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<table border="0" cellpadding="3" cellspacing="1" width="100%" class="forumline"> <tr> <th class="thCornerL" width="22%" height="26">Author</th> <th class="thCornerR">Message</th> </tr> <tr> <td width="22%" align="left" valign="top" class="row1"><span class="name"><a name=""></a><b>wcody</b></span></td> <td class="row1" height="28" valign="top"><table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td width="100%"><img src="templates/subSilver/images/icon_minipost.gif" width="12" height="9" alt="Post" title="Post" border="0" /><span class="postdetails">Posted: Thu, May 15 2008, 9:05 am EDT<span class="gen"> </span> Post subject: Re: Feedback sought on PNC bank buy</span></td> </tr> <tr> <td colspan="2"><hr /></td> </tr> <tr> <td colspan="2"><span class="postbody">Kirstie, thanks for your review and response on the financial model I had put together regarding the potential of acquiring the PNC building and using it as a free standing library. <br /> <br />I redid the model with some of the assumptions that stated. <br /> <br />I broke the expenses into two categories: <br /> <br />- Building Expenses - expenses that the township will bear to acquire, renovate, insure and maintain the physical building (including loss of ratable) <br /> <br />- Library Operating Expenses - incremental expenses, beyond the physical building, of a stand-alone library as compared a combined library <br /> <br />Using the previous estimate, the building estimate expenses would be $357,000 annually which would have a $103 tax impact on the average household each year. This would also increase our debt for the acquisition and renovation costs. <br /> <br />My previous estimate on some of the library expenses may have been too high. If there is no increase in services by either the public or school library because of the new building, it could be done with no increase in salary. The public library staff would move to the new library and the school staff would stay at the school. This would mean the library would still be closed on Sundays and only open 4 hours on Saturday between Memorial Day and Labor Day. Also, the school library would close when school is over and if children wanted to be in library after school, they would go to the new library. If because of the new library, an expansion of service/hours would be desired in either library, there would be more expense incurred. I now understand the libraries have separate book inventories and the public library would not need to increase the book budget. More space would mean they would not need to cull the stacks as frequently. There would still be an increase in expense for computer networks, phones and utilities. My estimate for those expenses is $45,000 annually. This may be not be a direct impact to taxpayers since there may be enough funding already in the state mandated library funding from the town. This is only my estimate and I would hope that we see a fully validated financial plan prior to proceeding with any purchase. <br /> <br />It is important to note and understand options we as the township have for both the PNC building and library. If we enter into any type of purchase agreement for the PNC building, we need to have an agreement on what it is to be used for and what are the expenses as well as taxpayer impact. If we feel there are some needs for the library, there are other options besides the PNC building that need to be considered. We could make improvements to the existing library facility. This would be far less expensive than the PNC building. This could give us time for us to build a new library/community center on the land designated for the new Village Green as stated in last years master plan (the Wright Property near the tennis courts and new Babe Ruth field) or look into another building on Main St when the time is right. The PNC building is not a once in a lifetime opportunity. Unfortunately, Main St. is not as commercially viable as we all would like and other buildings will likely become available in the future. <br /> <br />I encourage everyone to attend on May 19 to voice their opinions on this vital matter for the town. The comments on this blog are great, but it is also important to attribute these for the township committee. If you cannot attend, please share your opinions via email to the township committee. <br /> <br />Win Cody</span></td> </tr> </table></td> </tr> <tr> <td colspan="2" height="1" class="spaceRow"><img src="templates/subSilver/images/spacer.gif" alt="" width="1" height="1" /></td> </tr> <tr> <td width="22%" align="left" valign="top" class="row2"><span class="name"><a name=""></a><b>Cranbury Conservative</b></span></td> <td class="row2" height="28" valign="top"><table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td width="100%"><img src="templates/subSilver/images/icon_minipost.gif" width="12" height="9" alt="Post" title="Post" border="0" /><span class="postdetails">Posted: Wed, May 14 2008, 1:55 pm EDT<span class="gen"> </span> Post subject: Re: Feedback sought on PNC bank buy</span></td> </tr> <tr> <td colspan="2"><hr /></td> </tr> <tr> <td colspan="2"><span class="postbody">This is from another thread and is related... <br /> <br /><a href="http://cranbury.info/viewtopic.php?p=4615#4615" target="_blank">http://cranbury.info/viewtopic.php?p=4615#4615</a></span></td> </tr> </table></td> </tr> <tr> <td colspan="2" height="1" class="spaceRow"><img src="templates/subSilver/images/spacer.gif" alt="" width="1" height="1" /></td> </tr> <tr> <td width="22%" align="left" valign="top" class="row1"><span class="name"><a name=""></a><b>Kirstie Venanzi</b></span></td> <td class="row1" height="28" valign="top"><table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td width="100%"><img src="templates/subSilver/images/icon_minipost.gif" width="12" height="9" alt="Post" title="Post" border="0" /><span class="postdetails">Posted: Wed, May 14 2008, 1:50 pm EDT<span class="gen"> </span> Post subject: Re: Feedback sought on PNC bank buy</span></td> </tr> <tr> <td colspan="2"><hr /></td> </tr> <tr> <td colspan="2"><span class="postbody"></span><table width="90%" cellspacing="1" cellpadding="3" border="0" align="center"><tr> <td><span class="genmed"><b>cranbury liberal wrote:</b></span></td> </tr> <tr> <td class="quote">I think the burden on those in support of the PNC site purchase or a new library is not to pick apart Win's model but to pro-actively provide a comprehensive acquisition, development and operational budget that can be publicly scrutinized prior to any vote and prior to the final opportunity for public comment before a vote. <br /> <br />Anything less is irresponsible.</td> </tr></table><span class="postbody"> <br /> <br />I was not picking apart a model. I was stating facts with one question. I am on the side of getting the facts out there. <br /> <br />Thank you.</span></td> </tr> </table></td> </tr> <tr> <td colspan="2" height="1" class="spaceRow"><img src="templates/subSilver/images/spacer.gif" alt="" width="1" height="1" /></td> </tr> <tr> <td width="22%" align="left" valign="top" class="row2"><span class="name"><a name=""></a><b>Cranbury Conservative</b></span></td> <td class="row2" height="28" valign="top"><table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td width="100%"><img src="templates/subSilver/images/icon_minipost.gif" width="12" height="9" alt="Post" title="Post" border="0" /><span class="postdetails">Posted: Wed, May 14 2008, 12:41 pm EDT<span class="gen"> </span> Post subject: Re: Feedback sought on PNC bank buy</span></td> </tr> <tr> <td colspan="2"><hr /></td> </tr> <tr> <td colspan="2"><span class="postbody">I would like to point of the items below which are found in the 2007 recreation plan. <br /> <br />To summarize Cranbury already has plans in place for the library and options for parking as stated in the plan. How can we now suddenly be pursuing the PNC purchase with out a similar plan? <br /> <br />Page 28 of the report: <br /> <br />“In hindsight, the provision of a dedicated youth and/or senior recreation center for a Township with as small a population base as Cranbury—both at present and as anticipated at full build-out—appears to be unrealistic and economically infeasible. However, the long-term plans for Village Green includes the possibility of the library vacating its present space within the Cranbury school and building a standalone library across the parking lot just to the west of the tennis courts (see Chapter IV, Section B). Such plans may include the provision of a room for indoor recreation for seniors. The plans for moving the library to a standalone building is, however, not projected to occur in the foreseeable” <br /> <br />Page 39 of the report: <br /> <br />“The charrette was concluded with a broad consensus among stakeholders and residents that the Wright South parcel should be used for the following purposes: <br />• a regulation baseball field; <br />• land designated for a library/community center; <br />• an open town green; and <br />• land designated for additional vehicular access and parking.18” <br /> <br /> <br />Page 40 of the report: <br /> <br />“Finally, the Wright South property is particularly suited to its proposed use as a regulation baseball field because it is cleared, relatively level, and also because it is proximate to other school playing fields and the school/municipal parking lot. Finally, there is sufficient space on Wright South not only to develop the baseball field, but possibly provide for additional Township recreational facilities and <br />even possibly other municipal facilities, such as a standalone library.” <br /> <br /> <br /> <br />Page 115 of the report: <br /> <br />“b. Dedicated indoor recreation space (Intermediate to Long-Term) <br />To the extent that the Township vacates the space in the Cranbury School now used as the Township’s library and relocates it in a “standalone” facility across the parking lot on the Village Green property, the Subcommittee would support evaluating the needs for senior recreation at that time so as to <br />address the unmet needs by adding space for recreational purposes.” <br /> <br /> <br />Page 153 of the report: <br /> <br />Ms. Stave asked the Township Committee’s consideration to continue with the Babe Ruth SubCommittee, to be called now the Wright South Planning SubCommittee and indicating over time the composition of that SubCommittee may change as they begin to discuss the needs and planning for a free-standing library and community center. The Township Committee unanimously <br />approved Ms. Stave’s request.</span></td> </tr> </table></td> </tr> <tr> <td colspan="2" height="1" class="spaceRow"><img src="templates/subSilver/images/spacer.gif" alt="" width="1" height="1" /></td> </tr> <tr> <td width="22%" align="left" valign="top" class="row1"><span class="name"><a name=""></a><b>cranbury liberal</b></span></td> <td class="row1" height="28" valign="top"><table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td width="100%"><img src="templates/subSilver/images/icon_minipost.gif" width="12" height="9" alt="Post" title="Post" border="0" /><span class="postdetails">Posted: Wed, May 14 2008, 12:33 pm EDT<span class="gen"> </span> Post subject: Re: Feedback sought on PNC bank buy</span></td> </tr> <tr> <td colspan="2"><hr /></td> </tr> <tr> <td colspan="2"><span class="postbody">I think the burden on those in support of the PNC site purchase or a new library is not to pick apart Win's model but to proactively provide a comprehensive acqusition, development and operational budget that can be publicly scrutinized prior to any vote and prior to the final opportunity for public comment before a vote. <br /> <br />Anything less is irresponsible.</span></td> </tr> </table></td> </tr> <tr> <td colspan="2" height="1" class="spaceRow"><img src="templates/subSilver/images/spacer.gif" alt="" width="1" height="1" /></td> </tr> <tr> <td width="22%" align="left" valign="top" class="row2"><span class="name"><a name=""></a><b>Kirstie Venanzi</b></span></td> <td class="row2" height="28" valign="top"><table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td width="100%"><img src="templates/subSilver/images/icon_minipost.gif" width="12" height="9" alt="Post" title="Post" border="0" /><span class="postdetails">Posted: Wed, May 14 2008, 12:05 pm EDT<span class="gen"> </span> Post subject: Re: Feedback sought on PNC bank buy</span></td> </tr> <tr> <td colspan="2"><hr /></td> </tr> <tr> <td colspan="2"><span class="postbody">This in response to Win Cody's model for calculating an estimate re. <br />PNC renovation and possible site for a library. <br /> <br />Thank you, Win, for taking the time to try and put this into concrete terms. I think we all appreciate this. My concern is that there were <br />several misconceptions. <br /> <br />We already pay a NJ State mandated tax support for our library. The town budget would not have to support added expense for maintaining the library. <br /> <br />The Public Library already owns computer terminals that are strictly public library terminals with no filtering. <br /> <br />The Public Library has its own collections in the library. For the k-8 collection, they are co-mingled with the school collection. For the Public Library, they number about 25,000. <br /> <br />The Public Library already has its own staff; the School Library staff is separate. The Public Library would not need to hire additional staff. <br /> <br />Just curious, where you got the Heat/Air/Utilities from? <br /> <br />Taking these into consideration, could you run a new model? <br />Thank you.</span></td> </tr> </table></td> </tr> <tr> <td colspan="2" height="1" class="spaceRow"><img src="templates/subSilver/images/spacer.gif" alt="" width="1" height="1" /></td> </tr> <tr> <td width="22%" align="left" valign="top" class="row1"><span class="name"><a name=""></a><b>Bob Dreyling</b></span></td> <td class="row1" height="28" valign="top"><table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td width="100%"><img src="templates/subSilver/images/icon_minipost.gif" width="12" height="9" alt="Post" title="Post" border="0" /><span class="postdetails">Posted: Sun, May 11 2008, 2:45 pm EDT<span class="gen"> </span> Post subject: Re: Feedback sought on PNC bank buy</span></td> </tr> <tr> <td colspan="2"><hr /></td> </tr> <tr> <td colspan="2"><span class="postbody">Below is a letter submitted to the township committee expressing my views on the possible purchase of the PNC property. <br /> <br />Cranbury Township Committee <br />Cranbury, NJ <br /> <br /> <br />As a past member of the Cranbury Planning Board and a concerned citizen I would lkie to make some observations regarding the possible purchase of the PNC property and the effect that would have on the business district. The planning board has struggled for years with the proplems faced by the businesses in the business district. Our business district is small and to take another property out of use as commercial property would be detrimental to all the businesses in this district as well as the community as a whole. Over the years we have lost several businesses because they could not compete with the big box super stores that now dominate our state and country. The pharmacy was forced to close as well as the Cranbury Hardware Store for various reasons including the lack of traffic conming into the business district. <br /> <br />Our community alone is not large enough and never will be able to support the businesses in our small town without prople from outside Cranbury coming here to shop and dine. The only way to attract more people from outside the community is to have a viable business district meaning that there should be as broad a mix of businesses as possible, such as banks, retail shops, art galleries, restaurants, professional offices, etc. <br /> <br />Yes, parking is and has been an issue but if the town, business owners and school are willing to work together there are solutions to the shortage of parking including the possibility of reaching a new arrangement with any new owner of the PNC property. <br /> <br />If Cranbury should purchase this property for whatever use they may deem necessary, it will be taking a "key" property out of use as commercial property in the very area that the township should be doing everything possible to attract more businesses. Converting it into a public library, community center or some other municipal use will NOT attract people from outside the community and this will only add to the decline in the viability of the business district. If the township committee should decide this is the direction they wish to go they must be prepared to accept responsibility for whatever adverse affect it may have on the downtown business area. <br /> <br />None of the above speaks to the economic impact this may have on the community which is certainly more than the loss of tax revenue. There are just too many unknowns; i.e., cost of any renovation that may be required, operating cost such as heating, lighting and personnel, cost of any debt required to purchase the property, etc. <br /> <br /> <br />Bob Dreyling <br />32 Old Canbury Rd.[/list][/url]</span></td> </tr> </table></td> </tr> <tr> <td colspan="2" height="1" class="spaceRow"><img src="templates/subSilver/images/spacer.gif" alt="" width="1" height="1" /></td> </tr> <tr> <td width="22%" align="left" valign="top" class="row2"><span class="name"><a name=""></a><b>Guest</b></span></td> <td class="row2" height="28" valign="top"><table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td width="100%"><img src="templates/subSilver/images/icon_minipost.gif" width="12" height="9" alt="Post" title="Post" border="0" /><span class="postdetails">Posted: Sat, May 10 2008, 9:32 am EDT<span class="gen"> </span> Post subject: Re: Feedback sought on PNC bank buy</span></td> </tr> <tr> <td colspan="2"><hr /></td> </tr> <tr> <td colspan="2"><span class="postbody">Anyone in the Library Committee owns a business on Main St.?</span></td> </tr> </table></td> </tr> <tr> <td colspan="2" height="1" class="spaceRow"><img src="templates/subSilver/images/spacer.gif" alt="" width="1" height="1" /></td> </tr> <tr> <td width="22%" align="left" valign="top" class="row1"><span class="name"><a name=""></a><b>Guest</b></span></td> <td class="row1" height="28" valign="top"><table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td width="100%"><img src="templates/subSilver/images/icon_minipost.gif" width="12" height="9" alt="Post" title="Post" border="0" /><span class="postdetails">Posted: Sat, May 10 2008, 8:13 am EDT<span class="gen"> </span> Post subject: Re: Feedback sought on PNC bank buy</span></td> </tr> <tr> <td colspan="2"><hr /></td> </tr> <tr> <td colspan="2"><span class="postbody"></span><table width="90%" cellspacing="1" cellpadding="3" border="0" align="center"><tr> <td><span class="genmed"><b>James wrote:</b></span></td> </tr> <tr> <td class="quote">It seems that many people I have spoken with oppose the PNC purchase. However, it also seems that the library is doing an excellent job of getting supporters out to organize for the May 19th meeting based on discussions I've had last night and today. This is not a negative either as it shows an excellent mobilization and I must say I am impressed. <br /> <br />At the same time, those concerned about our long term financial stability and independence also need to recognize the importance of this meeting. I would encourage everyone who is on the fence or concerned about this purchase to attend the May 19th meeting. If individuals do not show up, then the purchase will go through because it will seem to be a majority opinion. Especially in light of the Cranbury Press Editorial today.</td> </tr></table><span class="postbody"> <br /> <br />Couldn't agree more. My unofficial read so far is that more people are opposed to the plan than support it, or they start out not understanding the issue then oppose it as soon as they realize it could affect taxes. But the Library and the TC have an organized effort in motion to stack the meeting with supporters. <br /> <br />Please make an effort to attend this meeting on the 19th and to encourage your local friends and neighbors to as well. Regardless of what side you fall on, its important we see a fair representation of the voters in the Township at the meeting. <br /> <br />We have an amazing turnout for the COAH meeting earlier this year. And while a critical issue affecting the town, it was a "preaching to the choir" session since none of the people in the room were in favor of the COAH rules or doing nothing about them. By comparison, this is a chance to directly speak to the 5 people voting on this issue on behalf of all of us that will have a certain and direct impact on our taxes and services. We should strive to exceed the turn out of the COAH meeting. If nothing else, it would dramatically demonstrate to the TC that this is an issue the voters care about and are watching their actions closely.</span></td> </tr> </table></td> </tr> <tr> <td colspan="2" height="1" class="spaceRow"><img src="templates/subSilver/images/spacer.gif" alt="" width="1" height="1" /></td> </tr> <tr> <td width="22%" align="left" valign="top" class="row2"><span class="name"><a name=""></a><b>James</b></span></td> <td class="row2" height="28" valign="top"><table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td width="100%"><img src="templates/subSilver/images/icon_minipost.gif" width="12" height="9" alt="Post" title="Post" border="0" /><span class="postdetails">Posted: Fri, May 9 2008, 11:12 pm EDT<span class="gen"> </span> Post subject: Re: Feedback sought on PNC bank buy</span></td> </tr> <tr> <td colspan="2"><hr /></td> </tr> <tr> <td colspan="2"><span class="postbody">I want it understood that I am not opposed to the library, the fact that the TC is doing due diligence to gain interest or even a stand alone library at some point in the distant future if and when the need arises. I too was very happy to see Mrs. Mullen a long time resident and very nice and smart woman hired as the library director. <br /> <br />With that said, I do not believe the PNC building acquistion would be appropriate at the present time. It is not a library issue as much as a cost issue. Most individuals would not purchase a home if they knew and understood major renovations were required to make it livable. The same arguement holds for this property. <br /> <br />Not only does it represent an unknown issue in terms of costs, but it causes a lot of red flags to go up in Trenton. How can we plead against COAH's cost and against consolidation when our very actions undermine our arguements? <br /> <br />It seems that many people I have spoken with oppose the PNC purchase. However, it also seems that the library is doing an excellent job of getting supporters out to organize for the May 19th meeting based on discussions I've had last night and today. This is not a negative either as it shows an excellent mobilization and I must say I am impressed. <br /> <br />At the same time, those concerned about our long term financial stability and independence also need to recognize the importance of this meeting. I would encourage everyone who is on the fence or concerned about this purchase to attend the May 19th meeting. If individuals do not show up, then the purchase will go through because it will seem to be a majority opinion. Especially in light of the Cranbury Press Editorial today.</span></td> </tr> </table></td> </tr> <tr> <td colspan="2" height="1" class="spaceRow"><img src="templates/subSilver/images/spacer.gif" alt="" width="1" height="1" /></td> </tr> <tr> <td width="22%" align="left" valign="top" class="row1"><span class="name"><a name=""></a><b>Guest</b></span></td> <td class="row1" height="28" valign="top"><table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td width="100%"><img src="templates/subSilver/images/icon_minipost.gif" width="12" height="9" alt="Post" title="Post" border="0" /><span class="postdetails">Posted: Fri, May 9 2008, 7:32 pm EDT<span class="gen"> </span> Post subject: Re: Feedback sought on PNC bank buy</span></td> </tr> <tr> <td colspan="2"><hr /></td> </tr> <tr> <td colspan="2"><span class="postbody">I still think taking away the PNC site from commercial use will hurt the Main St. business more in the long run. There will be a 15.5 million library nearby. Why not use it? Further, library access is moving towards digital. More and more residents will download audio/video materials from the comfort of their homes. We are not a rich family. Please be considerate for us.</span></td> </tr> </table></td> </tr> <tr> <td colspan="2" height="1" class="spaceRow"><img src="templates/subSilver/images/spacer.gif" alt="" width="1" height="1" /></td> </tr> <tr> <td width="22%" align="left" valign="top" class="row2"><span class="name"><a name=""></a><b>Guest</b></span></td> <td class="row2" height="28" valign="top"><table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td width="100%"><img src="templates/subSilver/images/icon_minipost.gif" width="12" height="9" alt="Post" title="Post" border="0" /><span class="postdetails">Posted: Fri, May 9 2008, 6:59 pm EDT<span class="gen"> </span> Post subject: Re: Feedback sought on PNC bank buy</span></td> </tr> <tr> <td colspan="2"><hr /></td> </tr> <tr> <td colspan="2"><span class="postbody">Thanks for the analysis. Even if some of the assumptions turn out not the be accurate (based on facts not yet in evidence), that's more that the Township Committee or even the Township staff and consultants appear to have done in preparation for their vote. Or if they have, they don't seem to feel it necessary to share it with the public... <br /> <br />I for one think the current library is fine and am not interested in personally paying $400/year (the impact to me based on your analysis) for a new, redundant one.</span></td> </tr> </table></td> </tr> <tr> <td colspan="2" height="1" class="spaceRow"><img src="templates/subSilver/images/spacer.gif" alt="" width="1" height="1" /></td> </tr> <tr> <td width="22%" align="left" valign="top" class="row1"><span class="name"><a name=""></a><b>wcody</b></span></td> <td class="row1" height="28" valign="top"><table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td width="100%"><img src="templates/subSilver/images/icon_minipost.gif" width="12" height="9" alt="Post" title="Post" border="0" /><span class="postdetails">Posted: Fri, May 9 2008, 5:27 pm EDT<span class="gen"> </span> Post subject: Re: Feedback sought on PNC bank buy</span></td> </tr> <tr> <td colspan="2"><hr /></td> </tr> <tr> <td colspan="2"><span class="postbody">Considering the purchase of the PNC Bank building, it is important for the township residents to understand what the plan for usage of the building is. Once we understand what it is to be used for, we should understand how much it will cost the taxpayers for this. The most frequently discussed use is for a library. I think the current library is doing a great job serving the community and Marilyn Mullen has done some good new innovative programs but if there is a desire in the township to expand to a free standing library, the total costs should be understood. I talked to many people and prepared an estimated financial model on what I thought it may cost the taxpayers. Based on my analysis, the total annual expenditure for a new library is estimated at $711,000. Based on that increase, it would cost an extra $205 annually for the household assessed at the average value - $669,000. The expense would go up or down proportionately based on the assessed value of the home. <br /> <br />I made several assumptions in this analysis: <br /> <br />• A bond would be issued to pay for the acquisition and one time renovations / fees and would be paid back over 30 years at 5.5% like a mortgage. <br />• I used an estimate of renovations and one time fees for $3 Million. This is lower than some estimates I heard but the costs will be substantial. The building is not suited well for a library. It is an old building with a hodge-podge of additions. Renovations must be done in a way consistent with being in a historic district. There are two large safes. Handicap access needs to be improved. I don’t know if there are lead paint or asbestos issues. There will be substantial fees to pay for engineering and legal expenses. This being said, it is important to note that I believe the estimate I used for acquisition and renovation are less than some estimates for building a new stand alone library in Cranbury from scratch. Plainsboro appropriated $15.5 Million in a bond ordinance to pay for their new 3 story, 34,000 sq. ft. library (not including the cost of the land). <br />• The school library will continue and extra staff will be needed for a new library. The school library will be open through the school day and into late afternoon since a lot of children stay after school and sports practices to do homework. I do not think we want to lose that advantage. If we spent money for a new library, I think the town would expect more weekend hours. Some staff will move to the new library, but overall more staff would be needed. <br />• There will be extra computer terminals, subscriptions, books etc. for a new library. <br />• The costs are meant to show incremental costs to the township. For this analysis, it is irrelevant if the expense comes out the library budget, school budget or township budget since it is all eventually coming from the taxpayers. <br /> <br />I did the best estimate with the information available to me, I am just a private citizen, I am not on the library board or township committee. If anyone can supply some better estimates, I would be happy to run them through the model. I think these estimates can easily swing plus or minus 20% and will go up over time but this gives a good general indication of the total annual cost. <br /> <br />Annual Bond Payment - $295,863 <br />Annual Operating Costs <br />- Salary + Benefits - $300,000 <br />- Heat / Air / Utilities - $35,000 <br />- Insurance - $14,000 <br />- Computers / Phone - $10,000 <br />- Books - $10,000 <br />- Maintenance - $20,000 <br />- Loss of Rateable - $27,000 <br />Total Operating Costs - $416,000 <br /> <br />Total Annual Costs - $711,863 <br />Tax expense for average home ($669K) - $205</span></td> </tr> </table></td> </tr> <tr> <td colspan="2" height="1" class="spaceRow"><img src="templates/subSilver/images/spacer.gif" alt="" width="1" height="1" /></td> </tr> <tr> <td width="22%" align="left" valign="top" class="row2"><span class="name"><a name=""></a><b>Guest</b></span></td> <td class="row2" height="28" valign="top"><table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td width="100%"><img src="templates/subSilver/images/icon_minipost.gif" width="12" height="9" alt="Post" title="Post" border="0" /><span class="postdetails">Posted: Wed, May 7 2008, 8:38 pm EDT<span class="gen"> </span> Post subject: Re: Feedback sought on PNC bank buy</span></td> </tr> <tr> <td colspan="2"><hr /></td> </tr> <tr> <td colspan="2"><span class="postbody">I'ved lived in town for 43 years. Even before PNC allowed parking the businesses complained, but I never found parking an issue. Yes, I sometimes had to park by first constitution and walk to Teddy's or the pharmacy. But, I walk further in Princeton and other areas.</span></td> </tr> </table></td> </tr> <tr> <td colspan="2" height="1" class="spaceRow"><img src="templates/subSilver/images/spacer.gif" alt="" width="1" height="1" /></td> </tr> <tr> <td width="22%" align="left" valign="top" class="row1"><span class="name"><a name=""></a><b>Guest</b></span></td> <td class="row1" height="28" valign="top"><table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td width="100%"><img src="templates/subSilver/images/icon_minipost.gif" width="12" height="9" alt="Post" title="Post" border="0" /><span class="postdetails">Posted: Wed, May 7 2008, 8:13 pm EDT<span class="gen"> </span> Post subject: Re: Feedback sought on PNC bank buy</span></td> </tr> <tr> <td colspan="2"><hr /></td> </tr> <tr> <td colspan="2"><span class="postbody">To summarize the discussions so far: <br /> <br />1. Buying the site to retain 20 free parking spaces is a bad idea. <br /> <br />2. There are cheaper ways to retain 20 free parking spaces. For example, make a deal with the future owner. <br /> <br />3. Converting the site to a freestanding library is a bad idea; the current library is fine, and we can use nearby libraries. <br /> <br />4. Buying the site takes away a prime spot for business. <br /> <br />5. Most residents are against needless spending that increases property tax. <br /> <br />Did I miss anything?</span></td> </tr> </table></td> </tr> <tr> <td colspan="2" height="1" class="spaceRow"><img src="templates/subSilver/images/spacer.gif" alt="" width="1" height="1" /></td> </tr> <tr> <td width="22%" align="left" valign="top" class="row2"><span class="name"><a name=""></a><b>Frank J. Brennan, III</b></span></td> <td class="row2" height="28" valign="top"><table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td width="100%"><img src="templates/subSilver/images/icon_minipost.gif" width="12" height="9" alt="Post" title="Post" border="0" /><span class="postdetails">Posted: Wed, May 7 2008, 12:48 pm EDT<span class="gen"> </span> Post subject: Re: Feedback sought on PNC bank buy</span></td> </tr> <tr> <td colspan="2"><hr /></td> </tr> <tr> <td colspan="2"><span class="postbody">This letter was emailed to the Township Committee on April 17, 2008. It expresses my views only. Although I am an attorney, I do not represent anyone regarding the PNC building. Further, although my father is on the Library Board (its current President), it does not express his views. I do not know what position, if any, the Library Board has on this matter. ~Frank J. Brennan, III <br /> <br />April 17, 2008 <br /> <br />Cranbury Township Committee <br />Township of Cranbury <br />23-A North Main Street <br />Cranbury, New Jersey 08512 <br /> <br />Re: PNC Bank Building <br />Main Street, Cranbury <br /> <br />Dear Township Committee: <br /> <br />I understand the Mayor and others toured the PNC Bank Building recently, and note the special Committee Meeting and Agenda items for April 21, 2008. <br /> <br />I have several concerns about converting the PNC bank building for some public or quasi public use. The primary concern is that it takes a key commercial building in a small business district out of commercial use. This further shrinks our business district, which impacts the vibrancy of our downtown. It also takes the property off the tax rolls. The town has several other locations "bookmarked" for future public buildings adjacent to the school and the former Wright Tract which would not negatively impact the business district and would be much more suitable for public buildings. <br /> <br />Secondarily, if the PNC building were converted to a public use, the ability to expand the building or increase the parking capacity would be severely limited given the relative small size of the PNC parcel and the unavailability of any land for expansion adjacent to the PNC parcel. <br /> <br />Third, is the cost of acquiring and converting the PNC building to a new use. Given the asking price and what I believe to be the fair market value of the building, the acquisition costs would be significant. The cost of converting the building to a public use would also be quite substantial. I have toured the building on several occasions and, as you have probably discovered, it has a dysfunctional layout, contains numerous closets and small rooms, and has two (2) safes. The safes consume a lot of space, would not be readily useable in a public building, and would be costly to remove. Finally, the drive-up portico at the building does not easily transfer to any public use and costs would be incurred to demolish it. <br /> <br />An issue related to the conversion of this building is whether its useable space is consistent with its advertised space. I have reviewed the blueprints for the building, which were provided to me by PNC Bank, and have performed my own measurements of the building. These measurements show that the actual useable square footage of the main floor and second floor is significantly less than the total square footage advertised as part of the listing for this property. The listing, I believe, includes square footage for part, or all, of the basement. The basement in my view is not useable space given its low ceilings and the inability to easily access the basement from the first floor. Use of the second floor is also greatly restricted by the current layout of the staircase to that floor. <br /> <br />As to the April 21st special Township Committee meeting, I understand the need for a closed session on matters of this type, but also appreciate that there are significant issues involved which would greatly benefit from a public presentation and discussion. These issues include acquisition costs, renovation costs, the source of funding, and land use issues such as the impact that taking this parcel out of commercial use could have upon the Village Commercial District. The need for public discussion is further underscored by the other financial issues facing our town such as potential COAH obligations, loss of state aid and the Township’s existing debt load. Given all of this, the potential purchase of the PNC building deserves and requires public presentation, discussion and input. <br /> <br />Finally, it is important to keep in mind that the expenses of acquisition, renovation and other related costs are all discretionary. As a Town, we must distinguish between “wants” and “needs”. In my view, the acquisition of this building for a public purpose and all of the related costs qualifies as a “want”, not a “need”. With the uncertain future expenditures that this Town faces which are not discretionary, it would be prudent not to commit to further discretionary expenses. <br /> <br />When you have a minute, I would like to talk with you more about the above. <br /> <br />Thank you for your consideration. <br /> <br />Very truly yours, <br /> <br /> <br />Francis J. Brennan, III <br /> <br />c: Trishka Waterbury <br /> <br />P.S. There is talk in Town, at least that I heard recently, that I am not objective on this matter because my wife, Beth, and I expressed an interest in purchasing the PNC building. While we did have such an interest in the past, we decided many months ago not to pursue such a purchase. Thus, my motives are based on being a resident of Town and, along with Beth, owners of two other commercial properties in the business district. Given this, I am keenly concerned about the continued viability of our business district.</span></td> </tr> </table></td> </tr> <tr> <td colspan="2" height="1" class="spaceRow"><img src="templates/subSilver/images/spacer.gif" alt="" width="1" height="1" /></td> </tr> </table>
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