EMERSON, NJ, OCTOBER 18, 2001 — The Borough of Emerson, United Water and its development partners reached a tentative agreement to transfer the deed of “Emerson Woods” to the Borough for $7.8 million. The Emerson Council approved the agreement in a meeting held last night that will result in the dedication of the property as open space. Should the Honorable Jonathan Harris, J.S.C. accept the settlement arrived at by the parties, the transaction should close before the end of the year and the litigation will be resolved as to United Water and the Borough of Emerson.

The agreement is considered by both parties to meet the important goals of providing public open space alongside the need to provide low and moderate income housing as required by Mount Laurel II. To meet this end, the parties agreed that the Borough would assume United Properties Group’s obligation to contribute toward affordable housing purposes within the Borough of Emerson.

Both parties believe the agreement offered a winning scenario. Emerson Council President Gina Calogero stated, “This agreement is good for the Borough and its residents. I am very pleased that we have accomplished this important goal of preserving open space in our community.” Meanwhile, United Properties Group President Antoine Kuhn also voiced satisfaction with the transaction stating, “It is always gratifying to be able to work through differences to reach a fair compromise. United Water looks forward to a stronger relationship with its neighbors in Emerson.”