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Chester County Press

Kennett Square Borough looks to refinance some of its debt

10/15/2019 02:05PM ● By Steven Hoffman

Kennett Square Borough Council unanimously approved refinancing some of its debt at the meeting on Oct. 14—and the borough could see about $200,000 in savings as a result.

Kennett Square Borough Manager Joseph Scalise explained that the borough, working with consultants, have been keeping an eye on interest rates, looking for the right opportunity to refinance some of its debt.

The borough has 2012 bonds and a 2016 loan that will be part of this refinancing effort.

“We’re not extending any terms,” Scalise said, explaining that the purpose of the refinancing is to simply take advantage of the lower interest rates.

Scalise added that most of the savings—about $130,000—will be seen in 2020, while the other $70,000 in savings will be realized during the remainder of 2019.

Borough council also approved a series of change orders for work that is being done to upgrade the wastewater treatment plant. Much of the work is to ensure that the system is in compliance with new regulations from the state.

The HARB applications for three properties—305 East State Street, 112 South Union Street, and 325 South Broad Street—were approved.

Borough council also approved two appointments to the Shade Tree Commission—Pauline Michel, who previously served on the commission, as well as Carol Krawczyk.

In other business at the meeting, Eric W. Stein, Ph.D., the executive director for the Center of Excellence for Indoor Agriculture, made a presentation to Kennett Square Borough Council about a study that was completed regarding various aspects of indoor agriculture in the region.

The study was initiated in July of 2017 at the request of Kennett Township, which was interested in exploring indoor agriculture, and the potential impact it could have on the region. A few months later, Kennett Square Borough and New Garden Township both joined as sponsors of the study.

Stein outlined the methods that were used to compile data for the 200-page study—this included online surveys, interviews, numerous formal and informal group discussions, as well as conferences on indoor agriculture. Stein also talked about how a Center of Excellence could be located in the Kennett Square region. This Center of Excellence could play an important role in regional development.

“I think indoor farming will really take off,” Stein said.

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