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Saturday, March 1, 2008

Assumptions...

No, we didn't hear back from the town clerk's office letting us know that Highway Superintendent Roger Cleveland certified the Fees In Lieu of Mitigation monies that would be used to finance the highway improvements for the New Hartford Business Park. So let's assume that either the monies never existed or the town planned on illegally using fees from other developers.

So, if the PILOT/TIF plan is approved, where would you assume that $478,000 will come from for the road work planned for Woods Road and Route 840?

Now, let's assume that once The Hartford moves to their new building and one of the buildings they are currently leasing is not rented to someone else by March 1, 2009. The owners of the Middlesettlement Road building will more than likely be submitting their grievance form and requesting a lower assessment because the building is vacant.

Of course, if you notice in the year 2001, the year that commercial properties were reassessed under the State Reassessment Program, the owners obviously grieved their assessment and it was lowered from $5,868,500 (Assessment at time of Sale on Nov. 16, 2000) to $4,500,000 or a reduction of $1,368,500...and that is a year when commercial properties were supposedly in need of reassessing and the building was occupied! So how much would someone who has a vacant building that is currently assessed for $4.5 million want their assessment reduced? $1.5 million? $2 million?

Now let's assume that this "old" building is purchased by a not-for-profit. There goes $4.5 million off the tax roll!

Now let's factor in that the PILOT/TIF plan will not add any tax revenue to offset increased infrastructure costs for at least 15 years and maybe more. (Yes, the Town of New Hartford does have some parcels on the assessment roll that seem to be forever owned by the Oneida County Industrial Department...a coincidence we are sure!)

Of course, these are all ASSUMPTIONS...

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