Seneca Place Study Released

Public meeting at East Senior HS 1/7/2015 7pm? as per robo call.

MARKET & FINANCIAL ANALYSIS
OF THE

PROPOSED TOWN FACILITIES
AT THE

SENECA PLACE DEVELOPMENT


TOWN OF WEST SENECA, NEW YORK





http://www.westseneca.net/sites/defa...L%20DRAFT).pdf

This is the HUGE project for the Seneca Mall area that the developer wants big money from the town taxpayers in order to see this unnecessary, membership fee based development become a reality.

In reading this, it looks like the community center if built would be a financial train wreck

Maybe that is why the smart developers want the tax subsidised retail and housing built first ? ! ? :witless:

Run away from people who propose a project like this when your town is also one of the highest taxes areas in the USA.

Quote:

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$70 million all to be supported through Bonds issued by the Town.

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The property owners are borrowing quite a bit for this developer.

Quote:

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An additional $60 million in funding would be requested for additional parking in a later pase to support the Seneca Place project.

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Another large chunk.

Will the tax revenue from this project at least offset the bond payments for the first $70 million?

I'm just throwing numbers out there.

Let us borrow $70 million for 15 years at 2%

https://www.creditkarma.com/calculators/loan

$450,456 a month using that simple loan calculator.

Quote:

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Population in 2010: 44,711. Population change since 2000: -2.7%

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http://www.city-data.com/city/West-Seneca-New-York.html

Anyone know if the population has grown or decreased since 2010?

I'm using the population of the town to make a point. I don't know how many taxable properties are in WS.

So we take $450,456 / 44,700 people = $10 a month for each person in West Seneca.

Will this project generate at least 500,000 a month in property taxes to offset the cost? If not why put the property owners on the hook?

Keep your $10 bucks and invest it in yourself.

From their own study:

"Also, all areas are projected to realize a decline in the population aged 35 to 54 years, generally
considered to be those in their peak earning and spending years. However, population
increases are projected for those aged 55 to 64, a group typically considered to have
more disposable and discretionary income. These projected population trends suggest
that an expansion of sporting venues and facilities in West Seneca at this time, would
likely need to compete with existing facilities to capture a diminishing target market
demographic."

"a continued decline among householders earning less than $50,000.
Nonetheless, the marginal population losses, the shifts in the age cohorts and the
stagnant household growth result in increased affluence among a diminished base, i.e.,
fewer consumers with more money to potentially spend."

"RKG’s opinion any new destination retail developed in West Seneca would largely be competing in an adequately served market, suggesting that new inventory will compete with existing inventory without necessarily increasing
consumer draw or market area"

For their over all Conclusions and Recommendations - go to page #4 CLICK HERE