The ordinance authorizes borrowing $2.5 million to acquire development rights on or along Steuben Road with Jaindl Land Co. where the latter has proposed 102 homes. The township also will attempt to acquire from Jaindl the property associated with Meadow Park Estates, a proposed 16-acre development with 10 homes off Hanoversville Road.
The Local Government Unit Debt Act is the official act that received approval Tuesday night. The Pennsylvania Department of Community and Economic Development administers the act, which outlines the procedure for Pennsylvania's local government units to issue debt and tax anticipation notes. The document also provides for the borrowing limits. The township previously implemented a tax to acquire funds for land preservation, and that money will be used as a down payment should the township's offers receive acceptance.
The acquisitions will maintain the town's unique character and energy, which will characterize the deal at the board's Oct. 17 meeting. Lower Nazareth has received significant funding from the open space tax levy, but it may require borrowing to cover both costs.
Township officials assured property owners in Lower Nazareth that should the purchases occur, they would not result in higher taxes. Rather, the township would use a portion of the funds collected from the taxes for land preservation and, as noted previously, borrow the rest. Officials announced the interest rate will be 4.7%.