August 8, 2008

Township Secures $6 Million for Ardmore Station Project
Project's Significant Potential for Improving Economic Growth and the Creation of Jobs Recognized

On August 7th, Governor Edward Rendell announced that the state will award $6 million in grant funding to Lower Merion Township for the Ardmore Station project that includes Dranoff Properties' plans to revitalize Ardmore. Governor Rendell made approximately 40 grant funding announcements for projects in Chester, Montgomery and Bucks counties at the Keystone Helicopter Headquarters in Coatesville, Pa.

Governor Edward G. Rendell kicked off a five-day, 16-stop bus tour on Monday to announce more than $1.9 billion in new investments in 25 counties that will keep almost 30,000 Pennsylvanians working, improve public safety, grow the economy and build stronger communities.

The Governor's statewide bus tour is announcing $642 million in new state investments in 25 counties that will leverage more than $1.3 billion in private and local investments.

In early July, the Lower Merion Board of Commissioners approved a memorandum of understanding (MOU) with Dranoff Properties. This established the Township's intention to arrive at a master development agreement with the Dranoff team for the Ardmore Transit Center and Central Business District Revitalization.

Dranoff Properties' project, Ardmore Station, is a $180 million transit-oriented development that will create a vibrant and walkable village with sufficient critical mass to attract new residents, businesses and customers. Initial plans call for approximately 335 residences; 30,000 sq. ft. of retail and restaurant space; 8,500 sq. ft. of office space; and approximately 750 public parking spaces and 335 private parking spaces. There are four distinct phases, with an expected 60 month build out. The first and second phases incorporate the new train station, a mid-rise residential structure, parking, retail shops, and office space.

"The MOU was an important accomplishment because it authorized Dranoff to act in an official capacity on behalf of the Township," stated Bruce D. Reed, Board President. "As a result, the Township was included in the Commonwealth's Redevelopment Assistance Capital Program, or RACP, which is a grant program for the acquisition and construction of regional economic, cultural, civic, and historical improvement projects. The proven ability to secure this type of grant funding is just one reason why the Township has chosen to partner with the Dranoff team."

Projects given priority status for available capital funds, such as the Dranoff's Ardmore Station project, are those that display significant potential for improving economic growth and the creation of jobs.

"This grant demonstrates the confidence of the Governor in our transit-oriented development design, which favors mass transit and pedestrians over cars in walkable locations and our ability to secure funding to take this project from concept to construction," says Carl Dranoff, President of Dranoff Properties. "We were able to secure the grant in such a timely manner thanks to collaborative teamwork between the Lower Merion Township commissioners, AMTRAK, SEPTA, Montgomery County Commissioners and Senator Connie Williams and Representative Daylin Leach."

Lower Merion Township Commissioners vote in favor of entering into negotiations with Dranoff Properties for the Ardmore Transit Center and Business District Revitalization Project.

Ardmore Stakeholders: Two new documents have been posted this afternoon to the Ardmore Transit Center area of the Township’s web site. One is a PowerPoint Presentation from BET Investments; the other is a PowerPoint presentation from Dranoff Properties.  You can find these presentations by going to “Topical Issues” on the Township website – www.lowermerion.org.

EBL & S Withdraws from Negotiations for Ardmore Transit Center and Business District Revitalization: The EBL & S development team, which had been chosen in January by the Board of Commissioners to enter into negotiations with the Township for the Ardmore Transit Center and Business District Revitalization Project, has withdrawn from the negotiation process. The recent downturn in the credit markets was cited by EBL&S as the reason to discontinue talks with the Township.

"It is with great disappointment that we have learned about EBL&S' decision," stated Bruce D. Reed, Board President. "Our Board was impressed with the bold vision presented by Edward Lipkin and his team; however, the Township's goals for Ardmore's revitalization remain the same and will continue to move forward."

The suspension of negotiations with EBL&S will be discussed at a special meeting of the Township's Economic Revitalization Committee on March 5th. The Township's plans to create a process that ensures continued public process and momentum for Ardmore's revitalization will be outlined at that time.

"From a business standpoint, our decision was a difficult one to make," remarked Edward Lipkin, EBL&S President. "Perhaps more difficult was to withdraw from a project so important to me personally. I couldn't have been more satisfied with the Township's negotiating team and the Township's approach as a whole to this process. I have the highest regard for the elected officials, Township staff, and citizens involved with the Ardmore process during these recent weeks. I encourage the other development teams to take advantage of this turn of events and reaffirm their interest in helping Ardmore realize its potential."

The Township's goals for the Ardmore Transit Center and Business District Revitalization are posted on www.lowermerion.org. Also posted are proposals by all development teams that responded to the Township's Request for Proposals (RFP) as well as the teams' responses to a list of questions posed by citizens and elected officials.

With the EBL&S announcement, the remaining three development teams that submitted comprehensive proposals for the Ardmore Transit Center and Business District Revitalization are:

• BET Investments
• Dranoff Properties
• Strategic Realty Investments

A fourth, Mariner Commercial Properties, responded to the RFP by submitting a single-site proposal for the Cricket Avenue lot in Ardmore.

"When the Township chose to enter into negotiations with EBL&S, we also noted the quality of submissions by the other development teams," remarked Commissioner Elizabeth Rogan, Chair of the Economic Revitalization Committee. "Though the withdrawal of the EBL&S team is unfortunate, our Committee will review the comprehensive proposals of the other excellent teams to ensure that the best decisions for Ardmore's future are made."

• Proposed list of goals & conditions drafted and edited by the Townships negotiating team

• Support of Carl Dranoff , Mike Silver, on behalf of The Ardmore Initiative Jan. 10, 2008
• Public Comments from Christine Vilardo, The Ardmore Initiative Jan. 10, 2008
• Public Comments from Christine Vilardo, The Ardmore Initiative Dec. 5, 2007
• Public Comments from Christine Vilardo, The Ardmore Initiative Nov. 7, 2007

• Township to Enter Into Negotiations with Dranoff Properties for Ardmore Transit Center Negotiating Team to Meet on Monday, March 24th ,3/20/2008, Lower Merion Township

• Ad Hoc Ardmore Committee Meeting, February 7, 2008