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Simsbury River Oaks will provide Simsbury with "real and tangible net fiscal benefits," according to leading economist. SIMSBURY, October 12, 2007 – Donald Klepper-Smith, one of Connecticut’s most quoted and respected economists, yesterday told the Simsbury Economic Development Commission (EDC), that Simsbury River Oaks will provide the town with “real and tangible benefits.” The single most significant benefit, he said, is the $4.03 million in net new tax revenue – revenues left after all expenses are paid – that would be generated annually after the completion of the proposed mixed-use development in 2010. Klepper-Smith, director of research and chief economist for DataCore Partners in New Haven, emphasized that the $4.03 million is a “conservative” figure that is likely to be increased. “There are real and tangible net fiscal benefits to be had from the development of Simsbury River Oaks,” he told the EDC. “The question is how the town would like to spend these benefits. Do they want to buy new ambulances, new computers for the local library, or apply them to property taxes? “Simsbury has an opportunity to offset the rising level of local property taxes,” said Klepper-Smith, who was recently named as chairman of Gov. Jodi Rell’s Council of Economic Advisors. He was introduced to the EDC by R. Michael Goman, president and CEO of Konover Development Corporation, which is proposing the construction of the 960,000 square-foot Simsbury River Oaks on a 60-acre site on Route 10, adjacent to the Avon Town Line. “I live and work here in Simsbury. It’s my town as well as yours and I want to do everything in my power to protect it, while providing it with real benefits that will help all my fellow Simsbury residents,” he said. Klepper-Smith’s remarks to the EDC were tape-recorded by Simsbury Community Television (SCTV). Please visit http://www.simsburytv.org/SCTV.html to find out when the EDC meeting will be aired. Simsbury River Oaks is a proposed mixed-use development containing residential, retail and office components on a 60-acre site on Route 10, adjacent to the Avon town line. It offers an opportunity to enhance Simsbury’s lifestyle while adding $4.03 million in new net tax revenue for Simsbury. It will be unique; yet will blend well with the style and substance of the Simsbury residents know and love. Contact: |
