More Lawn Signs Are Here - Please send in your request to www.westfieldadvocates.org - more is more!! Let's get them up on your lawn!
Tuesday, March 14th the Mayor and Town Council vote on 3 financial ordinances!!
- Ordinance authorizing 8 Financial Agreements
- Ordinance authorizing 8 Special Assessment Agreements
- Redevelopment Area Bond Ordinance
For those unaware, the developer has created 8 LLC's, one for each building being being built - this allows him to limit his risk and yet the town's financial analysis did not evaluate each project individually only as a whole. Some projects are not always the sum of their parts. What is the advantage of this to the residents?
- 80-unit residential building on Lord&Taylor (LT) site,
- up to 150,000 SF office/retail building on LT site,
- 58-unit residential building on LT site,
- 16 townhomes on private 1.134 acre site,
- 16 townhomes on private .64 acre site,
- office/retail building on south lot (6 & 7combined 222,000SF)
- office/retail building on south lot, (6 & 7combined 222,000SF)
- 35-unit residential building on .23 acre north/central site
The bond ordinance permits the town to appropriate $57Million in bonds or notes for the proposed public improvements with a 30-year repayment.
Some considerations--
Do we need all the renovations, changes and improvements being included in this redevelopment plan and agreement?
Are the costs and risks associated with the egregious zoning changes and air rights granted to the developer really providing the benefit associated with a Town Green and Square, 200 street trees, Quimby St redo, traffic mitigations that do not minimize the congestion, and 2 commuter parking garages that inconvenience the commuter.
Are you aware that 2.8 acres of commuter parking lots are being purchased by the developer for $11.1M but do not have to be purchased for 5 years and there is NO price increase? Do you think that if you sold your home today you would sell it for the same amount in 5 years - not likely.
Are you aware that the privately owned lots increased in value by up to 300% once the redevelopment plan was adopted because the current zoning of GB2 changed to permit large bulk, density, and heights that don't exist anywhere else in town?
How and where would YOU choose to spend $57Million in our Town if you had been asked --- if you thought the Town could afford $57Million in bonds and the associated debt service bringing it to $70Million repayment over 30 years.