pf_03625 - Laserfiche WebLink

Home

This summarizes the results of a fiscal of a 49-unit Fann Subdivision." and indicates the net fiscal benefits received Middletown as result of the of the Fann property the Island Land Trust and other community parhlers. The report considers all primary fiscal impacts over a 30-year time horizon, state-of.-the-art economic and fiscal impact models. The resulting analysis shows that over the next 30 years, residential development of the Perry propeliy would cost Middletown taxpayers between $920,680 and $2,679,775 (in net discounted 1998 dollars), even after one considers all the tax and other revenues generated new residential units. In total non- discounted dollars, cunent Middletown taxpayers would pay as much as in additional taxes over the next 30 years if a 49-house subdivision were to be built on Farm2 Considering only the most probable outcomes, the preservation agreement likely saved the taxpayers of Middletown between $1,671 ,614 and $2,089,378, in discounted tax dollars, over the next 30 years, In annual terms, this would translate to an additional $24 in property taxes paid each Middletown household, each year, to support the additional net fiscal losses generated by a hypothetical Peny Farm subdivision, This report, along with a companion report discussing the fiscal impact of preserving the Kempenaar Valley parcels, illustrate the types of fiscal benefits that can be generated by actions which prevent large-scale residential subdivision of Middletown's remaining open space. i Much of the wording of tllis report, as well as the description of fiscal impact analysis, is shared by the compamon report "Fiscal Impact of a Subdivision on Kempenaar Valley: The Tax Benefits of Greenway Preservation vs. Residential Development." However, the analysis and results presented by this report are unique to the Kempenaar parcels (in the Middletown Town Center). The results of the Kempenaar study are summarized by Appendix Five. For mf0ll11ation regarding discounting and its lmphcatlOns, see Appendix ll1ree, Section