Mercer County, New Jersey


As financial advisor for a $1.3 million installment-purchase of an easement on agricultural land negotiated with an individual landowner in 1993, a $380,000 installment-purchase of agricultural land in 1995 and a $600,000 installment purchase of an agricultural easement in 1998, Evergreen devised and implemented these innovative variations on Howard County's program. In the 1993 and 1998 transactions, Mercer County took proceeds of its bonds, a grant from the Mobil Corporation (in 1993) and a grant from the New Jersey State Agriculture Development Committee (SADC) and invested in escrowed securities sufficient to pay interest on and principal of the installment-purchase agreement. In the 1995 transaction, the county invested its open space trust fund money to provide for principal and interest payments, and recouped its investment through a grant for the easement from the SADC and sale of the deed-restricted land at auction to the highest bidder. The program increased the value of the easement sales to landowners by some 40 percent.

References:
Ms. Leslie R. Floyd
Assistant Planning Director
Mercer County Planning Division
640 South Broad Street
Trenton, New Jersey 08650-0068
T: (609) 989-6545
e-mail: