Proponents of the Arbor Haven plan justify their support based upon the expected receipt by the town of tax revenues (Town Tax Revenues) that will substantially exceed all costs that may be incurred by the town as a result of the development (Town Costs). There are at least two fundamental flaws in their reasoning.
First, it is likely that the Town Costs projected by the developer upon the build-out of the planned development are substantially understated; indeed, it is very possible that the actual Town Costs will exceed not only the developer’s Town Costs projections, thus reducing the claimed Town Tax Revenues benefits, but would actually exceed the developer’s projected Town Tax Revenues, so that the development would result in net losses to the town.
Even more troubling than any misstatement of the Town Costs is the unwillingness of the developer to stand behind his Town Tax Revenue projections. When asked directly what portion of those claimed Town Tax Revenues he would guarantee that the town would receive, he responded “None whatsoever!” So, the town may be in the position of selling the extraordinary asset that is its largest tract of undeveloped property, and receiving not a penny of Town Tax Revenues in exchange.
The good citizens of Woodbridge cannot be so clueless as to enter into such a one-sided and unprofitable deal that would guarantee that the unique WCC property would be lost forever without any certainty of the receipt of any Town Tax Revenues in exchange – much less the amount of Town Tax Revenues projected by the developer!
Thomas E Weil