Franklin Lakes looks to set up fund to save open space
FRANKLIN LAKES — A proposal that would authorize the borough to establish a tax-financed open space fund will be on the ballot in November.
If it is approved, the borough would be authorized to impose a levy of 1 cent per $100 assessed valuation, or
$106 per year on the average home, valued at $1,063,000.
An estimated $450,000 would be raised annually to help the borough acquire, develop and maintain land for conservation and recreation purposes. An open space levy would also make the borough eligible for New Jersey Green Acres Planning Incentive matching grants for the acquisition of open space.
If approved, the levy would have to be renewed every five years by referendum.
Open space funding is not new. Of the state's 564 municipalities, more than 200 have such funds. They include Oakland, which established its fund in 2003, and Wyckoff, in 2006.
Mayor Charles Kahwaty said the proposal “is a direct response to the concerns expressed by residents about how vacant land in Franklin Lakes is being overdeveloped.”
The goal is to develop a fund that “over a period of time can be utilized for conservation and preservation purposes,” Kahwaty said. “Overall, it is an effort to preserve the open space quality of life which Franklin Lakes residents have always treasured. The amount to be raised is relatively modest in the beginning. However, it is hoped that as years pass, enough funds will be generated to purchase properties which are suited for this purpose.”
Resident concerns have been heightened during the recent hearings on the proposed development of the
89-acre Cigna/IBM/Express Scripts property off Parsons Pond Drive by the S. Hekemian Group. Originally proposed with 640 multi-housing units, the project was eventually reduced to
305 units, and two warehouses were substituted for the remaining 335 units. But residents continue to express worry over open space development.
Not yet discussed, but on the horizon for all of New Jersey, are new affordable housing quotas anticipated in 2025, when current agreements expire and a new round of assessments are issued. Developers will be expected to push once again for affordable housing designations for their properties.
Often mentioned as a property of concern if it came on the market is the
129-acre Becton Dickinson headquarters, just off Route 208 in the center of the borough.
Although no plans to vacate the property have been announced, the land's estimated value of $46 million would make it a daunting purchase goal. But smaller tracts may be purchased or preserved.
The borough already has more than
450 acres of parkland and open space, which are permanently restricted from development. They include the Franklin Lakes Nature Preserve, Alice & Bud's Meadow, and the 84-acre Parsons Pond Park adjacent to the Cigna site that was deeded to the borough by Express Scripts in 2015 as part of a tax deal.
The municipal question that will be on the Nov. 7 ballot will read as follows:
“Do you wish the Borough of Franklin Lakes to levy upon the taxpayers a tax in a sum not to exceed one cent
($0.01) per one hundred ($100) dollars of real property valuation, to be utilized solely for one or more of the following purposes:
Acquisition of lands for recreation and conservation purposes;
Development of lands acquired for recreation and conservation purposes;
Maintenance of lands acquired for recreation and conservation purposes; or
Payment of debt service on indebtedness issued or incurred by a municipality for any of the purposes set forth in a, b, and c above.
All funds are to be deposited into an Open Space Trust Fund and utilized for no other purpose.”