Peters hires financial advisor to help buy Rolling Hills
Peters Township Council agreed at its regular meeting March 28 to officially enter into an Intergovernmental Cooperation Agreement with Peters Township School District to acquire Rolling Hills Country Club.
As part of the plan to acquire the 190-acre shuttered country club, council members also agreed to hire Janney Montgomery Scott to serve as an independent financial advisor for a potential bond issue for land acquisition and other projects. The estimated sale price of the country club is estimated between $9 to $10 million, the township has said.
The agreement, which has already been signed by the school district, lays out plans both entities have for the property. In the district’s case, it is for the construction of new school facilities, including a new high school and possibly an elementary school.
“The district has retained an architect and engaged in the necessary demographic studies regarding the necessity of new school facilities and is prepared to move forward in the acquisition of the subject property,” the agreement said.
Peters officials have said they want the property for recreational purposes. The document references a swimming pool feasibility study, which can prove to be good news to township residents. A community swimming pool has been at the top of many township residents for a number of years.
“The township has engaged the services of a planning and recreation consultant, who has recommended that a Pool Feasibility Study be conducted and that a projected 57-acre deficiency exists for future recreational needs.”
Earlier this month, both entities agreed to hire William Bresnahan as special counsel to help purchase the property. Bresnahan’s $385 hourly fee will be evenly split. The only expenses in the joint attempt to buy Rolling Hills include district and township solicitors, the district architect and the township planning and recreational consultant, the agreement said.
Rolling Hills, which closed at the end of last year, is in the process of being purchased by a consortium of developers that include the principals of Horizon Properties, one of the major developers at Southpointe. Township officials have let the consortium know they are interested in the property.
On a related matter, council passed a resolution adopting its Comprehensive Parks and Recreation Plan, which includes a seven year capital program identifying $2.76 million in proposed projects. That figure does not include the cost of a swimming pool or land acquisition.