Wednesday, April 15, 2009

The mall's fiscal impact study indicates annual costs of $55,600 for Richmond Glen / Serenity Ranch

I know this is old news, but I can't find the fiscal impact analysis for the proposed north end development on the blog. And I intend to use it in my own fiscal impact study of Richmond Glen / Serenity Ranch. So I'm adding it here as a reference.

The key number for me is the Town's estimated "general government" expenditures for "residential." Residential referred to the incremental cost of government related to the library, senior center, etc.

I recall the residential component of the proposed north end mall was 140 units with 9 kids. And since kids in their 20s couldn't afford the units in the north end, I conclude those units would have been sold to empty-nesters... the same target market for Richmond Glen / Serenity Ranch.

Using the above assumptions, the 41 units of Richmond Glen / Serenity Ranch would have an annual "general government" cost of $55,600 ($189,810 / 140 units x 41 units).Tim White


Anonymous said...

Tim, remember that this is not just about 41 units of age restricted. If this deal is allowed to stand, there will be other housing projects jammed into that part of town.
The state's conservation map was intended to PREVENT exactly what is happening.....putting high density residential is "rural" parts of Connecticut towns.
I heard that Fazzone is the lawyer for the Garthwaitte estate (the land on the other side of Wiese Rd) and he has been actively peddling that to developers. As a matter of fact, one developer had an application in to P&Z but withdrew when the housing market collapsed....or is waiting to see what happens with "Serenity"???
If the town gives them the final green light, how will the town boards deny others the right to do the same thing?
And as for housing impact on town budgets, what happens when the next condo project in that area is "affordable" condos with LOTS of kiddies.
This is a major test of common sense for the Council....the issue is as stark as you will ever see....but will some Council members turn a blind eye?

Robert DeVylder Jr. said...

What proof is there that kids in their 20's could not afford these condos? I believe they are the target buyers for the north end. And I also remember that the units are less than $200,000 which is lower than the average, 30+ year old condo already in town. What the north end condos would do is de-value the existing condos.

tim white said...

$200k is new to me. I recall the number of $300k+ being tossed around. And that's not a price range that many 20-somethings could afford, IMO.

They probably could if they used the fake mortgages of Bernanke-Geithner Fed era... the ones that had no-money-down and no-income-verification. But I certainly hope those mortgages no longer exist.

Anonymous said...

I wonder how many 20+ year olds have $60,000 to put down?