[Amended 4-4-1998 by Ord. No. 98-11]
A.
There is hereby established a reserve in the general capital fund which should be noted and designated as the "Open Space Trust Fund." A separate bank account shall be established and maintained therefor entitled "Hillsborough Open Space Trust Account." As directed by the Township Committee, funds from the Open Space Trust Fund may be utilized to acquire all types of interests in real property including, not by way of limitation, fee simple acquisitions, easements, development rights, or any other lesser interests in real estate which will further the goal of open space acquisition and preservation. The acquisition of land shall mean undeveloped land as well as land containing improvements at the time of acquisition, provided that the principal purpose of the acquisition is to preserve open space. The Township Committee shall have the option of either paying for land acquisitions with improvements upon them solely through the Open Space Trust Fund or by apportioning the cost thereof by charging the Open Space Trust Fund for the land portion and the capital account for the improvement portion. It is understood that such acquisition may occur via gift, purchase or by eminent domain proceedings pursuant to N.J.S.A. 20:3-1 et seq. It is understood that Open Space Trust Fund monies may be contributed along with the funds of other governmental entities for the acquisition of all types of interests in real property where title to same may be placed in another governmental entity other than the Township of Hillsborough, provided that the property is acquired for purposes consistent with that of the Hillsborough Township Open Space Trust Fund as delineated in § 77-3.
[Amended 11-10-1998 by Ord. No. 98-39]
B.
Unless Somerset County or State of New Jersey regulations or policies (i.e., Green Acres Program; State Agriculture Development Committee) declare otherwise, all land in which development rights have been acquired from a farmer/property owner by the municipality, the State of New Jersey or the County of Somerset in which Township Open Space Funds have been contributed shall be restricted against any substantial commercial development inconsistent with this chapter. To this end, impervious surface shall not exceed 5% of the land upon which development rights have been acquired and commercial ventures such as (not by way of limitation but rather example), warehousing, greenhousing, trucking and stockyards in excess of this limitation of 5% are prohibited. Any contract and/or deed between any of the above-mentioned governmental entities and the farmer/property owner shall reflect this condition and restriction. If Somerset County or State of New Jersey regulation or policy precludes the utilization of this restriction with respect to a particular acquisition, the Township Committee shall have the right to either waive this restriction and proceed with the acquisition or of rescinding their commitment to such acquisition.