1) What's going on with New Jersey's land bond?
On November 6th, New Jersey residents will be asked to vote on the Green Acres, Farmland, Blue Acres, and Historical Preservation Bond Act of 2007, which will authorize the state to issue $200 million in general obligation funds. This act will provide much-needed funds to temporarily continue New Jersey's open space, farmland, and historical preservation programs and support the Blue Acres program to purchase flood prone properties. New Jersey voters should vote yes on Question #3 on November 6!
2) How will the money from the bond act be used?
Passage of public question #3 will provide funds to continue the existing Green Acres, Farmland Preservation and New Jersey Historic Trust programs. These valuable state programs preserve open space, working farms and historic sites in communities across the state, protect our drinking water and provide parks and recreational opportunities for New Jersey residents. The bond act will also provide funds for the Blue Acres program to purchase flood-prone lands from willing sellers for open space preservation purposes. Eligible lands are either prone to or have already incurred flood or storm damage and are located in the Delaware, Passaic and Raritan river basin floodways.
The bond act specifies that $109 million will be allocated to the Green Acres program for open space preservation and park development, $73 million for farmland preservation, $12 million for the Blue Acres program, and $6 million for historic preservation. Of the $109 million in funds allocated to the Green Acres program, $45 million will be used for acquisition and park development by the state, $55 million for grants and loans to local governments and $9 million for matching grants to nonprofit organizations.
3) I keep hearing about the Garden State Preservation Trust. Why isn't this money being used to replenish that program?
The Garden State Preservation Trust (GSPT) is a financing authority that manages funds for the highly-successful Green Acres and the farmland and historic preservation programs. Established with the approval of voters in November of 1998 by a 2 to 1 margin, the GSPT has successfully preserved open spaces, farmland, and historic sites for the last ten years, but its funds have now run dry. The Bond Act of 2007 will temporarily provide funding for these programs while the Governor and State Legislature identify and adopt a long-term funding source for the GSPT.
4) How will New Jersey residents benefit from the passage of the bond act?
Protecting our state's natural areas, farmlands, parks, and historic sites enhances the beauty and quality of life for all New Jersey residents. Preserving open spaces protects our clean drinking water supplies, provides parks for our children, reduces the impact of floods and storms, and keeps our communities attractive and safe. Parks and natural areas provide places for hiking, jogging and other physical activity, which increases fitness and reduces obesity. These areas also reduce air and water pollution impacts on public health and associated costs for health care and drinking water treatment. Finally, urban parks have been linked to community revitalization through job creation and neighborhood crime reduction.
5) Will the passage of public question #3 increase my taxes?
No new taxes will be imposed as a result of this bond act. The act allows the State Treasurer to issue bonds, which must be paid back within the next 30 years from existing revenue sources. Bonding, a common method for funding land acquisition and capital improvements, is the most logical and successful way to fund preservation because it takes advantage of current market values by purchasing land now instead of waiting it is too expensive or already lost to development. New Jersey voters have approved 11 bond measures since 1961 dedicating over $4 billion for preservation efforts.
6) My town already passed a measure to raise local money for open space acquisition, how will this measure benefit my community?
Passing the act will significantly strengthen local and regional preservation efforts by providing matching funds for the local dollars collected by over 225 municipalities and all 21 counties for preservation projects. The funds will also be used for statewide preservation efforts that do not involve local money.
7) Why do we need to preserve more land?
Even with current preservation efforts, New Jersey loses more than 40 acres of open space to development everyday. At this rate, our state is projected to reach full development within 30 years. If we do not act immediately to preserve open spaces for local and state parks, our children will not have safe, attractive places to live and play; our water supplies will become increasingly polluted; and our state's natural and cultural heritage will be lost forever. Preserving land today protects it from development, ensuring that our children can enjoy the same quality of life that we enjoy today.
8) What is the Keep It Green Campaign's position on renewing the Garden State Preservation Trust (GSPT) with funds made available by asset monetization?
It is critical for the GSPT to be renewed and strengthened in this year's lame duck session and implemented in 2008 regardless of the status of the Governor's asset monetization plan. Voters continue to overwhelmingly support open space funding on the ballot showing that it is a top priority, and we urge our elected officials to do the same. As a coalition, we will only take an official position on asset monetization after a proposal has been made publicly available.
