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Article 11 - for 2009 Town Meeting

by Jason Lee

The BOS have submitted Article 11 in response to I-Cubed and other state funding options for CC&F.

Article 11.  Westwood Station state funding – possible support for an application by the developer for state infrastructure funding.

Excerpt of I-Cubed:
For example, a developer would pay the debt service on infrastructure improvements through a betterment on the property until such time that the new space is occupied. The state would pay the debt service for the remaining life of the bonds once the project is occupied consistent with the expectations provided in a feasibility study. And the host municipality would absorb any shortfall in the debt service payments if the developer fails to deliver the project, or the feasibility study expectations are not met.  The local contribution may be enforced by the state by deducting the amount from that community’s share of local aid.

Click for I-Cubed definition.

Cause for concern: Westwood could be in greater financial trouble if CC&F fails to deliver. WWS is on hold for 2009 as posted in an earlier thread and reported by the BBJ.

We need to attend the FinComm Public Hearing and ask the tough questions related to I-Cubed and other funding options that has an immediate impact on Westwood.

 /JL

Submitted by Jason Lee on February 12, 2009 - 11:21am
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Comments

Vote No on I-Cubed

Submitted by A Realist on February 16, 2009 - 1:00pm.

If the Finance Committee has any common sense they will recommend that Town Meeting vote NO on this article. If they do recommend it, then everyone needs to show up and vote NO. As indicated in the original post, if the money is awarded by the State and then the project does not meet economic expectations, the re-payment is deducted from the TOWN's state aid. The developer has no liability. One need only look at how far off the mark the revenue projections are for this project to immediately see why this measure is ill-advised. The report presented to the Fin Com in March 2007 to justify the TIF financing indicated that the Town could expect to receive $5.2 million in gross new tax revenues for FY 09 (which ends on 6/30/09); $7.5 million for FY 10 (which starts 7/1/09); and $8 million in FY 11. Obviously, none of this revenue is going to materialize. I don't know how the BOS can possibly support taking a risk that could leave the Town on the hook for millions of dollars.

Time for a change

Submitted by David Feyler on February 17, 2009 - 9:47am.

I will have to agree with you on a NO vote on the I-cubed unless somehow the town is not held responsible if the project comes up short of states expectations.
Someone is going to have to challenge Nancy Hyde this is her pet project and I'M not going to sugar coat it. She has no problem going to the state house when the Wegmans bill is in jeopardy or meeting CCF personal but she won't communicate with the residents. This project is getting to the point that it can cost the residents dearly.
Steve Rafsky and Nancy Hyde where the driving force behind westwood station their intentions where good but failed to listen to residents on the size of the project. We need a Selectman that is going to listen to the residents and then do their best to communicate back to us.
The League of Woman voters are right with their slogan " Don't Stand there run."