The Tinton Falls Council took final necessary step to make the largest open space acquisition in the borough's history during Tuesday night's meeting by adopting an ordinance authorizing its purchase.
The borough purchased about 80 acres of land in the southern portion of town that had been slated for the development of a 273-unit community with a clubhouse and a swimming pool. The land is located on Wardell Road between Mount Run and Fox Chase Drive.
"If this land is developed it would most certainly require the construction of a new school at a cost of tens of millions of dollars to the taxpayers of Tinton Falls," Tinton Falls Mayor Michael Skudera has said.
The borough paid $5 million to acquire the property. Previously approved open space bond anticipation notes of $1,701,350 and $2,041,650 will be used to help pay the cost.
The remainder will be paid with down payments of $97,000 from the borough's capital improvement fund, $1,160,000 from open space trust funds and $250,000 grant awarded by the county.
"A portion of the financing will come through general appropriations in order to resolve a Green Acres diversion that took place more than a decade ago," Skudera has said. "The resolution of the Green Acres diversion will also help replenish the borough’s Open Space Trust Fund by freeing up grants held in abeyance (pending its resolution) as well as resolve long-standing issues with certain private landowners in the borough."
The property was owned by Krupnick Realty Holdings, LCC.
The land had been approved for a non-age restricted development in 2006 by the Tinton Falls Planning Board and would have included 273 residential units, including 162 town-homes and 111 condominium units, with a total of 24 buildings, a clubhouse and an outdoor swimming pool.