Ocean Twp. completes acquisition of golf course Grant funds sought for $4.5M purchase of Colonial Terrace BY LORI ANNE OLIWA Correspondent OCEAN TOWNSHIP - - The Ocean Township Council announced Aug. 15 that purchase of the Colonial Terrace Golf Course had been completed. "My fellow council members and I are extremely proud to have been part of the preservation of this significant open space parcel," stated Mayor William F. Larkin. "This tract of land is the largest parcel of undeveloped land in the southeastern part of the community," he added. The township already owned 34.5 acres of the property and purchased the 19.5-acre privately owned portion of the course from Garcia Estates Inc. and the Estate of Consuelo Cesario. The public, nine-hole regulation course has been in operation since 1924, according to a press release issued by the township. "The township will assume management of the course and will continue to operate it for public use," Larkin stated. Larkin said in a previous interview that preservation of open space would be a priority for the council. "It was imperative that these lands not be developed with more homes that would have placed a strain on the school system and municipal services," he said. To finance the purchase of the course, the township employed temporary financing in the form of a bond anticipation note for $4.5 million with an interest rate of 4.25 percent, according to Director of Finance Stephen O. Gallagher. "We anticipated the entire purchase price of the golf course in the budget," Gallagher said. Both Gallagher and Larkin confirmed that the township has applied for grants and is working with several different entities to obtain funding for the purchase, but that nothing has been received yet. "I do believe that funding will be received," Gallagher said, "and that our chances are excellent." Larkin said that taxes should not increase as a result of the purchase and that he is hoping to be successful with the funding sources. "That would cover it," he stated. Gallagher explained that if the township did not receive any funding at all, the tax increase to residents would be nominal. "I would estimate the increase to be less than 1 cent per $100 [of assessed valuation]," he said. Larkin said the township could receive approximately $2 million from various sources - $1,256,490 from Green Acres, a land preservation program of the N.J. Department of Environmental Protection; $250,000 from Monmouth County in the form of an open space grant; and $250,000 from the Trust for Public Land, a national nonprofit land conservation group with offices in Morristown. Larkin said the township could also capitalize on other options. "There are three residential communities here, and the developer has agreed to make a $1,000 per unit contribution," he said. "The township also owns eight parcels of land, which could be auctioned off." According to Larkin, the course will be closed for the remainder of the 2007 season and will reopen in spring of 2008, after improvements are made. "The fairways and greens will be redone to improve the playing quality," he said. Larkin confirmed that some of the work is being handled internally by the Department of Recreation. Regarding cost projections for the improvements, Gallagher said that no numbers are available. "The township is currently assessing the condition of the course and will have more solid numbers when that evaluation has been completed." In terms of management and operation, Larkin said there is a lot to be considered. "The council will have to discuss course fees for residents, nonresidents and seniors," he said, "and we will certainly listen to suggestions."