Cranbury to sell property to pay off debt.
By: Matthew Kirdahy
The Township Committee accepted the state’s $2.6 million offer Monday to buy the development rights of two parcels of land the 130-acre Barclay South on Plainsboro Road and the 60-acre Barclay North on North main Street.
The committee will discuss advertising the sale of the property and possibly a minimum bid price 7:30 p.m. Monday in the Town Hall meeting room.
Township Administrator Fred Carr said the township could sell the property by fall.
The township acquired the land in October 2000 for approximately $3.5 million or $18,500 per acre with the intention of selling its development rights. Once the township receives the money, it will sell the property at a public auction. Mr. Carr said the township could receive the money by November. After that, the township will sell the farms in a public auction and use the money to pay off some of its debt.
The SADC recommended selling the farms when it is not farming season, between November and March, so it doesn’t take away from farming time on the land. It also said that allowing six months for advertising would give the prospective buyers ample opportunity to tour the farms, research their questions and if necessary organize partnerships, raise money and meet requirements of bidders.
The Barclay properties are preserved with the SADC Direct Easement Program.
Under the easement program, the state assumes all of the development right costs, instead of sharing that cost with the county and municipality.