Let's put the question of whether buying the Schlumberger property is a good or bad idea aside for a moment and look at the methodology with which our town leaders approached this expensive proposition.
Eighteen months before Schlumberger was to leave Ridgefield, the town was notified of their intentions.
Those eighteen months plus three and a half years later, we are told that we must make a deal to preserve Ridgefield's destiny and it has to be done NOW at a 'guestimated' cost of $4 million without a completed plan in place.
That's exactly what happened at a Board of Selectmen meeting on Tuesday, September 7, 2011 with only a few days notice to the public when the agenda was published on the town's website.
Rather than starting this process 60 months ago, or taking another few months to get it right, our reaction to the IBM fiasco is to put the town in the awkward position of making what might be another bad decision.
So on September 7th, the Board of Selectmen -- with one dissenting vote -- rushed through a proposal to put a $4 million dollar bond to the voters on November 8th to buy 'about' 35 acres of the Schlumberger property, peeling off the other acreage for town and private development with an un-named developer. And what are we going to do with this property? Who knows?
There are all kinds of questions to be asked and answered but as usual we are going forward half cocked.
The First Selectman stated that this deal would not increase our overall debt -- a statement that is just plain wrong.
(1) First, the obvious point: borrowing $4 million dollars is just that, borrowing $4 million dollars. That increases debt by $4 million dollars.
(2) Then there is the issue of paying down the bundle. We are currently doing that in an orderly fashion which is only possible so long as we don't increase our capital borrowing by more than $8 million in any given year.
So let's look at that number.
In a 'normal' year we borrow between $3-4 million in capital to finance the purchase of yet more trucks, fire engines, plows, boilers, complete roof repairs, replace school doors and asbestos tiles and begin energy saving projects, etc.
Already announced will be a fall request by the library -- as a separate referendum -- for a reported $5 million dollars to help build a $20 million dollar library.
As a separate issue the schools want a gas line installed to the High School in order to save energy costs, an admirable goal, but timing is everything in life.
By my calculation, we are looking at borrowing at least $12 million for capital projects which does not allow for the same orderly pay down of Ridgefield's overall debt, currently $95 million, at the current rate, in other words the debt curve changes. We will have more debt longer.
Now I have only the information that is public. Somebody please correct my assumptions with some facts, if I am wrong.
Lest we forget, the town of Ridgefield is currently the most indebted town in CT and Ridgefielders are its most indedebted citizens. So proposing that we spend another $4,000,000 for a half cooked idea is a stunning proposal to say the least.
I ask: is this good management?
Now, as a separate matter, let's look at 'controlling our destiny' by buying the Schlumberger property. An argument could be made that it is a good idea if we know how it is going to be paid for going forward.
It is said that any boat owner -- except perhaps the most wealthy amongst us -- claims the two best days of boat ownership are the day they buy the boat and the day they sell it.
That could be said about buying the Schlumberger property as well. While it may feel good to buy it, how are we going to maintain it going forward? It costs Schlumberger a reported $1 million dollars annually to do that. Wouldn't we have to spend a similar amount? I don't know but one thing for sure: there was no plan put forth by the Board of Selectmen to deal with this question amongst others. And if there is no plan, there will be unforeseen consequences. Maybe to schools, to roads, who knows?
I submit there are more followers than thinkers on the current Board or Selectmen. And we, the residents of Ridgefield, will bear the brunt -- yet again -- of their lackadaisical thinking
Buying Schlumberger, controlling our destiny, may well be a good idea but is it, the way it is currently structured?
Eighteen months before Schlumberger was to leave Ridgefield, the town was notified of their intentions.
Those eighteen months plus three and a half years later, we are told that we must make a deal to preserve Ridgefield's destiny and it has to be done NOW at a 'guestimated' cost of $4 million without a completed plan in place.
That's exactly what happened at a Board of Selectmen meeting on Tuesday, September 7, 2011 with only a few days notice to the public when the agenda was published on the town's website.
Rather than starting this process 60 months ago, or taking another few months to get it right, our reaction to the IBM fiasco is to put the town in the awkward position of making what might be another bad decision.
So on September 7th, the Board of Selectmen -- with one dissenting vote -- rushed through a proposal to put a $4 million dollar bond to the voters on November 8th to buy 'about' 35 acres of the Schlumberger property, peeling off the other acreage for town and private development with an un-named developer. And what are we going to do with this property? Who knows?
There are all kinds of questions to be asked and answered but as usual we are going forward half cocked.
The First Selectman stated that this deal would not increase our overall debt -- a statement that is just plain wrong.
(1) First, the obvious point: borrowing $4 million dollars is just that, borrowing $4 million dollars. That increases debt by $4 million dollars.
(2) Then there is the issue of paying down the bundle. We are currently doing that in an orderly fashion which is only possible so long as we don't increase our capital borrowing by more than $8 million in any given year.
So let's look at that number.
In a 'normal' year we borrow between $3-4 million in capital to finance the purchase of yet more trucks, fire engines, plows, boilers, complete roof repairs, replace school doors and asbestos tiles and begin energy saving projects, etc.
Already announced will be a fall request by the library -- as a separate referendum -- for a reported $5 million dollars to help build a $20 million dollar library.
As a separate issue the schools want a gas line installed to the High School in order to save energy costs, an admirable goal, but timing is everything in life.
By my calculation, we are looking at borrowing at least $12 million for capital projects which does not allow for the same orderly pay down of Ridgefield's overall debt, currently $95 million, at the current rate, in other words the debt curve changes. We will have more debt longer.
Now I have only the information that is public. Somebody please correct my assumptions with some facts, if I am wrong.
Lest we forget, the town of Ridgefield is currently the most indebted town in CT and Ridgefielders are its most indedebted citizens. So proposing that we spend another $4,000,000 for a half cooked idea is a stunning proposal to say the least.
I ask: is this good management?
Now, as a separate matter, let's look at 'controlling our destiny' by buying the Schlumberger property. An argument could be made that it is a good idea if we know how it is going to be paid for going forward.
It is said that any boat owner -- except perhaps the most wealthy amongst us -- claims the two best days of boat ownership are the day they buy the boat and the day they sell it.
That could be said about buying the Schlumberger property as well. While it may feel good to buy it, how are we going to maintain it going forward? It costs Schlumberger a reported $1 million dollars annually to do that. Wouldn't we have to spend a similar amount? I don't know but one thing for sure: there was no plan put forth by the Board of Selectmen to deal with this question amongst others. And if there is no plan, there will be unforeseen consequences. Maybe to schools, to roads, who knows?
I submit there are more followers than thinkers on the current Board or Selectmen. And we, the residents of Ridgefield, will bear the brunt -- yet again -- of their lackadaisical thinking
Buying Schlumberger, controlling our destiny, may well be a good idea but is it, the way it is currently structured?
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