Financial In Market A swath of land that was at the center of controversy more than a decade ago has a future that is being debated again, with some urging its return to park status and others saying it should remain commercially zoned.
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Oriental Trading In a controversial land swap approved by the state in 1990, the International Trade Center obtained 58 acres of Allamuchy State Park in exchange for $5 million cash, 67 acres of trade center property that is mostly wetlands, a five-acre easement, and $600,000 worth of improvements to create new trails around the Morris Canal.
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Financial Forex Forex Software Trade center officials needed the 58 acres of parkland to provide a contiguous parcel large enough to accommodate BASF's new North American headquarters and provide for future expansion. At that time, BASF was looking to relocate from its Parsippany digs and state officials were eager to keep the Germany-based chemical company here.
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Trading With the deal in place, BASF bought 155 acres in the ITC and opened its 970,000-square-foot facility in 1994.
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Trading Financial System Last fall, however, the company announced that it would move out. Plans are to split the headquarters between buildings in Rockaway Township and Florham Park this year.
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Day Trading Now that the property is for sale, the state has an opportunity to obtain the undeveloped 58 acres it swapped nearly 14 years ago. Laura Szwak, township open space committee chair, has asked the council to encourage the state to preserve that land and make it part of Allamuchy State Park again.
Forex Financial Trading The "We're encouraging the township council to write a letter to encourage them to right the wrong that was done a long time ago," she told the governing body this past Tuesday. "It should never have been sold in the first place, as state parkland, to a private organization."
Fortune Make Option Trading Erin Phalon, spokeswoman for the state Department of Environmental Protection, said Thursday that the Green Acres program has not offered to buy the property.
Science Of Financial Market "DEP has not made a decision on this issue, and no decision is anticipated until June," Phalon said.
Future Trading Meanwhile, township officials expressed concern that preserving the parcel might not be in the township's best interest.
Financial Sales Services Mayor Richard De La Roche said that proposed Highlands legislation purposefully left out the International Trade Center in order to allow future development there, and that the council and his administration must carefully consider that before making a decision to push for preservation of the parcel.
Commodity Trading "This is one of the last parts of Mount Olive that is in a commercial zone to be developed," he explained, "and, of course, we still have to get ratables in order to keep the tax rate down.
Financial Services Trading "Even though I'm in favor of as much open space as possible, we have to be reasonable about it," the mayor added. "We have a lot of land we can purchase for open space. This may prove to be the exception where we need to develop ratables."
Online Forex Trading Council president Steven Rattner was undecided, saying that he needs to look at the potential implications to the township if that land is preserved before making up his mind.
Financial Portfolio Trade "We have to understand what it is, what the ratable loss potential could be, and what potential implications are with negotiations" with BASF, which filed a tax appeal with the municipality in January, Rattner said.
Sierra Trading Post He warned that if the town opposes preservation of the tract, "I can guarantee you that they (the state) won't push ahead because they don't need any more controversy on the Highlands."
Trading Financial Future BASF pays approximately $4 million per year in property taxes, making it the township's largest taxpayer.
Forex Trading Software Tim Fitzpatrick, spokesperson for BASF, said the state has a right to first refusal.
Trading Post "If the state is not interested, we will continue to market the building and entire 155 acres as a package," Fitzpatrick said. This past October, BASF hired real estate brokers Cushman & Wakefield to sell its facility, and it subsequently was listed for $195 million.
Trading System Residents and environmentalists who opposed the sale and commercial development of the 58 acres more than a decade ago lost their battle, and Szwak admits that acquiring the property from BASF now would not be a "slam dunk" for the DEP.
Forex Trading System The 1990 deal was approved by the little-known Statehouse Commission. Proponents for the land swap said then that the move would protect more than 1,000 jobs and help the state's economy. Today, the idea of losing a commercial ratable might not be popular for this municipality with increasing school and municipal taxes.
Fx Trading Resident Dave Jones told the council that he's in favor of leaving the parcel zoned for commercial development.
Trading Card "Here's a chance for the township to increase ratables without putting any more kids in the schools," he said.
In Online Trading Rattner asked that the administration report back to the full council at its work session meeting this month.
Online Commodity Trading By Zenaida Mendez
Daily Record - 5/3/2004
Topic: Highlands
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