for new park
in SW quadrant
New appraisal authorized
for Stella farm property
Parcel eyed
for new park
in SW quadrant
BY SHERRY CONOHAN
Staff Writer
EATONTOWN — The borough has taken a step closer to acquiring the Stella farm property it has long sought for a new park.
The council, at its Aug. 4 meeting, authorized another appraisal on the 17-acre Stella and Capilupi properties on the southwest corner of Grant Avenue and Route 36, which the borough has been trying to acquire for a park with the help of a state Green Acres grant.
The council passed a resolution to hire C.J. Guiney & Associates, of Red Bank, for $5,500 to do another appraisal of the property owned by Rose Stella at 144 Grant Ave. and by Benito and Antonitta Capilupi at 28 W. Grant Ave.
The council, on Jan. 10, 2001, had accepted as the market value of the properties, based on appraisals done by Benchmark Appraisal Inc., of Sea Girt, as $552,000 for the Stella property and $330,000 for the Capilupi property. Those appraisals were certified to the state Department of Environmental Protection. The council at that time received a second appraisal from C.J. Guiney & Associates of the Stella property, which was not certified to the DEP, that also fixed the market price at $552,000.
Years of negotiations ensued, and last December the borough came to an agreement with the owners on the delineation of wetlands, showing what part of the property was buildable, which had been a major stumbling block in establishing value. The parties agreed then to get new appraisals based on the new configuration.
The borough has a commitment from the DEP for $462,500, more than half the original appraised value, to buy the farmland. Its purchase will give the borough its first park in the southwest quadrant of town, as defined by the intersection of Routes 35 and 36. The borough has parks in the other three quadrants.