CSD School Board Accepts Tax Incremental Financing Resolution to Redevelop Elkins Estate
By an 8-1 vote, the Cheltenham School District Board of Directors accepted the tax incremental financing resolution concerning the Elkins Estate at 1750 Ashbourne Rd. in Elkins Park.
The resolution reads: “Approval of a resolution of the Board of School Directors of the Cheltenham School District, approving the school district's participation in a tax increment finance districting within the Township of Cheltenham, Montgomery County, Pennsylvania in connection with the Elkins Estate Tax Increment Financing District; authorizing certain other matters relating to such tax increment district; and proving for an effective date and general repealer.”
Agreeing to the resolution provides a tax incentive which will lead to the redevelopment of the historic Elkins Estate as a boutique hotel, restaurant, conference center, community gardens, band shell, recording studio, distillery and more. With the redevelopment, the 42-acre property, which has seven buildings, including most notably the Horace Trumbauer-designed Elstowe Manor and Chelten House, will be on township tax rolls for the first time since before World War II.
The next steps to completing the TIF process are as follows:
January 17: Montgomery County Commissioners will meet to consider a resolution to participate. District and township representatives will be in attendance.