,454
Thank you.

257
00:18:14,604 --> 00:18:17,184
At this time, we'll see if there's any public comment.

258
00:18:17,244 --> 00:18:19,929
Does the public have any comments on this application

259
00:18:22,578 --> 00:18:26,478
Hearing and seeing none, if there are no other questions or matters for the board,

260
00:18:26,538 --> 00:18:28,188
we will close this public hearing.

261
00:18:28,728 --> 00:18:34,128
This matter is now in a position to be voted upon by council,

262
00:18:35,058 --> 00:18:40,698
and it is later on the agenda for consideration of approval of that modification of

263
00:18:40,728 --> 00:18:44,149
the PRD. So thank you.

264
00:18:48,018 --> 00:18:51,303
Okay. Thank you. Onto old business,

265
00:18:53,298 --> 00:18:58,938
the Resolution 2026-24 Ratification of the 2026 Deicing

266
00:18:59,178 --> 00:19:01,968
Salt Contract. Do I have a motion?

267
00:19:02,808 --> 00:19:03,257
So moved.

268
00:19:03,678 --> 00:19:04,217
And a second?

269
00:19:05,178 --> 00:19:05,598
Second.

270
00:19:06,228 --> 00:19:12,183
Thank you. Mr. Soskis, can you write the comment here about the-- There were

271
00:19:12,198 --> 00:19:14,899
some details discussed at the last meeting.

272
00:19:15,258 --> 00:19:16,938
This is basically a housekeeping item.

273
00:19:17,808 --> 00:19:23,598
Council reviewed the bids, verbally accepted the bids at the last meeting, but in

274
00:19:23,688 --> 00:19:28,893
order to comply with the joint bid with the other municipalities,

275
00:19:29,868 --> 00:19:34,548
all of the municipalities must do a resolution affirming that.

276
00:19:34,578 --> 00:19:39,468
So this basically is in writing what council approved at your last

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00:19:39,528 --> 00:19:42,318
meeting.

278
00:19:42,378 --> 00:19:46,548
Thank you. Any questions from counsel? Any questions from the public?

279
00:19:48,228 --> 00:19:48,798
All in favor?

280
00:19:49,428 --> 00:19:49,968
Aye.

281
00:19:50,462 --> 00:19:50,462
Aye.

282
00:19:50,478 --> 00:19:52,728
Any opposed? Motion passes.

283
00:19:55,068 --> 00:20:00,377
Moving on. Next item is the item that we just had the public hearing for.

284
00:20:02,358 --> 00:20:07,968
Resolution 2026-25 Consideration of Approval for Modification of the PDR

285
00:20:08,538 --> 00:20:11,284
of Burlington Valley. Do I have a motion?

286
00:20:12,258 --> 00:20:13,578
So moved.

287
00:20:13,638 --> 00:20:14,448
Thank you. And a second?

288
00:20:14,478 --> 00:20:15,258
Second.

289
00:20:15,348 --> 00:20:15,798
Thank you.

290
00:20:17,418 --> 00:20:23,208
Okay. Do we have any questions or comments from counsel on

291
00:20:23,298 --> 00:20:23,524
this?

292
00:20:24,828 --> 00:20:28,218
It seems very straightforward, but they did a ton of due diligence.

293
00:20:28,399 --> 00:20:33,527
If the HOA approved it and their neighbors approved it, I've got no concerns.

294
00:20:36,378 --> 00:20:37,578
I think we're all in agreement.

295
00:20:37,909 --> 00:20:40,578
Okay. Any questions from the public?

296
00:20:42,618 --> 00:20:43,159
All in favor?

297
00:20:43,878 --> 00:20:44,089
Aye.

298
00:20:44,178 --> 00:20:44,508
Aye.

299
00:20:44,928 --> 00:20:47,448
Any opposed? Motion passes.

300
00:20:51,498 --> 00:20:57,228
Moving on to workshop items. Presentation

301
00:20:57,798 --> 00:21:01,578
of the 2019 Bond Issue Refinancing.

302
00:21:02,659 --> 00:21:03,468
So this is with

303
00:21:05,538 --> 00:21:09,948
Jamie Schlessinger of TFM Financial Advisors.

304
00:21:10,008 --> 00:21:11,568
Yes. Thank you very much.

305
00:21:13,188 --> 00:21:15,633
I think everyone should have a copy of my presentation.

306
00:21:15,918 --> 00:21:16,038
Mm-hmm.

307
00:21:16,578 --> 00:21:21,183
I'm happy to answer any questions, but before I get started, I have a couple of

308
00:21:21,438 --> 00:21:24,649
positive news to describe related to this.

309
00:21:24,723 --> 00:21:28,998
So first, when I'm in this business, I work with local governments throughout the

310
00:21:29,028 --> 00:21:33,048
Commonwealth, so my role is to serve as a fiduciary to the townships when you

311
00:21:33,078 --> 00:21:38,808
consider debt issuance. Uh, this business, we do things like build new buildings

312
00:21:38,839 --> 00:21:41,089
and renovate properties and things of that nature.

313
00:21:41,118 --> 00:21:45,678
So I got here a little earlier today, and this particular issue is tied to the

314
00:21:45,738 --> 00:21:50,868
library renovation as well as the financing associated with the tax

315
00:21:51,468 --> 00:21:55,368
side of the renovations to the Wawa train station, which surrounds it.

316
00:21:55,728 --> 00:21:59,628
It was probably my favorite transaction I worked on over the last decade because it

317
00:21:59,659 --> 00:22:02,238
really did a lot of great things for our community.

318
00:22:02,268 --> 00:22:06,048
So getting here a little bit earlier and seeing what has been done, so kudos to the

319
00:22:06,108 --> 00:22:10,292
township for what you did. Then secondarily, and probably more important, we're

320
00:22:10,308 --> 00:22:13,548
going to talk about this refinancing and potentially borrowing some new money for

321
00:22:13,578 --> 00:22:17,087
some additional renovations tied to the buildings that you have.

322
00:22:17,598 --> 00:22:21,558
The good news is, uh, your township has done a fantastic job where we've gone

323
00:22:21,589 --> 00:22:25,653
through the credit rating process through Standard & Poor's, and we're pleased to

324
00:22:25,668 --> 00:22:30,558
announce that the township was upgraded to a double A plus credit rating, which

325
00:22:30,589 --> 00:22:34,953
means that, uh, because of the strong financial position, the work that's being

326
00:22:35,028 --> 00:22:40,248
done by the council as well as the administration, um, Standard & Poor's felt that

327
00:22:40,278 --> 00:22:43,638
you're doing quite well, and they increased your credit rating, which means that

328
00:22:43,698 --> 00:22:46,758
you'll get better interest rates when you borrow funds in the future.

329
00:22:47,238 --> 00:22:52,008
Uh, the best you can be is triple A. This is one notch below the best you can be.

330
00:22:52,024 --> 00:22:54,888
It's higher than the US government, as usually I like to tell people.

331
00:22:55,143 --> 00:22:59,659
Uh, and a very strong credit rating for a township of this size.

332
00:22:59,778 --> 00:23:04,248
So kudos to you, and we're looking forward to continuing that progress going

333
00:23:04,308 --> 00:23:07,203
forward. So I'll briefly touch on what we're trying to accomplish here.

334
00:23:08,538 --> 00:23:14,089
So first thing is, when we did the transaction back in 2019, given that it was a

335
00:23:14,118 --> 00:23:19,998
somewhat unique transaction where there's subsidies coming from the state for that

336
00:23:20,028 --> 00:23:23,839
project tied to the Wawa train station, we essentially borrowed funds in a

337
00:23:23,928 --> 00:23:29,733
reasonably short-term manner, where over 15 years, we're amortizing the payments

338
00:23:29,839 --> 00:23:32,568
and receiving funds to offset those costs.

339
00:23:32,688 --> 00:23:37,909
So we are doing a refinancing of that debt tied to that project as well as the

340
00:23:37,938 --> 00:23:42,813
library. So when we talk about a refinancing, the goal here is to take advantage of

341
00:23:42,858 --> 00:23:47,253
short-term interest rates where we are today and hope to save some funds because

342
00:23:47,268 --> 00:23:50,899
the interest rates are lower than what we had previously. So that's the first part.

343
00:23:50,958 --> 00:23:55,008
So this is a reduction of your interest expense, which would help your budget.

344
00:23:55,024 --> 00:23:59,808
Then in addition, we're considering borrowing an additional $2.5 million, which

345
00:23:59,839 --> 00:24:05,118
would be used for various capital projects of the township, much of which would be

346
00:24:05,298 --> 00:24:09,483
renovations to some buildings. Certainly, Vince can provide some additional details

347
00:24:09,528 --> 00:24:12,348
on that, and may have other projects coming down the road in the future.

348
00:24:12,378 --> 00:24:16,909
But how we would consider this, the structuring that we would do, would keep the

349
00:24:16,923 --> 00:24:21,558
debt reasonably short. This would be a seven-year amortization, and there would be

350
00:24:21,678 --> 00:24:25,472
very little impact to your budget even despite borrowing additional funds.

351
00:24:25,503 --> 00:24:29,418
So I'll run through what that means and how it works, but the most important aspect

352
00:24:29,478 --> 00:24:34,563
here is much of this financing is really tied to the refinancing of existing debt.

353
00:24:36,258 --> 00:24:41,118
So what we're asking you to consider will be at the next council meeting, where

354
00:24:41,149 --> 00:24:46,188
there's what is called a parameters ordinance that's going to be established, that

355
00:24:46,218 --> 00:24:50,163
we'll ask you to consider. So tonight's presentation is about the first reading of

356
00:24:50,208 --> 00:24:55,593
that ordinance, and that ordinance essentially will authorize the debt issuance for

357
00:24:55,638 --> 00:25:00,018
this particular transaction. It'll make certain that all the terms and conditions

358
00:25:00,078 --> 00:25:04,353
of the issue are met under state guidelines under the Local Government Unit Debt

359
00:25:04,458 --> 00:25:10,218
Act. It will make sure that we meet a minimum savings threshold on the refinancing,

360
00:25:10,248 --> 00:25:14,659
and it'll make sure that it manages the final maturity not going any farther than

361
00:25:14,718 --> 00:25:16,998
what we originally intended the borrowing to be.

362
00:25:17,448 --> 00:25:22,218
So all of those things will be pre-approved through the ordinance, and then we

363
00:25:22,248 --> 00:25:26,613
would go forward with bond financing that would ultimately issue the debt.

364
00:25:27,409 --> 00:25:32,718
Our job, being your fiduciary, would be to structure the debt, work on your behalf,

365
00:25:32,748 --> 00:25:35,553
and make sure that the bonds are priced accordingly.

366
00:25:35,568 --> 00:25:39,228
And if we don't feel comfortable with the market, or the savings don't fall within

367
00:25:39,288 --> 00:25:42,889
range, we would make appropriate adjustments to the transaction itself.

368
00:25:43,188 --> 00:25:47,478
So what we'd be asking you to consider at the next meeting would be that ordinance

369
00:25:47,568 --> 00:25:51,318
and giving us the flexibility to move forward with that transaction on your behalf.

370
00:25:53,298 --> 00:25:58,968
Turning to page three, and we'll just briefly describe what you

371
00:25:59,029 --> 00:26:02,568
have. So this is your existing debt portfolio.

372
00:26:03,228 --> 00:26:07,533
So this gives you an idea of what the township is currently paying in annual debt

373
00:26:07,608 --> 00:26:13,547
service, with related to the 2019 bonds, the 2019 As, and the 2020 bonds.

374
00:26:13,938 --> 00:26:17,928
You can see that you have various kind of amortizations on each issue, which

375
00:26:18,018 --> 00:26:20,688
essentially many of them are offset by other revenues.

376
00:26:21,018 --> 00:26:24,678
But as you can see, your debt goes out to 2049.

377
00:26:25,279 --> 00:26:28,639
This particular issue that we're refinancing is related to column two.

378
00:26:29,089 --> 00:26:34,443
We are paying about $970,000 a year in annual debt service, which is principal and

379
00:26:34,458 --> 00:26:37,728
interest, which will drop off in 2032.

380
00:26:38,268 --> 00:26:41,538
The bonds that we're talking about refinancing are actually past their call date,

381
00:26:41,718 --> 00:26:46,893
meaning that in 2024, when we were able to refinance the debt for the first time,

382
00:26:47,298 --> 00:26:51,243
the market wasn't good enough for you to do it. So we've been monitoring that.

383
00:26:51,603 --> 00:26:55,953
And frankly, since we're considering some additional borrowings, if you put these

384
00:26:55,968 --> 00:27:00,258
together for a consolidation, it saves on kind of interest expense and cost, and

385
00:27:00,348 --> 00:27:02,328
allows you to save money with this transaction.

386
00:27:02,389 --> 00:27:05,718
So it's a value of doing things together at the same time.

387
00:27:05,779 --> 00:27:08,118
Everything else on this page is really just a highlight of what you have

388
00:27:08,149 --> 00:27:11,448
outstanding. Turning to page four

389
00:27:13,866 --> 00:27:18,951
This is the plan of finance, and you'll notice multiple colors here.

390
00:27:18,996 --> 00:27:22,851
We wanted to appropriately show you what we're trying to accomplish.

391
00:27:24,156 --> 00:27:28,656
Where things are going is assuming that council determines to move forward at the

392
00:27:28,746 --> 00:27:31,086
next meeting with the ordinance. The

393
00:27:32,526 --> 00:27:36,457
finance team as well as your administration have been working forward with the

394
00:27:36,486 --> 00:27:41,451
plan, and if we find a time where the market works, we would lock up interest rates

395
00:27:41,466 --> 00:27:46,461
and we would essentially establish financing that would do the green section, which

396
00:27:46,506 --> 00:27:49,086
is the refinancing, and the blue section.

397
00:27:49,177 --> 00:27:52,536
It's one financing, it's doing two separate things.

398
00:27:52,567 --> 00:27:57,726
But as far as you're concerned, the payback would be broken out between the bonds

399
00:27:57,741 --> 00:28:01,086
that you already were paying and saving some money, and then we would borrow

400
00:28:01,101 --> 00:28:05,377
additional $2.5 million to cover the capital costs.

401
00:28:05,496 --> 00:28:09,127
How we structure the debt would be what is called a wraparound debt service.

402
00:28:09,666 --> 00:28:14,406
So if you look at column seven, it just means that while you're paying your other

403
00:28:14,556 --> 00:28:18,756
payments, we're essentially delaying some of the principal back and filling in the

404
00:28:18,786 --> 00:28:20,916
principal once some of the debt falls off.

405
00:28:21,726 --> 00:28:26,166
So what that really means is you have very little incremental payment on your

406
00:28:26,226 --> 00:28:31,536
overall debt service. It will be about $150,000 of

407
00:28:31,567 --> 00:28:35,750
additional payment. And one of the things to point out is, I'm not sure if it's

408
00:28:35,766 --> 00:28:40,101
finalized, but that you would potentially be receiving rental income that comes

409
00:28:40,146 --> 00:28:44,496
from the building that you'd be renovating, which would essentially help offset

410
00:28:44,556 --> 00:28:50,121
those payments. So from our perspective, between that and the additional funds that

411
00:28:50,136 --> 00:28:54,336
you've been collecting from the state for the TRID project or the Wawa train

412
00:28:54,427 --> 00:28:56,901
station, it's essentially covering much of your debt service.

413
00:28:57,127 --> 00:29:02,226
So there's very little impact to you, and you're able to do these projects in a

414
00:29:02,256 --> 00:29:03,576
fashion that makes sense for you.

415
00:29:03,666 --> 00:29:04,056
Mm-hmm.

416
00:29:04,746 --> 00:29:09,937
All that being said, the amortization would end in about seven years, and we expect

417
00:29:09,966 --> 00:29:13,627
that the interest rate would be around 3.3%.

418
00:29:13,716 --> 00:29:16,536
That would be kind of the average rate over the course of time.

419
00:29:17,106 --> 00:29:20,856
And the current interest rates that you're paying on your debt is around 4%, so

420
00:29:20,916 --> 00:29:24,636
those differences are where the savings comes in. I'll stop.

421
00:29:24,937 --> 00:29:29,841
Lots of colors, lots of things, but big picture here is very little impact to your

422
00:29:29,856 --> 00:29:34,641
budget, some savings from the refinancing, and a reasonably short-term instrument,

423
00:29:35,016 --> 00:29:36,996
so it'll be paid back pretty quickly.

424
00:29:37,056 --> 00:29:40,716
And the last thing would be you would have an opportunity to refinance in the

425
00:29:40,746 --> 00:29:44,106
future because these bonds would be callable.

426
00:29:44,166 --> 00:29:47,256
Whether we would do that in future, I don't know, but we would have that option in

427
00:29:47,286 --> 00:29:51,606
case you want. So I'll stop and see if anyone has any questions on how it would

428
00:29:51,636 --> 00:29:51,877
work.

429
00:29:56,812 --> 00:29:58,476
Real quick. What would make

430
00:29:59,976 --> 00:30:03,741
the environment favorable to call them? Is it just lower interest rates?

431
00:30:03,906 --> 00:30:04,596
Just if interest rates are lower.

432
00:30:04,687 --> 00:30:04,957
Got it.

433
00:30:05,346 --> 00:30:07,986
That or if you received outside funding.

434
00:30:08,046 --> 00:30:13,746
Sometimes when local governments receive grants for other things or

435
00:30:14,466 --> 00:30:18,576
contributions of some capacity, there may be value to take those funds and reduce

436
00:30:18,606 --> 00:30:20,886
your debt. So that would give you the option to do that.

437
00:30:22,207 --> 00:30:26,406
And last question, how do we get to the highest credit rating? What do we do?

438
00:30:27,140 --> 00:30:29,226
Or is it just sort of out of our control? Is it just...

439
00:30:29,317 --> 00:30:34,806
So, that's a great question. I would say you are probably

440
00:30:34,957 --> 00:30:38,856
at one of the best ratings for the size of a local government.

441
00:30:39,006 --> 00:30:44,916
So, the United States government has lots of local governments

442
00:30:44,946 --> 00:30:49,266
throughout the country, and Pennsylvania is a unique place where we have thousands

443
00:30:49,326 --> 00:30:50,886
upon thousands of local governments.

444
00:30:51,127 --> 00:30:56,332
So when Moody's Investors Service or Standard & Poor's compare you to the city of

445
00:30:56,346 --> 00:31:02,166
Chicago or a state or even a county, local governments of your size

446
00:31:02,196 --> 00:31:04,207
are considered small compared to those.

447
00:31:05,016 --> 00:31:10,627
When they do their credit metrics and review you, you fit into a different window.

448
00:31:11,496 --> 00:31:17,256
Where you need to get to V AAA is you need to have a significant amount of

449
00:31:17,286 --> 00:31:22,310
reserves. And I would say that you're in a very strong financial position right

450
00:31:22,386 --> 00:31:28,356
now. To get to triple A would take a very large change in where you are.

451
00:31:28,416 --> 00:31:33,546
And the value you get to be Triple A in this particular case probably wouldn't be

452
00:31:33,576 --> 00:31:36,216
worth it to you, in my humble opinion. Although we all want to be Triple A.

453
00:31:36,306 --> 00:31:36,726
Sure.

454
00:31:36,786 --> 00:31:41,856
I think because of the size of your local government, you'd need a little bit more.

455
00:31:42,006 --> 00:31:46,236
For what it's worth, when we come back at your next--for future presentations,

456
00:31:46,326 --> 00:31:49,506
there's a copy of the credit rating that we receive from Standard & Poor's.

457
00:31:49,836 --> 00:31:54,067
It'll show you some of the things that you could do or not do to benefit.

458
00:31:54,127 --> 00:31:59,317
But generally speaking, it's really raising your tax base even higher, increasing

459
00:31:59,346 --> 00:32:01,296
your fund balance above

460
00:32:02,826 --> 00:32:06,877
significant reserves that you already have, and a couple of odds and ends.

461
00:32:06,937 --> 00:32:10,116
But I think in general, you are in a very good place currently.

462
00:32:10,161 --> 00:32:10,416
Thank you.

463
00:32:10,687 --> 00:32:12,096
To add to that a little bit,

464
00:32:13,806 --> 00:32:18,966
since we got our last rating, we now have a rainy day fund, which we're adding to

465
00:32:19,026 --> 00:32:24,846
every year, which helps. We do have an extra year's balance in our

466
00:32:24,906 --> 00:32:30,817
debt service fund because the acquisition of the open space that we did with this

467
00:32:30,906 --> 00:32:34,296
2019 bond took an extra year, and we do have

468
00:32:35,856 --> 00:32:39,427
substantial reserves in our general fund currently.

469
00:32:41,211 --> 00:32:45,937
And one unique aspect that we have that a lot of other municipalities don't have is

470
00:32:46,416 --> 00:32:50,766
we have a grandfathered business privilege tax, which municipalities are currently

471
00:32:50,826 --> 00:32:56,677
not allowed to collect anymore. We put that in in the '80s, so we

472
00:32:56,736 --> 00:33:02,496
have the business revenue stream as well as our normal real estate

473
00:33:02,556 --> 00:33:03,036
taxes.

474
00:33:04,266 --> 00:33:04,596
Thanks.

475
00:33:05,856 --> 00:33:10,927
Yeah, you guys are doing it right. I should point out, it's a good story here and

476
00:33:11,256 --> 00:33:14,406
getting involved in Double-A plus, we're very happy with.

477
00:33:14,496 --> 00:33:17,437
Well, we always want Triple-A, but I think this is quite good.

478
00:33:18,006 --> 00:33:22,266
Just turning onto the next page, I just wanted to touch on just the timeline here.

479
00:33:22,326 --> 00:33:26,226
I hit the high notes associated with your action here.

480
00:33:26,916 --> 00:33:32,886
If you look in the middle of the page, we've done a decent amount of the

481
00:33:32,946 --> 00:33:35,076
back office work to get us to this place.

482
00:33:35,707 --> 00:33:41,377
But through the next action item would be the advertisement of the

483
00:33:41,466 --> 00:33:44,646
ordinance, which would be done by your bond counsel.

484
00:33:44,661 --> 00:33:49,851
Then there'd be a presentation of the final ordinance approval for the meeting on

485
00:33:49,866 --> 00:33:53,901
the 16th. Once that occurs, assuming you decided to move forward with that

486
00:33:53,901 --> 00:33:58,776
ordinance, we would then be finalizing the preliminary offering statement, which is

487
00:33:58,806 --> 00:34:02,826
the document that the investors would look at to help determine to purchase the

488
00:34:02,856 --> 00:34:07,596
bonds, and we would find a time to sell the bonds, which would probably happen

489
00:34:08,707 --> 00:34:13,957
no earlier than the 16th, but probably somewhere closer to the end of the

490
00:34:14,016 --> 00:34:17,346
month. Somewhere in between that, and we'll watch the market.

491
00:34:17,496 --> 00:34:19,896
From there, we would settle sometime around November.

492
00:34:21,306 --> 00:34:25,280
You would be locked in on or around that, the end of the month at this point in

493
00:34:25,326 --> 00:34:25,552
time.

494
00:34:26,901 --> 00:34:29,826
Everything else would be handled by the professionals.

495
00:34:30,067 --> 00:34:34,205
The action of council would be the next action view.

496
00:34:36,366 --> 00:34:41,406
Thank you for your time. I know it's a mundane thing to talk about bonds, but I

497
00:34:41,466 --> 00:34:46,071
think the bright side here is the story is good, the thing we're doing is good, and

498
00:34:46,116 --> 00:34:51,786
ultimately, the work that you all done is being shown and seen by outside

499
00:34:52,026 --> 00:34:55,687
professionals that think you're doing a good job. Kudos to the township.

500
00:34:55,806 --> 00:34:57,006
Well, thank you.

501
00:34:57,547 --> 00:34:58,146
Okay. Thank you.

502
00:34:58,356 --> 00:35:01,386
Thank you. Any questions from anyone up here?

503
00:35:02,496 --> 00:35:06,427
Do we have an idea of what we might receive for rail income subsidies?

504
00:35:11,677 --> 00:35:17,616
There may be a one-time payment of $400,000

505
00:35:17,646 --> 00:35:22,626
or slightly more to go towards the improvement cost of the structure.

506
00:35:23,406 --> 00:35:30,726
Perhaps

507
00:35:30,741 --> 00:35:36,636
$2,600 a month in rent. Once the

508
00:35:36,696 --> 00:35:42,547
county considers the memorandum of understanding, then we would go the step further

509
00:35:42,576 --> 00:35:47,076
and actually do a lease for that. But that's the neighborhood.

510
00:35:47,496 --> 00:35:47,706
Okay.

511
00:35:49,056 --> 00:35:49,567
Thank you.

512
00:35:50,736 --> 00:35:54,036
For what it's worth, I did this exact same transaction for the City of Coatesville

513
00:35:54,052 --> 00:35:55,236
for their building on second floor.

514
00:35:55,266 --> 00:36:00,021
It's a very similar structure, so it seems to work quite well. Okay.

515
00:36:00,817 --> 00:36:01,866
Any questions from the public?

516
00:36:03,306 --> 00:36:05,406
What facility are you looking at?

517
00:36:06,636 --> 00:36:11,976
We are looking to move the district magistrate's office to the Township

518
00:36:12,036 --> 00:36:14,677
Campus from its current location on South Panel

519
00:36:18,817 --> 00:36:18,906
Yeah

520
00:36:19,476 --> 00:36:23,646
I have a, just not in sort of this, but what is-- obviously that building needs a

521
00:36:23,677 --> 00:36:28,716
lot of renovation. Do we have any idea what the timeline would be at all?

522
00:36:29,166 --> 00:36:31,446
I know it's... Maybe not, and that's fine.

523
00:36:34,446 --> 00:36:37,416
We would hope to get it done quicker than 18 months.

524
00:36:39,156 --> 00:36:40,311
And the

525
00:36:42,156 --> 00:36:46,356
county was originally looking at using the basement for

526
00:36:47,976 --> 00:36:51,456
additional uses. That would have increased the cost and increased the time.

527
00:36:51,876 --> 00:36:56,196
The county has decided that they just want to have the district magistrate on the

528
00:36:56,286 --> 00:37:00,786
first floor, so that will cut down the cost and cut down the time for construction.

529
00:37:01,626 --> 00:37:04,416
Thank you.

530
00:37:04,431 --> 00:37:09,020
Just for purpose of discussion, once the funds are received for the transaction,

531
00:37:09,036 --> 00:37:12,846
they could also be invested and earn while you're doing construction.

532
00:37:13,177 --> 00:37:16,656
You can't earn above what we borrow, but there's a good chance that you'd be

533
00:37:16,686 --> 00:37:18,576
earning pretty similar to what you're borrowing at.

534
00:37:18,636 --> 00:37:23,256
So from a perspective of the cost of it while you're doing construction, almost be

535
00:37:23,286 --> 00:37:23,797
offset.

536
00:37:25,026 --> 00:37:29,376
And why we added additional capital project, the ability to spend on additional

537
00:37:29,436 --> 00:37:34,236
capital projects is if for some reason the construction gets delayed and whatnot,

538
00:37:35,106 --> 00:37:40,056
we have existing capital projects that we can kind of redirect the money for, like

539
00:37:40,116 --> 00:37:45,906
for Lanai Park, and then use the money that we had set aside for Lanai Park to do

540
00:37:45,936 --> 00:37:50,047
the construction payments at a later date. So it just gives us more flexibility.

541
00:37:53,466 --> 00:37:55,596
Okay. Thank you very much.

542
00:37:55,716 --> 00:37:55,881
Thank you.

543
00:37:55,881 --> 00:37:55,956
Thank you.

544
00:38:10,596 --> 00:38:12,576
Next is items for approval.

545
00:38:14,106 --> 00:38:19,476
We have a consideration of approval to advertise for the sale of the 2018 Case

546
00:38:19,656 --> 00:38:20,826
backhoe. Do I have a motion?

547
00:38:21,547 --> 00:38:22,026
So moved.

548
00:38:22,416 --> 00:38:23,106
Thank you. And a second?

549
00:38:24,036 --> 00:38:24,052
Second.

550
00:38:24,067 --> 00:38:25,177
Mr. Resciss?

551
00:38:29,376 --> 00:38:34,476
The township recently received a new backhoe that was on

552
00:38:34,836 --> 00:38:35,466
backorder.

553
00:38:37,086 --> 00:38:42,306
We are looking to sell our old backhoe on MuniCiv Bid, which we've

554
00:38:45,067 --> 00:38:49,146
been very successful in selling items on that.

555
00:38:50,016 --> 00:38:55,701
We would like to put a reserve on that, and with council's

556
00:38:55,746 --> 00:39:01,567
approval, if the bid goes over the reserve, if you would allow the

557
00:39:01,596 --> 00:39:06,306
township manager to go ahead and sign that to the...

558
00:39:06,936 --> 00:39:12,366
Allow him to sell that at the highest responsible bidder, that's what we're hoping

559
00:39:12,427 --> 00:39:12,966
for tonight.

560
00:39:15,456 --> 00:39:17,797
Okay. Any questions?

561
00:39:20,856 --> 00:39:21,966
Any questions from the public?

562
00:39:23,496 --> 00:39:24,067
All in favor?

563
00:39:25,146 --> 00:39:25,326
Aye.

564
00:39:26,136 --> 00:39:28,446
Any opposed? Motion passes.

565
00:39:30,096 --> 00:39:35,916
Next up, consideration of approval to advertise for bid the 2027 through 2029

566
00:39:35,976 --> 00:39:38,271
recycling services. Do I have a motion?

567
00:39:39,186 --> 00:39:41,166
So moved.

568
00:39:41,196 --> 00:39:41,211
Moved.

569
00:39:41,226 --> 00:39:41,931
Thank you. And a second?

570
00:39:42,336 --> 00:39:42,666
Second.

571
00:39:43,626 --> 00:39:45,876
Thank you. Mr. Resciss.

572
00:39:50,616 --> 00:39:54,216
Our current recycling contract is up at the end of the year.

573
00:39:54,786 --> 00:40:00,320
We are looking to get bids to continue the recycling services.

574
00:40:00,606 --> 00:40:04,776
It is basically the same provision of services that we have now,

575
00:40:06,096 --> 00:40:10,896
with an option if a provider would like to do

576
00:40:12,216 --> 00:40:17,616
toters for the recycling service rather than the small bins that we have now,

577
00:40:18,516 --> 00:40:23,706
it would allow that. So it is a recycling bid for the next three years,

578
00:40:23,886 --> 00:40:25,596
2027 through 2029.

579
00:40:28,116 --> 00:40:30,486
Thank you. Any questions?

580
00:40:33,096 --> 00:40:34,086
Any questions from the public?

581
00:40:36,276 --> 00:40:38,047
Okay. All in favor?

582
00:40:38,916 --> 00:40:39,516
Aye.

583
00:40:39,891 --> 00:40:41,766
Any opposed? Motion passed.

584
00:40:42,276 --> 00:40:46,716
Mr. Chairman, before moving on final matter, just for purposes of keeping the

585
00:40:46,776 --> 00:40:51,846
record, um, meeting minutes clear, uh, we did receive that presentation by PFN

586
00:40:51,936 --> 00:40:55,866
Financial Advisors. But there's also after that, the introduction of the ordinance

587
00:40:56,196 --> 00:41:01,476
874 would bond para- bound parameter for ordinance authorization advertised, um,

588
00:41:01,567 --> 00:41:05,736
which is very affili- affiliated, but a separate matter.

589
00:41:06,067 --> 00:41:08,886
Uh, just to see if there was a... Again, no action at this time.

590
00:41:08,916 --> 00:41:13,476
It's a workshop item, but wanted to see if there was a discussion or any questions

591
00:41:13,536 --> 00:41:17,136
from counsel related to that ordinance which is in your packet.

592
00:41:18,906 --> 00:41:24,591
Thank you for that. Yeah, I did miss that. We do have that.

593
00:41:24,996 --> 00:41:26,496
Um, that was the second,

594
00:41:28,386 --> 00:41:29,990
actually the third item in the

595
00:41:31,446 --> 00:41:34,476
paperwork provided for that presentation.

596
00:41:34,567 --> 00:41:35,317
Is there any

597
00:41:38,646 --> 00:41:43,596
approvals required at this time? Because that would come at the next meeting.

598
00:41:44,541 --> 00:41:48,216
That's correct. And as Mr. Subser said, this is something that's going to be coming

599
00:41:48,276 --> 00:41:53,106
before you for the re-advertisement of this ordinance.

600
00:41:53,736 --> 00:41:59,047
But if there's any questions on that ordinance now, it was put together by our

601
00:41:59,706 --> 00:42:02,646
specialized bond counsel on this matter reviewed by my office.

602
00:42:03,456 --> 00:42:08,570
But it is something, I think, to meet the timelines that are presented in the other

603
00:42:08,616 --> 00:42:12,846
packets, just to make sure that there's no hold up from counsel on these. Yeah.

604
00:42:16,626 --> 00:42:21,650
Any other comments or questions? Just calling out that this is part of, like, the

605
00:42:21,726 --> 00:42:27,336
normal workshop items that we would have normally had as a separate line item that

606
00:42:27,366 --> 00:42:30,486
will then be advertised and voted on in two weeks.

607
00:42:32,466 --> 00:42:34,177
Okay. Thank you for that clarification.

608
00:42:36,786 --> 00:42:42,456
Okay. Last item for approval is the consideration of approval for the

609
00:42:42,547 --> 00:42:45,515
August 2026 bill list. Do I have a motion?

610
00:42:45,605 --> 00:42:46,131
So moved.

611
00:42:46,567 --> 00:42:47,331
Thank you. And a second?

612
00:42:48,096 --> 00:42:48,425
Second.

613
00:42:49,836 --> 00:42:50,317
Thank you.

614
00:42:51,576 --> 00:42:53,766
All right. From the Capital Reserve Fund,

615
00:42:55,221 --> 00:42:59,451
$71,492. From the Escrow fund,

616
00:43:00,231 --> 00:43:05,106
$11,084. From the General fund,

617
00:43:06,052 --> 00:43:11,706
$339,785.

618
00:43:12,606 --> 00:43:18,276
From the Highway fund, $305,238,

619
00:43:19,896 --> 00:43:25,026
for a total of $727,600.

620
00:43:26,916 --> 00:43:27,606
Any questions?

621
00:43:28,986 --> 00:43:29,586
All in favor?

622
00:43:30,547 --> 00:43:31,177
Aye.

623
00:43:32,317 --> 00:43:32,946
Any opposed?

624
00:43:34,386 --> 00:43:36,651
Motion passes. We are adjourned