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Letter: To Board Members Jeffrey Kennedy, Robert Klee, Yonathan Zamir, Lawrebnce Greenberg, Paul Schatz, and Andrew Skolnick

CC: Beth Heller

As we congratulate Beth Heller for the successful approval of the new cell tower in Woodbridge which she fully supported, can we now look at the revenue generation that should accompany this project?  While the town gave up the right to place this on public property and receive direct lease payments, we can still recognize significant revenue from the property valuation.

Clearly this residential parcel now becomes one of the most valuable properties in Woodbridge and as the development on the property is commercial in usage on a long term NNN lease, will the town require the leased ½ acre parcel be carved off and zoned industrial, or will it be viewed as a residential property with an attached ground lease/easement?  Valuation of this property should be measured accordingly.

At any level, a typical triple net AAA rated long term lease trades at approximately 2. 5%, giving the property a value of approximately 3.8MM for every $100,000 of revenue.  This should be reset as additional antennas are added to the property, as they certainly will.  I assume this parcel will be taxed on the appropriate valuation at the leased property commercial value?

Kevin Tatro

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