Haddonfield Borough and RCA Representatives Talk Tentative Bancroft Purchase Agreement

December 15, 2015 – In The News
The Haddonfield Sun

Jack Plackter was featured in The Haddonfield Sun article, “Haddonfield Borough and RCA Representatives Talk Tentative Bancroft Purchase Agreement.” Full text can be found in the December 15, 2015, issue, but a synopsis is below.

Fox Rothschild’s Jack Plackter has received approval from the Haddonfield Planning Board to table the redevelopment determination of the Bancroft site until the next meeting. Plackter is representing Recover Centers of America CEO J. Brian O’Neill’s holding company, II Hopkins Lane, LLC.

“We request to preserve our rights and allow us time to settle this agreement … Rather than doing a cross examination, we would rather focus our time and effort on something that Haddonfield would be in favor of and that we would be in favor of,” Plackter said.

Plackter said the agreement would sign over O’Neill’s agreement of purchase with Bancroft to the borough and, in turn, the borough would agree to allow O’Neill to do renovations and have developmental rights for a residential development on the site.

“In essence, what the agreement does is (sign over) our agreement with Bancroft to the municipality and the municipality is going to agree to give us back, which we’re going to pay for, renovations and certain development rights to do residential development. We all believe that is in the best interest of the community,” Plackter said.

Plackter said he believes an agreement would be made by the next Planning Board meeting and thanked Mayor Jeff Kasko and Iavicoli for working with them to come to an agreement.

“I would just like to thank the mayor for his leadership, as well as Iavicoli, for working with us. They are not easy negotiators, but I know they are trying to keep Haddonfield’s interest and at the same time balance something that the developer is interested in,” Plackter said.