The overlay is a clarion call for increased commercial tax revenue and housing. We need both!
However, I question the estimated net revenues and worry about nebulous responses regarding infrastructure costs, parking and traffic/congestion solutions, and funding to enhance the town staff to handle such a complex development.
Many have challenged planners on school costs, or the very low car/unit or /work-site ratios. In addition, low build-out means permitting fees (not detailed in public forums) trickle in, so who pays (and when) up-front costs of new/incremental sewer and water systems, electrical, and
transformer upgrades, or significant investments in new streets and pedestrian safety (the latter in which Belmont already lags badly). How does our stressed operating budget front-load hiring planning, engineering and permitting personnel required (and on what timing) to support this plan?
Another concern: Property owners lose lease income for at least two or three years, then borrow heavily to raze and build.
They have to recruit new businesses to the new properties and sell the housing. That’s a major undertaking and fraught with huge financial risk. To encourage them, has the town modeled lost or “forgiven” tax revenue as old properties come off-line? Does the developer/owner ask the town for additional tax abatements to help fund their portion of sewer, water, utility and streets/scapes work, until lease income builds? Once online, does the property owner apply for further reduction of taxes over the initial years of operation? Any of these costs further reduces the return on investment overlay proponents’ project.
Bottom line, the overlay plan does not seem fully baked yet. Residents need more concrete explanations and numbers. A more modest proposal would reduce the concerns of many about serious degrading of the “town center” environment — looking like a checkerboard where one or two projects proceed at full height but other one-story buildings remain, or a canyon of too-tall edifices if somehow fully developed. As is, do a majority of residents have the full confidence “we” have a successful and detailed plan, and are we ready to pull the trigger?
Larry Link, Orchard Street