Lousy financials regarding proposed Brox land sale
To the Editor:
The Milford Board of Selectmen claims that the sale of Brox town land will be very tax-positive. However, the financial facts tell a very different story.
First, selling 93 acres of Brox land that the town currently assesses at $600,422 for only $168,000 would short-change the citizens by $440,422 right from the start. What is this, a donation?
Second, any new roads and other infrastructure built with grants will eventually become the town’s responsibility to maintain and to provide services, which all costs labor and money.
Third, any new taxes paid by the single business with a single taxable building, estimated at a Planning Board meeting to be around $60,000 a year, would not go into the general fund, but rather, would go to the cost of paying for infrastructure. In 2006 the town created the Tax Incentive Financing District – a mechanism to fund infrastructure at Brox. According to the town’s website, once the bond for infrastructure is paid up, only then would the new tax money go into the general fund.
On Aug. 1, the Cabinet reported the comment of BOS chairman Mark Fougere that to make the property usable, the infrastructure would cost millions of dollars. Fougere said "taxpayers weren’t going to spend" those millions on this. If the TIF needs to recoup millions from new tax money, then how many years will it be before any new tax money enriches the general fund?
Fourth, whether 25 employees come to New Hampshire with the Stoneyard company, as stated in the purchase and sales agreement, or 100 to 150, as stated by the potential buyer to the Planning Board, many of those employees and their families will likely live in Milford. The town calculates families generally as being tax-negative because of the high costs of educating their children and providing other services to the families and their residences.
This does not add up to tax-positive revenue for the town any time soon, if ever. The financial reality of this land deal for the town is quite bleak, although it seems fair to say some business people stand to make a lot of money.
Brox Environmental Citizens