Only Part Of The Story

To the Editor:

The Fairfield Hills Authority (FFHA) recently presented a progress report on Fairfield Hills, but not the whole story. They reported great things were happening, and we would eventually receive $605,000 in tax revenue each year.

1. The report omitted a time line or date when such revenue would be generated.

2. The original $21 million appropriation is exhausted, plus $3.5 million for parking, and $1 million for design of a recreation building; they’re requesting $30 million more over the next five years.

3. This $30 million request includes sidewalks, road paving, utilities, etc for make-believe tenants.

4. They are hoping for lease agreements for Newtown, Woodbury, Stratford Halls, and duplexes, but to date none exist. The Woodbury Hall/veterinarian lease option has been extend twice. The new lapse date for the third extension is 11/2/09 if no institution is found to provide funding for the vet’s business plan.

5. Three new buildings, 50,000 square feet each, are allowed. If a developer is found, these buildings will replace demolished buildings.

6. The FFHA did not provide a return on investment or a return on asset analysis. No financial analysis has been made public. Developers, proposing such enormous spending, would certainly use some form of accounting analysis to determine if the total investment will net them a real profit. For myself, I simply divided the $55.5 million to be spent by the total yearly tax revenue the FFHA predicts the town will receive ($605,000) sometime in the future. That figure shows it will take 91.74 years to fully recover the town’s expenditures!

However, a professional and more creditable return on investment calculation would best be accomplished by the Board of Finance, assisted by the expertise of business or CPA professionals who understand the intricacies of a return on investment analyses.

7. The most damaging omission is their failure to recognize the findings of solid research such as the longitudinal Ridgefield studies of 1978-1979 and 1994-1995, DuPage, Ill., study, Vermont League of Cities, and others. Briefly, these studies show economic development spurs population growth with a concurrent demand for more classrooms and services. “The general trend is: the more commercial and industrial property value in a town, the higher the total tax burden.” (Vermont League study)

8. The FFHA report shows no provision for future town needs such as fire and police buildings, classroom space, playing fields, etc. Their report provides only part of the data that the Legislative Council needs to have before approving $30 million more for Fairfield Hills. Hopefully, a courageous official will call for all the information needed to make wise decisions. Telling only part of the story makes skeptics of all of us and certainly doesn’t unite us.

I support the Independent Party candidates because they represent new people and new ideas. New leadership is necessary to reach common ground and to preserve the essential character of our town.

Ruby Johnson

16 Chestnut Hill Road, Sandy Hook                September 23, 2009