The Township Council voted 4-0, with one abstention, to appropriate $825,000 in funds—including $785,000 in bonds—to acquire the 3.2-acre tract at 450 Pascack Road for possible use as a walking trail or other passive recreation uses.
Approving the purchase were council president Desserie Morgan and members Tom Sears, Stacey Feeney, and Daisy Velez. Council vice president Steven Cascio abstained without public explanation.
The property has been the focus of on-again, off-again negotiations between the township and property owner over a decade, with one of the owners alleging it fell into disrepair due to the township’s failure to purchase the site previously. In summer 2021, the township bid $430,000 for the property following a property appraisal.
In summer 2020, a developer proposed a 48-unit senior complex on the site but withdrew the application following strong public pushback over the high-density proposal.
Officials said the property’s actual purchase price was $750,000, and the $825,000 appropriation included nearly $75,000 to cover “soft costs” for due diligence environmental and topographic studies, a title survey, and related engineering, architect, and legal fees, and demolition costs for the site’s structures.
Those voting yes said they anticipate receiving a grant of $550,000 from the county Open Space Trust Fund for land acquisition of 450 Pascack Road. Officials would likely accept the grant in early or mid-2024.
Township attorney Kenneth Poller had negotiated with an attorney for one of the property owners, Robert Morris, to come up with a final price. He said with the county grant funds, the final cost to the township for 450 Pascack is approximately $200,000.
While the township’s initial property appraisal pegged 450 Pascack’s value at $430,000, two later property appraisals included as part of the grant funding application estimated the site’s value at $900,000 and $885,000, respectively, said Poller.
Answering a resident’s question, Poller said that the increased property value was based on the owner possibly obtaining a variance. Moreover, he said the bond counsel added in the extra costs that added up to $825,000 to cover due diligence and closing costs. Poller said if something is found during due diligence studies on the property, the township could back out of the purchase.
Resident Michael Ullman, recently voted back to council for 2024 as an Independent, asked whether the property had oil heat.
Poller told him this should be found out during due diligence, where they would test to see if such tanks existed on the property.
Ullman asked what tax impacts could be expected from the bond and officials said it would likely cost the average taxpayer $7.75 per year over the bond’s expected 25-year term.
Resident William Ferrara asked what the plan was for 450 Pascack Road. Mayor Peter Calamari said they told the Open Space Trust Fund Committee that they would probably leave the trees and put in a walking trail on the property.
Since fall 2021, the property’s Pascack Road frontage has sported an available sign. A dilapidated home, often strewn with tarps and deteriorating structures including a small barn and garage, can be seen from Pascack Road.