MONROE: Council adding $5.5 million to open space bonds

By Jenine Clancy, Special Writer
MONROE — The Township Council passed a bond ordinance at its meeting on Monday that allows an additional $ 5.5 million for open space projects.
Business Administrator Wayne Hamilton said what the council has done is amend the original ordinance, passed 14 years ago, allowing additional money to be added for six open space projects.
According to Mr. Hamilton, the six targeted properties for open space acquisition are 70 Acres at Hoffman & Federal (Rolling Meadows), 13.5 acres at 7 Barrymore Drive, 40-plus acres at 112 Federal Road, less than an acre at Pineview Court, 4.8 acres on Prospect Plains Road, and 2.23 acres at Matchaponix Road.
This brings the total open space appropriation to $12,850,000, up from $7,350,000.
Mr. Hamilton said money is funded solely out of the open space trust fund, and that all debt services for the bonds come out of the open space platform.
The trust fund had $3.9 million at the end of 2013 financial year, with the allotment of money yet to be added.
"This is being treated as any other bond ordinance, but as the debt service payments come through, they are being directly funded out of the open space trust fund," he said.
The funding that was required will allow the township to begin appraisals and negations.
"We are continuously pursuing open space acquisition opportunities," Mr. Hamilton said in a statement. "In our 43 square-mile town, we currently have over 5,200 acres of preserved open space and farmland preservation"
Mr. Hamilton also said no additional debt has been created, and that Council won’t know the interest rate until they sell the bonds.