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On Tuesday, November 7, Franklin Lakes voters will have the opportunity to decide whether to establish a dedicated source of funding to acquire, develop and maintain land for conservation and recreation purposes. If the referendum is approved, the Mayor and Council would be authorized to create an Open Space Trust Fund through a levy of 1-cent per $100 of assessed property, which is estimated to generate $450,000 annually for these purposes. The levy would be for five years and can be renewed after five years by referendum. Every county in New Jersey, including Bergen, and over 200 municipalities in New Jersey (including Oakland and Wyckoff) have already established voter-approved open space trust funds.
If a 1-cent levy is approved and established, the cost to the owner of a property assessed at the Borough average of $1,063,000 would be $106 per year, or less than $9.00 per month. All funds would be dedicated and could only be used for the purposes specified in the ballot language (see below).
The Mayor and Council are committed to the preservation of open space. The Borough has over 450 acres in parkland and open space, which are permanently restricted from development, including the Borough’s relatively recent acquisitions of the Franklin Lakes Nature Preserve, Parsons Pond Park and Alice & Bud’s Meadow.
The municipal question that will be on the November 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:
a. Acquisition of lands for recreation and conservation purposes;
b. Development of lands acquired for recreation and conservation purposes;
c. Maintenance of lands acquired for recreation and conservation purposes; or
d. 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 to be deposited into an Open Space Trust Fund and utilized for no other purpose.”
An open space trust fund can provide some monies to help leverage Borough and grant funding to acquire, develop and maintain land for conservation and recreation purposes. More specifically, with the establishment of an open space levy, the Borough would be eligible for New Jersey Green Acres Planning Incentive grants, which provides matching grants to municipalities for the acquisition of open space.
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