WEST AMWELL: Officials OK funds for Route 179 land buy

The township’s share of the $1.5 million purchase price is $675,000

By Linda Seida, Staff Writer
   WEST AMWELL — The Township Committee has authorized the expenditure of $800,000 to cover West Amwell’s share of the $1.5 million purchase price for Toll Brothers land on Route 179.
   According to the terms of the contract, the township had to set aside its share of the funding within six months of signing the deal in October.
   The appropriation approved March 18 includes $50,012.75 from capital surplus, $495,761.74 from the reserve funds for open space and $254,225.51 from the township’s open space trust fund.
   The township’s share of the $1.5 million purchase price is $675,000. The township approved more than that amount to cover any associated “soft costs,” which could include the demolition of old structures and related engineering costs.
   No new taxes or bonding will be required, according to the township.
   West Amwell is applying for funds from the county to help reduce its share of the cost.
   The lion’s share of the purchase price, about $825,000, will come from a State Agriculture Development Committee grant, which was secured with the aid of the Hunterdon Land Trust Alliance.
   The grant will cover more than half of the purchase price for slightly more than 130 acres. The $800,000 authorized last week will include related costs, such as the demolition of any structures, if needed.
   Open Space Committee Chairman Sean Pfeiffer thanked the Hunterdon County Land Trust for helping the township to secure the grant from the SADC. He also thanked Toll Brothers for selling “at a substantial discount.”
   Two independent appraisals agreed the land is worth $17,000 an acre, or a total of $2,216,120.
   Toll Brothers is selling it for $11,506.60 an acre.
   Planning Board member Ron Shapella, who was mayor of the township as the negotiations advanced, thanked Toll for “being so cooperative.”
   He also thanked Mr. Pfeiffer, “who worked so hard on this project and deserves a lot of credit.”
   ”The general population may not realize the effort and expertise involved” in this type of land preservation deal, Mayor William Corboy said. “I still don’t understand it all. We’re fortunate to have Sean’s expertise.”
   The township will auction the acreage as a preserved farm when settlement is completed.
   After the land is auctioned, the funding partners will get back a percentage of the sale equal to the percentage they contributed.