Radnor Seeks Advisor for Ardrossan Open Space Fund

With a deal in place to develop the 311-acre Ardrossan Farm estate into a 62-custom built home neighborhood, Radnor Township supervisors now have to find a way to fund their end of the agreement.

The township is seeking bids for financial advisory firms to overlook the issuance of bonds that will help generate the $11.5 million needed to purchase 71 acres of open space from the three trusts that own the historic estate.

The seller, Edgar Scott III, on of the heirs of the Montgomery, Scott and Wheeler families, and the township are interested in the closing date occurring sometime late in 2014, rather than the first quarter of 2015 as originally planned.

To achieve this, Radnor officials have already engaged an underwriter, Boenning & Scattergood. Radnor’s engagement with Boenning & Scattergood will result in a negotiated bond sale, and because of the shortened proceeding window, has also resulted in the township drafting the Preliminary Official Statement, organizing documents for the rating call, and other matters.

The scope of the municipal advisory engagement will consist of providing Radnor with a fiduciary obligation to act in the township’s best financial interest as it relates to reviewing the disclosure documents, bond structure and bond pricing.