Medford looks to cemetery for revenue

MEDFORD, N.J. (WPVI) -- Death may give new life to Medford's finances.

In 2012 with a $6 million budget deficit, the township was close to bankruptcy.

Things have improved, but town council is looking for new ways to generate revenue and thinks buying the Park View Cemetery at Kirby's Mill may be the answer.

"The purchase of the cemetery is purely for investment purposes, to give the town a long-term, semi-permanent source of revenue that it can rely on," Deputy Mayor Jeff Beenstock said.

Beenstock says projections show the cemetery could generate over $1 million a year.

Located on Fostertown Road, the new 9.5 acre cemetery has space for almost 25,000 graves, crypts and niches. A giant mausoleum is under construction along with a crematory.

"The capacity of the cemetery will last 51 years and then after it's full, meaning it's either sold out or there is no space available, the state has identified the crematory is the revenue stream," Earl Stahl of Park View Cemetery said.

This is what you call thinking out of the box. When the deputy mayor first heard about this he says he had his doubts. But after carefully studying the plan, he says it's one way to bring a steady flow of money in without raising taxes.

A management company would run day to day operations with oversight from the township.

"Never heard of it before, but if it works I'd be interested to sit in on a meeting," Medford resident Greg Smith said.

"It's just something you don't think about. Towns have graveyards and people die and go to the graveyard. You don't think of it as a place to make revenue," Medford resident Shirley Diaczynksky said.

Reactions are mixed and officials say this is the first case they know of a town buying a cemetery for an investment.

On Tuesday night, the council approved to enter a nonbinding letter of intent to purchase the cemetery. The township can still back out of the purchase, however. Officials have a 45 day period to work out a final agreement for purchase.