New Jersey Commits $100 Million Annually For Open Space
New Jersey has announced a new bonding plan that will provide the Garden State Preservation Trust an additional $100 million annually to expedite the preservation of New Jersey’s open space.
Based on recommendations from the state Department of Treasury, the Garden State Preservation Trust approved a new financing structure that will allow the state to minimize interest and debt service costs to taxpayers while maximizing the proceeds generated for the open space program.
The plan will provide for a mix of $400 million in current interest bonds and $100 million in zero-coupon bonds.
“Governor [James] McGreevey’s Smart Growth agenda sets new priorities for open space preservation and a sound financing plan to support his initiatives – including funds for needed parks in local communities,” said Department of Environmental Protection Commissioner Brad Campbell. “Today’s plan will increase the funding resources we have to accomplish these goals.”
“We are extremely pleased with the Trust’s approval of this prudent financing mechanism for open space acquisitions,” said state Treasurer John McCormac. “The mixture of current interest and zero coupon bonding provides the financial leverage New Jersey needs to implement a sound and effective open space preservation program.”
McCormac said the approval of financing arrangements signals a strong shared commitment to preserving New Jersey’s open space resources. Preserved open space protects New Jersey’s water supply and quality, preserves sensitive habitats for endangered and threatened species, minimizes sprawl, and provides recreational opportunities.
Since the Garden State Preservation Trust’s inception in 1998, New Jersey has purchased nearly 300,000 acres for open space preservation, has approved more than $50 million in recreational projects and park development, and provided over $13 million for historic preservation projects.
Provided by theEnvironmental News Service.
