HOWELL – In a unanimous decision, the Township’s governing body passed an ordinance setting aside money to purchase the Cornerstone Church property located at 3071 Lakewood Allenwood Road.
The ordinance appropriates $3.6 million for the issuance of $3,420,000 in bonds and notes.
Cornerstone Church has a second location at 6550 Route 9 South within the municipality.
During the public hearing on the ordinance, local homeowner Lawrence White questioned the expense of the proposed acquisition.
“I read that the assessed value of the property is $1.46 million less than the purchase price,” said White. “It seems like an extravagance to be spending that much more money than the assessed value of the property.”
According to Township Manager Joe Clark, the municipality has not entered into a formal contract of sale with the property owners. A separate ordinance approved by the council authorizes acquisition by negotiation or eminent domain for the property to be used for municipal purposes.
“In terms of the assessed value being less than the purchase price, the assessed value is a different metric,” Clark explained. “We have an appraisal supporting the price of $3.5 million, and it’s done on a highest and best use analysis, whereas the assessed value takes into account its current use.”
Authorities are currently strategizing their approach to the property, with a primary focus on preserving it as open space and potentially securing Green Acres funding for that purpose. Monmouth County may also have grant money available that would help defray the cost of the bonds.
State rules for Green Acres funding come with strict guidelines and would include preservation of 13 acres of the property. The Green Acres designation acts as substantial protection as far as concerns about future sales. County grant money would require the municipality to keep the land as open space for an indefinite time period.
“I can’t think of a situation where we would sell the property,” said Clark. “Typically, when we purchase property, it’s with the idea of holding it forever.”
The Shade Tree Commission is also expected to play a role in enhancing the initiative, contributing their expertise in planting endeavors, similar to their involvement in other parts of the municipality.
In addition to keeping the property as open space, there may be an opportunity to consider some type of recreational activity on the site. No specific plans have been put in place during the preliminary stages of the acquisition.
White said he still found the acquisition to be a big investment for officials to make without stated plans or a speculated purpose.
According to Clark, acquiring land parcels of this size to safeguard open space is a rare opportunity for the township. A resident who spoke during the public commentary portion of the meeting agreed.
“We hear all the time that people want to stop the development,” Joe DiBella said. “If you want to stop development, at the right time in the right instances, in the right application, you buy open space.”
The property transfer process will span over some time, commencing with the contract of sale and applications for county and state funds.
