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Madison council adopts $23.8 million bond ordinance to acquire Drew Forest for preservation
Summary
The Borough of Madison adopted Ordinance 32-2026 authorizing up to $23.8 million in bonds to acquire the Drew Forest property for open space; council members said outside grants should reduce the eventual borrowing and the measure passed by roll call.
The Borough of Madison on its regular meeting adopted Ordinance 32-2026, authorizing the issuance of bonds up to $23,800,000 to fund the acquisition of the Drew Forest property for open space and related public purposes.
Councilman Eric Range clarified during the second-reading hearing that the ordinance authorizes borrowing up to the full purchase price but that the borough expects to draw on outside funding — including grants and county and state contributions — so the actual debt issuance will likely be less than the maximum authorized. "Those are dollars we wouldn't have to go out and bond the full $23,000,000," Range said, explaining the borough will draw down grants as they become available.
The hearing drew no public comment. A roll-call vote was held and the council members present voted in favor; the clerk declared the ordinance adopted and directed that the ordinance be published and filed in accordance with law.
Senator Buko, who attended the meeting, congratulated the borough on the plan to preserve the property and called the acquisition a regional benefit. "It will have an impact, a beneficial impact, on generations to come," he said.
The ordinance authorizes bond anticipation notes and the issuance of bonds; council members emphasized that external grants and other funding sources are expected to reduce the amount the borough must actually borrow. The next steps are administrative: publication of the ordinance and preparation for closing as grant and financing details are finalized.
