THE NUMBERS DON'T ADD UP
See For Yourself!
The Truth is in the Financials
FINANCIAL LOSS, MASSIVE DEBT, WRONG ASSUMPTIONS: RECIPE FOR DISASTER
The Town of Harrison has spent many months trying to prevent the Willow Ridge Country Club from selling its 121-acre property to a developer interested in residential development. The Board majority voted to use the worst tactic possible–Eminent Domain. If the Town Board can muster enough votes (to finance the taking of the property) on April 15, 2021, they will go into the golf course business––owning a problem property––with $40+ million of your money. That’s just bad business and does not serve the public well.
IT’S FISCALLY IRRESPONSIBLE
Deception. The Town of Harrison gives the impression it will only have to pay $13.65 million for a property whose true market value may be in excess of $40+ million. That’s deceptive.
Excessive expense. Under eminent domain, the price must be based on the “highest and best use” of the property, which means in excess of $40+ million. If that doesn’t happen, you can count on expensive litigation ahead – another big cost to the Town and to taxpayers.
THE TOWN IS ALREADY DEEP IN DEBT
The Town already has $193 million in accumulated debt. Taking Willow Ridge would peg Harrison's debt at nearly a quarter-of-a-billion dollars!
Taking Willow Ridge would jeopardize Harrison's AAA-Bond Rating, increasing the Town's cost of borrowing (and we know the Town Board likes to borrow!!!)
More debt. If the Town purchases the property at its fair market value, Harrison will pay at least $1.2 million in interest on the borrowing. Aren’t there better uses for that money?
Loss of revenue. If the Town seizes the property and keeps it as a municipal golf course instead of allowing residential development, it will lose tens of millions in tax revenues over time.
No tax benefit to town. If Willow Ridge becomes a municipal golf course, it will pay no taxes to the Town.
Debts to pay. Since 2016, the Town currently has amassed $145 million in debt. Why increase that debt and cut off potential tax revenues? It doesn’t make sense. Is anyone asking that question?
New homes = greater annual revenue to reduce existing taxpayer burden. Residential development will add $350 million to the assessment roll, and $7 million in annual tax revenues. Money in the till for our police, fire department, schools, ambulance corps!
TAKE ACTION, NOW!
Register to attend the Town Board Meeting via Zoom on Thursday, April 15, 2021
Tell the Town Board "NO"
Over the Phone
Call the Mayor's Office and let him know that you oppose town ownership of Willow Ridge!