A Page From The ‘Developers Handbook’

To the Editor:

While everyone debates over how to vote on the bonding for the purchase of Fairfield Hills, why not borrow a page from the “Developer’s Handbook” and not borrow any money for the purchase by selling off the most readily salable parts of the property.

I propose the following scenario:

*Negotiate a contract with the state for $5.5 million, 50 percent at closing and the balance within 18 months.

*Prior to the closing arrange the sale of the 25 housing units at FFH and Queen Street, with age restricted (55+) covenants, closing to take place simultaneously with the state closing. At an average price of $140,000, we’ll receive $3.5 million.

*During the next 18 months, sell one 200,000 square foot building on the FFH campus quad for $15/ft or $3 million for commercial development.

We will then have recovered the costs of both FFH and Queen Street properties.

Not only will we save the $250,000 annual interest cost we would have incurred if we had bonded the purchase, we will also be collecting $600-700,000 per year in taxes for the properties put back on the tax rolls. This result will come with minimal infrastructure expenditures. Then the town will have the luxury of time, for the planning for offices, ball fields and other pressing town needs, as well as the money to maintain the campus.

Yours Truly,

Gary Tannenbaum

Pond Brook Road, Newtown                                       April 16, 2001