LAKE NEEPAULIN DAM

FEARS:

Rainfall in amounts of 6 inches or more in a 24 hour period could result in the breach of the dam and the emptying of the lake.
If we do not comply with the NJ Safe Dam Act, the DEP can, and very likely will, mandate that the lake be drained – think Lake Wanda.

FACTS

The Safe Dam Act stipulates that our dam (built in 1927) must be brought up to today’s standards. The DEP will not take the risk of allowing our dam will to break, as the state will be held liable.
The DEP has sent a directive that we must bring the dam up to today’s standards – this removes the liability from them to the property owners of Lake Neepaulin in case of loss.
The DEP will take whatever actions necessary if we disregard their directive.
Property values throughout the entire community will plummet to 1970-1980 prices – this affects every property owner in the community not just lakeside properties.
There are 700+ property owners in Lake Neepaulin.
Dam repair costs will keep spiraling upwards – the faster we act the better off financially we will be.
Since FOLN’s inception, property values have increased, the lake is continually monitored and treated, the image of the area has greatly improved and recreation options are available to all community members.
The 100+ members of the association have already spent $25,000 on engineering costs and do not have the resources to solely foot the bill for the dam restoration. The entire community has a stake in a safe dam and healthy lake; the entire community must come together to find a solution to cover the dam restoration costs if we want to preserve our property values.
FOLN continues its quest to improve the image of our community.
Prospective home buyers from outside Lake Neepaulin still want to buy a home in our community even though the housing market is slowing.
Presently, the association is awaiting the results of another bid regarding the dam’s rehabilitation. Will it be higher? Lower? At this time we do not have an answer.

FIGURES

The association has already paid over $25,000 for engineering costs to comply with DEP mandates.
One estimate to repair the dam has been received in the amount of $500,000 plus. That is today’s figure, the longer we wait the higher the price will be.
If the dam rehabilitation costs fall within the $500,000-$700,000 range, each of the 700+ property owners obligation for the dam repair would be between $800-$1,000 (actual amount due per property owner would depend on the final dam repair figure).
If the community decided, as a whole, that they would prefer to pay off their obligation in one years time, the most it would cost any resident over this year would be $85 per month (again the final figure would depend on the final repair cost of the dam). That is, if all property owners are assessed equally when the dam is repaired, then we, as a community, will have preserved our property values and the community’s image.
If we get a 20 year loan at 2% interest, using the estimate range of $500,000 - $700,000, the cost per year could range from $43 to $60, that breaks down to only $3.60 - $5.10 per month. Giving up one pizza night or a couple of Dunkin’ Donut coffees would cover the monthly obligation. That is if all property owners are assessed equally, then the dam would be repaired and we, as a community, will have preserved our property values and the community’s image.
In most lake communities, assessments are usually tiered, so that lake front residents pay the most. Lake view residents on the second tier pay less, and the rest of the community’s residents on the third tier pay the least. With that scenario, the third tier would pay less than $43 per year on a $500,000 20 year loan.

The dam issue will not go away. We need to address it and take action. In order to do any of this, we need the entire community behind the project. Everyone has a stake in preserving their future property values.

We are at the beginning of the process of trying to resolve the dam restoration problem, and we are looking for input. We encourage you to attend future meetings on this issue. Bring with you suggestions, questions and of course a desire to come to a solution that will benefit each of the 700+ property owners in the Lake Neepaulin community.

Continue to watch this web site and your mail for date, time and place of future meetings.