|
FREQUENTLY ASKED QUESTIONS
What happens if
voters turn down the purchase?
The developer, LeylandAlliance, will proceed as planned
with construction of the Madison Landing project (a
127-unit residential development) on the site. This is the last
opportunity to save this land as open space!
How will the
property be used if purchased by the town?
The vision includes the conservation of a
significant portion of the land (approximately 60-70%)
to protect the site’s unique natural resources,
including the salt marsh and upland forested area. This
conservation area will have passive public use
opportunities such as hiking trails and possibly viewing
platforms. The remaining land (approximately 20-30%)
will be used for up to four full-sized athletic fields.
Field maintenance will use natural/organic materials and
techniques. There is also potential to reserve a small
part of the land (approximately 5-10%) closest to the
Post Road for commercial development that would be
compatible with a park. Click
here
to see more details on the "blueprints" for the park.
How will the
purchase affect property taxes?
The median Madison homeowner would pay an average of
$68 per year for 20 years (after which the bond used to finance
the purchase will be paid in full).
How do I
calculate the impact on my own tax bill?
The bond would cost property owners approximately
$17 per $100,000 of assessed valuation per year
(“assessed valuation” is 70% of market value). The
median market value of a Madison home is $570,000, with
an assessed valuation of $400,000. So, the calculation
on a $400,000 assessed-value home is 17 x 4 = $68. If
your home value is below the median, your annual tax
impact will be less than $68.
This chart shows
some examples of tax impact based on market value:
Market Value
Tax Impact
$300,000
$36
$400,000
$48
$500,000
$60
$570,000
$68
$600,000
$71
$700,000
$83
$800,000
$95
How will this
investment pay off in the long run?
Open space and parks increase property values.
Sprawl does not. The Surf Club is a perfect example, and
along with other amenities in town, this new coastal
park will increase everyone’s home values.
What are the
terms of the agreement to purchase the land?
LeylandAlliance, the current owner, has agreed to
sell the 42-acre site to The Trust for Public Land (TPL)
for $9.7 million, with a closing to occur on April 1,
2010. If the voters accept the proposal, TPL will
transfer its right to buy the land to the Town. The Town
of Madison will be the permanent owner and steward of
the land.
How did The Trust
for Public Land become involved in the purchase of the
Griswold Airport property?
In 2008, the Madison
Board of Selectmen invited The Trust for Public Land to
explore the purchase of the Griswold property from
Leyland Alliance on behalf of the Town. The agreement
now under consideration was negotiated by The Trust for
Public Land in consultation with the Board of Selectmen.
The Trust for Public
Land is a national, nonprofit, land conservation
organization that helps communities conserve land for
people to enjoy as parks, community gardens, historic
sites, rural lands, and other natural places. Since
1972, TPL has completed more than 3,900 conservation
projects, protecting over 2.8 million acres in 47
states.
How will the
purchase be financed?
The Town will bond $8 million for the purchase of
the land, plus $1 million for the renovation costs
(including construction of athletic fields). Thus the
referendum question asks for a $9 million appropriation.
TPL, in partnership with Audubon Connecticut and Stop
Griswold Overdevelopment, will raise the remainder of
the purchase price, $1.7 million, through a private
fundraising campaign.
Is the $9.7
million purchase price a fair deal for Madison?
Yes. Two professional, independent appraisals by
state-certified appraisers were recently completed, with
one valuing the property at $9.65 million (Flanagan and
Associates) and the other at $10.5 million (Miner &
Silverstein Appraisal Company).
Although it’s been
reported that LeylandAlliance paid only $4.4 million for
the land, much has changed since they negotiated the
purchase price in 2000 – a decade ago. The current value
reflects 1) the change in zoning that now allows for
residential development of the property and 2) the
securing of necessary permits and approvals to construct
a 127-unit residential development. With these approvals
in place, the price of the land has more than doubled.
Are grants
available to fund this purchase?
A variety of state,
federal, and other grants are being sought to help
offset some of the costs to the Town. The Town will
reduce its borrowing accordingly.
Who is going
to make the decisions about the uses of this land?
A citizen oversight
committee will be created to advise the Board of
Selectmen and other Town Boards and Commissions on
proposed uses of the land and continued stewardship.
How do I get
more information?
Contact Peter Sakalowsky
at 203-494-7326 or
sakalowsky@sbcglobal.net.
Also, there will be a Special Town Meeting, on Tuesday
January 19th at 7:00 pm at Brown School Auditorium.
|
