Many Belmont parents have rallied around the Center overlay proposal under the false impression that it will produce money for our schools. I sympathize with their wishes since my wife and I have been staunch supporters of Belmont’s schools for the past 50 years.
However, the sad truth is the overlay proposal may actually cost the town money, producing deficits that will require larger overrides or cuts in school funding.
This conclusion—that the town will lose an estimated $250,000 a year under a full buildout—is the result of a detailed independent analysis of the overlay’s impact on the town’s finances conducted by four long-time Belmont residents, all of us financial and economic analysts. It is outlined in detail in the upcoming Belmont Citizens Forum newsletter.
The analysis assumes two floors of commercial and the higher floors residential, consistent with the town’s proposal. However, because of a weak commercial market and the great demand for new housing, the town may end up with one floor of commercial and the upper floors residential. In that case, the town would lose an estimated $1 million a year.
In addition to losing money, there are no plans to address the huge parking and traffic problems of 400 new residential units and 1,200 new employees. And unfortunately, such a massive development would force the closure of virtually all existing small businesses on Leonard Street, permanently destroying the Center’s small-town character.
Belmont should certainly pursue commercial development but not such a seriously flawed proposal. In the next few months, we should work together to produce a more reasonable proposal that can win broad community support.
For independent commentary on the overlay proposal, please visit belmontbetterzoning.org.
Michael Widmer, Gilbert Road