By Briana Vannozzi
Correspondent
Grave times are calling for grave decisions. The Medford town council needs new streams of income, and buying cemetery properties seems like it may be just the ticket.
“It took some time looking at it to recognize that it was number one an appropriate investment, but number two that it could really benefit the township long term,” said Councilman Chris Buoni.
The decision has been two years in the making. Medford’s council recently approved a nonbinding letter of intent. In it, they agree to pay $10.9 million — in the form of bonds — to Medford Cemetery Association. In return, they’ll own Park View Cemetery on Fostertown Road and Park View at Historic Medford Village.
“It’s a safe investment. The risk and reward are tied together so this is the type of industry that it really doesn’t have a whole lot of risk,” Buoni said.
Estimates project that over 50 years the town could generate about $80 million, or roughly less than $1 million per year. The council is banking on analysts’ math, and the only known certainties in life — death and taxes.
“The taxes here are really high because of our school system, that’s where most of the taxes go. I don’t think it’s a bad idea,” said Medford resident Carol Valenza.
Not everyone likes the idea of issuing more debt to generate revenue. They want it put to a vote.
“Sometimes when township council people go off on their own for an idea that sounds great on the surface, it turns out to not be,” said resident Joe Garofala.
“What I would like to see is for all of us to be good stewards of our funds. I think that’s our responsibility personally as well as looking at our government,” resident Maryann Miller said.
Residents say they’re worried because they’re becoming investors on properties for which they’ve been given little to no input. And as trends show that more and more older retirees are flocking south from New Jersey, they worry there won’t be a necessity here and they’ll be left holding the bag if revenue projections don’t pan out.
“If the revenue and profits would certainly clearly offset that then it’s a good thing, but to float debt without knowing for sure what the return is going to be is scary,” said Garofala.
“There’s certain things that I don’t believe are appropriate for referendum. This isn’t really a policy decision, this is a complex purchase and the reason we have the form of government we have is because we elect people to take the time to look at issues and make decisions,” Buoni said.
The council will have 45 days to work out a final agreement or back out before they’re in too deep.