By Audrey Levine Staff Writer
HILLSBOROUGH — In the next step for the joint purchase with the county of the 369-acre Belle Mead General Service Administration Depot, the Township Committee unanimously approved the introduction of two ordinances Tuesday to reserve the necessary finances for the purchase.
”Establishing the financing authorizations will put the township in a position to move expeditiously once (appropriate) approvals are made,” Mayor Anthony Ferrera said.
Committeewoman Lisa Nisivoccia did not vote as she was unable to attend the meeting.
The first ordinance authorizes the township to use $6.9 million from its Open Space Trust Fund for the shared purchase of the 321 acres being used for parks and recreation.
”Even after the allocation of $6.9 million in Open Space funds for the GSA Depot preservation, there will be plenty of funding left to pursue future properties targeted by the Open Space Committee for preservation from development,” Committeeman Bob Wagner said. “This is the largest land acquisition in the township’s history.”
The remaining funds necessary to purchase the 321 acres will be paid for by Somerset County, according to an agreement approved in September.
The second ordinance authorizes the township to issue a $2.1 million bond for the purchase of the 48 acres to be used for research and development sites. Open space funds cannot be used for this land because it will be sold for development.
”The entire bond will be paid off as soon as the purchase goes through,” Mayor Ferrera said.
According to Deputy Mayor Frank DelCore, the township’s tax assessor determined that the 48 acres are valued at about $65,000 per acre, or $3.1 million for the entire tract.
”Authorizing debt is not something we take lightly,” he said. “But there is an exit strategy that makes sense here.”
Mr. DelCore said the money received for selling the 48 acres will go toward paying off the bond and any interest. Any leftover funds could be used for a recreation center on the township’s site.
The funds from the purchases of both tracts of land, totaling $15.735 million, will be placed in two separate escrow accounts to pay for the cleanup of the property.
The payments and transfer of ownership of the GSA Depot can be completed once approval is given from the United States House of Representatives Government Reform Committee and Gov. Jon Corzine for the Finding of Suitability for Early Transfer. This authorizes the purchase to be made before the environmental remediation on the contaminated property begins.
”We want to be ready the moment the approvals come through,” Mayor Ferrera said.
Public hearing for the two ordinances will be held Dec. 23.
