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The Economic Development Commission held a regular meeting on Tuesday, November 18, 2008 at the multi-purpose building in Sandy Hook, CT 06482. Chairman Chet Hopper called the meeting to order at 7:35 p.m.
PRESENT: Chairman Chet Hopper, Theodore Kreinik, Robert Morey, Robert Rau, Catherine Adsitt, John Torok and Mitch Bolinsky.
ABSENT: Monty Frank
ALSO PRESENT: Director of Planning and Community Development, Liz Stocker, Mike Struna, of Advantage Realty, Newtown Bee reporter, Kendra Bobowick and a member of the general public.
ACCEPTANCE OF MINUTES: There was a correction to the minutes of October 21, 2008 under Communications in the sentence that reads: “The letter suggested that $125,000 from the EDC be transferred……” be changed to “The letter suggested that $250,000 from the $500,000 STEAP Grant for the Tech Park be transferred…”. Mr. Rau made a motion to accept the minutes as corrected, seconded by Mr. Kreinik, all in favor.
COMMUNICATIONS: Mike Struna will talk later on the true value of the Tech Park property as it exists in the real world.
REPORTS: Director of Planning and Community Development, Liz Stocker, addressed the Commission regarding topics outlined in a handout attached.
OLD BUSINESS: Tech Park Review: Mr. Rau and others met with the Conservation Commission to get a dialogue going and talked to Joe Borst. Mr. Rau felt that it was a very worth- while meeting. Mr. Hopper introduced Mike Struna of Advantage Realty Commercial. Mr. Struna started by saying that the first criteria in determining the actual value would be the square footage of the building. He added that the more existing infra- structure would add to the value. Mr. Struna said that you take the risk out of the developer’s hands if you get the roads, electric and fiber optic cable out of the way first. He went on to say that an appraiser can give you an idea of the value based on sales history. Permitted uses, he explained, would also make the property more valuable. Mr. Morey asked “What is the current market
demand? Mr. Struna pointed out that the project is 2 years from being available for sale, but now the market place is not all that bad. He added that larger, 50-60,00n square foot buildings would be limiting to an investor and that 25,000 square foot buildings are the best product even in a bad market. Ms. Stocker said that the subdivision could be eliminated and condominium space be put in. Mr. Struna pointed out that there are some drawbacks to this but that the Tech Park could have similar regulations that a condominium would have to be more efficient. Mr. Rau said that if these lots are shovel ready it would increase their value tremendously.
SWOT Seminar Follow Up: Ms. Adsitt said that a community survey should be considered to broaden the input. She added that the night of the seminar there was limited input. Mr. Kreinik said that we had a great program, just not a lot of people in attedance. He added that they made lots of phone calls too. Tech Park STEAP Grant Status: See item 5 in Liz Stocker’s report. Mr. Bolinsky asked if we’re going to lose the money why not redirect it to Fairfield Hills? Mr. Kreinik asked if the money could be used for solar panels. Ms. Stocker said that the grant did not include solar projects. Mr. Bolinsky then asked if Toro ever got their award, Ms. Stocker said that they did not get it yet.
NEW BUSINESS: Vote on Slate of officers for 2009: Mr. Hopper asked if there were any more nominations for the officers. Mr. Kreinik made a motion to accept the slate of officers as voted on in the last meeting, Mr. Morey seconded it, all in favor. Budget for FY 2009-2010: $35,000. Business Incentive Plan: Mr. Torok made a motion to support incentives by state statute for the abatement of real estate taxes, Mr. Morey seconded it all in favor. Proposed Armed Forces Reserve Center: Some discussion on this, no motions. Mr. Bolinsky made a motion to cancel the December 16, 2009 meeting because it is so close to Christmas, seconded by Mr. Kreinik, all in favor. Mr. Morey made a motion to adjourn the meeting at 11:45 P.M., SECONDED BY Mr. Torok all in favor.
Submitted by Shirley A. Paproski, clerk
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