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Hatboro Seeks Money for Wachovia Lot Paving

The Hatboro Borough Council intends to ask the Hatboro Borough Authority to cover the cost of paving the lot.

If the Hatboro Borough Council has its way, the 150-space parking lot behind the former Wachovia Bank will be repaved soon.

During last week’s meeting, Council President John Zygmont said he intended to go to the Hatboro Borough Authority’s February meeting to ask for funds to pave the former bank’s parking lot.

But, before he goes, Zygmont said he wanted the governing body to take a formal vote at its Jan. 28 meeting.

“I want it all laid out so that when I go there I go with the authority of council asking for the money,” Zygmont said.

The Hatboro Borough Authority forked over $400,000 so that elected officials could buy the shuttered Wachovia Bank property on York Road in 2009.

to Hatboro Federal Savings in late 2011.

At the time of the sale, Zygmont had said that the borough "really broke about even" because the adjoining lot would remain borough-owned and it had appraised at $400,000. .

Councilman Bill Tompkins said curbing, storm water, lighting and landscaping work was done last year. Since then, Aqua dug up a water main across part of it and down bank street, so the road was patched, according to Tompkins. 

The paving will coordinate with the rebuild of Bank Street, he said. 

In addition to asking for more money, Zygmont said he would like the council to take action to repay the Hatboro Borough Authority - the entity tasked with overseeing the $5 million generated from the sale of the borough’s water company – its $400,000 from the property’s acquisition.

James Kephart Jr. January 22, 2013 at 06:29 PM
Theresa, The previous sale was for $500K to Hatboro Fed Savings. Hatboro paid $800K. Montgomery County tax payers subsidized that purchase with $360K. Hatboro realized "a return of 470,000" on the sale (30K went to the realtor) and now owns a 400K parking lot. That means Hatboro profited 70K (no including other costs) from the entire deal and has a 400K parking lot for "free". What benefit was it for Montgomery County Tax payers to "grant" their hard earned money into this endeavor? I do not understand how people can think that this is okay. Although Hatboro appears to have made a logical decision here and are showing it to be somewhat of a profitable move, it comes at the expense of Montgomery County Taxpayers who now are out their 360K and have only the comfort of knowing that Hatboro now received a parking lot and 70K to spend on it. Councilwoman Aleta Ostrander appears to have been correct in saying “I do not feel comfortable with this transaction”. You should write an article "County Grant Money encourages bad government decisions". Taking a broader look: Get a county Grant for 360K. Use grant to pay 360K for a property. Sell that property for 50K. Seller makes 50K!
lopsided January 23, 2013 at 12:22 AM
Does JOHN ZYGMONT sit on the BOARD OF DIRECTORS Hatboro Federal?
Theresa Katalinas (Editor) January 23, 2013 at 02:14 AM
At the time of the sale to Hatboro Federal Mr. Zygmont served on Hatboro Federal's board and he recused himself from voting. I am not sure if he still serves on the board or not.
stay at home dad January 23, 2013 at 03:19 AM
And since Hatboro Federal got their building at a reduced price, why aren't they paying to pave the lot their customers will use? Somethin stinks here. How is Council going to repay the $$ to the Authority? They can hardly make their bills. That $$ has to come from somewhere, and until there's a repayment plan, I think people should question this. And WHY do I get an error reading whn I try the meeting minutes from late 2011 on the boro webiste? Wasn't that thing supposed to be fixed? Looks like Z. is up to his old tricks again.
stay at home dad January 23, 2013 at 02:13 PM
Yep. Website sez Zymont is still on the Board of H Federal Bank. A little cozy, don't ya think? The repayment plan should be laid out before Council approves this deal. Why isn't the Bank and Chamber of Commerce giving $$ to this? Otherwise, who gets stuck with the repayment costs?
Robert Hegele January 25, 2013 at 03:10 AM
stay at home dad... please don't blame John Zygmont for this website issue. He has nothing, but nothing to do with it. We are still trying to work through some glitches here. At some point and I hope soon, the website will live up to what we promised it would do. It will be a lot better than the broken website be we were stuck with since the 90's, and nobody seemed to care. We are trying. If you or anyone else has anymore questions or comments about the website, please feel free to contact me . I ask for your continued patience here. I do thank you.

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