Peapack-Gladstone’s Open Space Trust Fund was authorized by voters in 1998 to provide a stable source of funds dedicated to the acquisition of land for open space and recreation and the preservation of farmland and historic sites within the Borough. The Trust’s current tax authority levies an annual $.03-per-$100.00 in tax receipts against Borough property assessments.

Since 1999, the Trust has been used on three occasions to acquire properties totalling 64 acres. Significantly, these acquisitions averted construction of more than 100 new houses in the community.