Joan Coe
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Platinum Board Member
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FACT SHEET - ETHEL WALKER LAND ACQUISITION - 2006/10/25 22:05
Nice Idea…BUT …Affordable? What If…
All Offered Ethel Walker Land is Purchased for Open Space?
Taxes…
• The taxpayers will pay $1 million/year for
duration of the bond which is a cumulative increase of 1.39% or $87.50/household with a 100% assessment of $250,000…a cumulative amount of $875.00 over 10 years.
• The taxpayers will lose income of $1
million/year+ that is not received from newly built homes.
• Simsbury’s tax rate, already higher than
Avon and Farmington’s, will rise even higher discouraging commercial investment.
Capital Expenditures…
• The ability to address capital needs of the
Town and the school system will be reduced for more than eight years during the time the required annual debt retirement exceeds the Board of Finance’s guideline of 7%.
• Ability to respond to Capital needs is further
reduced by the reduction of the Town’s reserves by $3 million in order to fund this purchase.
Bond Rating…
• Possible reduction of Town’s bond rating as
reserves fall below 8%.
Impact on Aquifer…
• 48% of the primary recharge area of the
aquifer already under protected areas will not be built upon.
• 35% of the primary recharge area is already
developed with + 500 homes.
• None of the 17% of the Ethel Walker
property that lies in the primary recharge area will be built upon.
Wildlife Corridor…
• Wildlife corridor remains as it is today.
Road View…
• Remain as is.
Ethel Walker Land is NOT Purchased
& Development is Permitted?
Taxes…
• Taxpayers will not pay an increase of 1.39%
to finance the purchase of the property.
• Taxpayers benefit from a projected net
annual income of over $1 millon dollars per year after development of +120 houses by Ethel Walker
• Simsbury’s tax rate can become competitive
with that of neighboring towns.
Capital Expenditures…
• The ability of the Town to respond to needed
capital expenditures remains intact.
• Town reserves are left to respond to
unexpected expenditures.
Bond Rating…
• Town’s bond rating is preserved since reserves
would be maintained above 8%.
Impact on Aquifer…
• 48% of the primary recharge area of the
aquifer already under protected areas will not be built upon.
• 35% of the primary recharge area is already
developed with + 500 homes.
• Of the 17% of the Ethel Walker property
that lies in the primary recharge area, less than half of it would be built on permitting no more than 55 homes in this area. Remaining homes would be built in areas not in the primary recharge.
Wildlife Corridor…
• The majority of the land will not be built
upon and, consequently, there is no interruption of the corridor where it is currently contiguous.
Road View…
• Remain as is since Ethel Walker’s proposed
plan of development does not include building homes that would be visible from Bushy Hill Road.
Post edited by: joan coe, at: 2006/10/25 22:06
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