Cranberry - Parkland Trust - PurchaseRCA 2025-1 Page I
(TOWN WIDE A -FUND PARKLAND TRUST)
PURCHASE OF CRANBERRY PROPERTY
REQUEST FOR CAPITAL APPROPRIATION
GROUP The Purchase of the Cranberry .Property for use as a Town Arboritum
PROJECT TITLE Preservation of Open Space --- Town of WQ12inger, NY
AMOUNT TO BE AUTHORIZED: TIME SCHEDULE:
PER THIS REQUEST $2,516,000 BEGIN SPENDING Oct 2025
AUTHORIZATION IS REQUESTED TO: Approve the expenditure of 52,516,000 for the
purchase of the Cranberry Property. This acquisition will provide residents with 326.34 acres
of vacant land with assessed value of $2,000,000 that will remain forever wild, ensuring no
future residential or commercial development of any kind.
The property is envisioned as a natural preserve and trailhead, offering opportunities for
botanical study, hiking, gardening, and potentially the creation of a community center for all
ages. It will not include sports fields, as those amenities are already available in other town
parks.
This purchase will prevent further development, helping to reduce future traffic impacts in a
community already burdened by existing and pass-through traffic.
The total 'investment can be funded through existing Parkland Trust funds and a loan from the
Townwide A Fund Balance, enabling all Town of Wappinger residents to enjoy the park. The
Town will also pursue county and state grants to support the purchase, allowing use by all
residents.
While the project is not expected to generate direct revenue, it offers significant intangible
benefits, including the preservation of open space, reduction of housing density and traffic,
and the creation of a natural destination for town residents to enjoy for generations to come.
Continued on next page.)
CRANBERRY PROPERTY
AVERAGE CAPITAL EMPLOYED AND OPERATING RESULTS
($000)
INCREMENTAL
INVESTMENT RESULTS
2010 PURCHASE PRICE
CALENDAR YEAR
2025YE
$1,100
AVERAGE ANNUAL GROWTH RATE 4%
ESTIMATED 2025 VALUE $2,075
TOWN TAXES INCL. WATER AND SEWER $ 441
2025 PURCHASE PRICE BY TOWN $2,516
ASSESSED VALUE 2012 - 2025 $2,000
CASH DEAL - VACANT PROPERTY — NO STUDY NEEDED
ROI: 5.3%