Holmdel OKs $500K for Chase site
purchase
County, Green Acres have committed total of $4 million
HOLMDEL — The township has committed a half million dollars toward the purchase of the 425-acre Chase Bank property.
On Monday the Township Committee unanimously adopted a $525,000 bond ordinance which will go toward the purchase of the land.
The farmland, located south of Roberts Road between Holmdel Road and Ramanessin Brook, is the largest undeveloped tract in the township.
On Oct. 13, when the bond ordinance was first introduced, officials were reluctant to provide specifics about what the money would be used for or if it would go to finance the Chase tract purchase.
Committeeman Russell Dronne would only say that the money would be used "for ongoing open space projects."
But according to the ordinance and Mayor Gary Aumiller, the money will be used in the acquisition of a portion of the farmland tract of the Chase property.
The total cost of the tract is unknown, but a figure of $25 million has been mentioned.
Of the township funds, $500,000 would go toward the purchase price, and the remaining $25,000 would cover the other expenses incurred.
Although there were approximately 10 people at Monday’s committee meeting, no one commented on the ordinance during the public portion of the hearing.
Earlier this month, the Monmouth County Board of Freeholders voted to participate in a partnership to preserve the property by contributing $2 million from the county Open Space, Recreation and Farmland and Historic Preservation Trust Fund.
The state Green Acres Program has agreed to match these county funds under the county’s planning incentive application, according to the ordinance, which will provide another $2 million.
Preservation of the land is recommended in the county open space plan, according to the resolution, which the freeholders approved Nov. 9.
The partnership working to acquire the land includes Holmdel, the county Board of Recreation Commissioners, the Monmouth Conservation Foundation, the state Green Acres program, the state Agriculture Development Committee and the county Agriculture Development Board. The partnership has asked that the county Board of Recreation Commissioners manage the open space portion of the project area for public park and recreation, according to the county resolution.
The northern part of the Chase tract is zoned for office laboratory use. The southern portion of the tract was rezoned several years ago from office laboratory to a 4-acre residential zone.
The tract was approved for a million-square-foot operations center in the late 1980s, but no action has been taken to implement this plan.