The city council is reviewing zoning on the waterfront and the Fishkill Creek. These new zones are an outgrowth of the Comprehensive Plan and developers who have expressed interest in the city. The city intends to move carefully with the developments listed and each project is subject to full Planning Board review, traffic studies, public hearings and environmental impact evaluations.
For the city council to make an informed decision regarding zoning we commissioned an independent fiscal impact study. This study determined the net revenues that can be generated by these developments. To choose the company to perform the study the city published a request of proposal, reviewed the responses thoroughly and preformed reference checks. We selected AKRF, Inc. The process they used was to project the costs to provide services for the developments. The costs were then deducted from projected revenues, thus creating net revenue. Costs were determined by interviews conducted with the city administrator, city department heads, the Superintendent of the Beacon Schools System and a thorough line-by-line examination of the city’s budget. The revenues of the six potential projects were determined through interviews with the developers and with the help of the city’s assessor.
As you review the amounts that follow it is useful to understand that based on our current typical tax levy, every $68,000 of revenue is equal to an approximately 1% reduction compared to the previous year. So for example the Beacon Transit Oriented Development’s net revenue is $780,000 which is equal to a benefit (i.e. tax rate reduction) of between 11-12%. Also the amounts listed are based only on property tax revenue and do not include the estimates on additional sales tax, mortgage recording tax, construction related revenue or jobs created by the developments listed, which also provide a significant benefit. All of the following developments will be subject to Beacon’s workforce housing (affordable) law that will apply to 1 out of every 10 units. This law is soon to be adopted. The following are three of the six projects studies. (The others will be published in a few weeks):
(1) Beacon Transit-Oriented Development (TOD): This is a 22 acre development located at the Beacon Metro-North rail station and owned by the MTA. It is a mixed commercial (120,000 sq. ft) and residential development (616 units). Of the commercial space, up to 40% can be retail/restaurant/personal services shops. The remainder is office space and other commercial services. The net fiscal impact is estimated at $780,000 for the City and $1,993,000 for the Beacon Central School District.
(2) Edgewater: The proposed Edgewater project is located at 22 Edgewater Place (located at the end of Tompkins Ave near the Hudson River). This is an 11 acre site that would include 300 residential units in six buildings with a clubhouse and pool for its residents. The project is expected to be a high end rental and condominium development. The net fiscal revenue is $229,000 for the City and $572,000 for the Beacon Central School District.
(3) Long Dock Hotel and Conference Center: This proposed development is on a 10.9 acre vacant site located along the Hudson River at Long Dock. The planned project would develop a 166 room hotel and a conference center with capacity for approximately 400 guests. The net fiscal revenue is $641,000 for the City and $1,310,000 for the Beacon Central School District.
When combined together the six developments (three included here) would yield estimated revenues for the City of Beacon of $1,900,000 and for the Beacon School District of $4,600,000. There are many factors that will be considered before the city council adopts zoning to permit these developments and the public will have ample opportunity to attend public hearings on each. The entire impact study can be found on the city’s website cityofbeacon.org as the “cost of services study” in the city reports and documents section.
Steve Gold, Mayor