Investments

Bank Of America Investment The Garden State Preservation Trust has approved $73.2 million in funding to preserve more than 12,000 acres of farmland and open space across the state, including more than 500 acres in Cumberland, Atlantic, Cape May and Ocean counties.

Five years ago, New Jersey voters approved the Garden State Preservation Trust Fund, a decades worth of money to preserve a million acres of open space and farmland. The fund made $98 million available for preservation each year for ten years. Since then, over 300, 000 acres have been added to New Jerseys inventory of preserved lands, including local parks, wetlands, farmlands and forests. So when it came time to ask voters to amend the Garden State Preservation Trust to take advantage of low interest rates, they did it again this Fall, 1!

Investment Opportunity The package, recommended by the State Agriculture Development Committee on Aug. 29, received the GSPT's approval Tuesday. It now moves to the state Legislature and then the governor for final approval.

The GSPT voted to approve $73. to preserve farmland across the state. The county's agricultural development board could receive $1.6 million to preserve 89 acres of farmland off Combs Avenue in Randolph, and $625, 000 to preserve 22 acres of the Jacobson Farm in Chester Township. The GSPT's recommendations now move on to the state Legislature for consideration and action, and if approved would go to Gov. James E. McGreevey for his review and signature.

Banc Of America Investment "Preserving scenic, productive farmland is an essential investment in New Jersey's quality of life," Gov. James E. McGreevey said in voicing his support.

acre preserve contains a beech forest, peach orchard, open fields, farmland and five walking trails. It was preserved in 2001 through the efforts of the township, Mercer County, the New Jersey Green Acres Program, the state Farmland Preservation Program, the Delaware and Raritan Greenway and several hundred private donations.

Banking Investment The trust preserves the land by providing funds to purchase development rights on the property.

A state trust charged with saving farmland approved spending $3.2 million yesterday to preserve 689 acres on 11 Burlington County farms. The appropriation is part of a $73.2 million package approved by the Garden State Preservation Trust, officials said. The state Legislature and Gov. James E. McGreevey still must approve before the money can be distributed.

Investment Solution Strategic In some cases, the trust itself purchases those rights. In others, it splits the cost with local and county preservation programs.

Supporters say the bill is necessary to allow farmers flexibility in a state with rising land values and rapid industry changes. - - funded preservation on its head. "The state has over 100, 000 acres of preserved farmland, and the public expects it to be protected open space, " said Jeff Tittel of the state Sierra Club chapter. "Instead of rural vistas and the preserved farms we paid for, we're going to see Golden Arches."

Investment Banking Services The latest funding package provides $57.5 million for such purchases of 11,781 acres on 161 separate farms statewide.

Bank Investment The package includes another $1.7 million in grants for three nonprofit groups to preserve 455 acres in northern and central New Jersey.

Alternative Investment The remaining $14 million will be used for several "fee simple" purchases, through which the state acquires full ownership of the land, and then resells the farm with restricted development rights. This method typically is intended for properties that are on the market and more vulnerable to development.

Online Investment Services This round of funding includes: $525,000 to preserve 216 acres on six farms in Cumberland County; $125,000 for 22 acres on one farm in Atlantic County; $675,000 for 277 acres on six farms in Cape May County; and $150,000 for 19 acres on one farm in Ocean County.

Accompany Essential Investment The amount of funding per acre is based on area market values and determined by professional appraisals, GSPT spokeswoman Judy Jengo said. The costs naturally fluctuate widely across the state.

Investment Company Cumberland County officials can't help but point out their status at the bottom of the ladder, a situation they consider a disincentive for local farmers to participate in the preservation program.

Investment Management Solution The county's farmers receive just about one-fifth of the $10,000 statewide per acre average, county Planning Director Robert Brewer told state officials during a tour of local farms in late August.

Investment Management Services State Assemblymen Jeff Van Drew, D-Cumberland, Cape and Atlantic, and Robert Smith, D-Gloucester and Camden, at the time suggested perhaps establishing minimum per acre costs of at least $4,000 to $6,000.

Guide Investment Stock Nevertheless, the GSPT's Jengo said, land around highly developed areas tends to be valued more than that in rural areas with less development pressure.

Investment Manual Solution "It's really the best way the state's found to do it," she said of the current appraisal system, "and it's the best deal for the taxpayer."

Investment Stock Former Gov. Christie Whitman created the GSPT in 1999 to oversee the preservation of a million acres of farmland and open space in New Jersey. The trust, as of July 1, has preserved more than 260,000 acres toward that end.

Essential Investment Solution By Brian Uzdavinis
The Press of Atlantic City - 9/19/2002

Topic: Less Sprawl

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