Oxford Power Plant Protestors Say the Money Doesn't Add Up

Submitted by opponents of the Oxford Power Plant, “Stop Towantic Power Coalition,” which held a press conference at Town Hall Monday, which attracted about 40 residents, with many raising heath concerns over the proposed project.

Their full statement can be read below:

We believe George Temple and Oxford Planning and Zoning’s premature endorsement of Competitive Power Ventures Towantic Power Plant without Oxford voter approval is based on False Economics.

George Temple and Oxford Planning and Zoning Commission should reevaluate the benefits CPV brings to Oxford residents.

The attached analysis, using hard data from the Oxford Greens development, will demonstrate that the economics of the current PILOT tax arrangement, twice presented and twice voted down by the residents, represents a net loss in revenue to the town.

We must remember that CPV wants this plant on Woodruff Hill for its own economic benefit, not Oxford’s. This data demonstrates that should this project go forward, residential development in Oxford will be thwarted.

There is evidence of this occurring already. Should further development cease because of the plant, it would represent a loss of $67 million in taxes from Oxford Greens alone.

We are urging George Temple to take the lead in seeing this arrangement is reexamined, and here’s why:

As an example of what’s currently occurring, the community of Regency at Prospect added 66 new homes to the Prospect Grand List last year.

Oxford Greens added 16 new homes to the Oxford Grand List. Why a 50 home difference? Both developments are run by top of the line builders, are 55 and over age restricted, and are similarly sized and priced. Is the power plant the issue?

We strongly believe it is. The loss of 50 homes not built in 2015 already represents a loss of approximately $350,000 in taxes. If the norm should be 66 homes per year, it would take approximately 8 years to build and sell the 520 remaining Oxford Greens homes and provide the $6.3 million tax per year potential.

We have been told by prospective buyers that the power plant was a strong factor in their decision not to buy a home in Oxford.

Homes have already been put up for sale in all of Oxford because of the threat of this plant being built. Builders may also go elsewhere knowing they will not be able to sell the homes they build. We know why some of the town leaders are in favor of the plant—money for the town’s coffers.

They foresee receiving all of the tax related payments from the power plant and all of the Oxford Greens homes being built with resultant taxes from the 900 approved homes.

The town of Oxford never should have endorsed a power plant so close to a still growing 55+ adult community. The health issues (the elderly are particularly vulnerable) that will be caused by the pollution spewed by the power plant and the visibility of the stacks due to the plant sitting on a high hill will serve as a deterrent to people who might have otherwise considered buying in Oxford. The town of Oxford cannot let this happen.

Lets look at the impact on the local economy:

We believe that each of the 380 households in Oxford Greens contribute upwards of $35,000 per year to the local economy.

This is a total of $13.3 million. CPV estimates that the power plant would provide 25 permanent jobs. If each of these job holders lived in Oxford and they contributed $35K to the local economy this would total only $875,000. If the plant were not built and the 520 additional homes are built at Oxford Greens, this would amount to $18.2 million added to the local economy.

The numbers tell the story in plain economic terms:

• The economic benefit from building the additional homes in Oxford Greens will yield almost three times the PILOT proposed by CPV.

• The comparative dip in home sales and lower home values show the threat of building the CPV plant is already having a negative effect.

• The local economy will benefit far more from 700-800 additional homeowners than it will from 25 CPV maintenance employees who may not even live in Oxford.

• Any payments proposed by CPV under a PILOT program are fixed. However, money from the additional homes will rise from inflation and increases to the mil rate over the next 22 years.

The money CPV is offering seems like a great boon for Oxford, until you look at the hard numbers. We need Oxford’s leaders to reevaluate the long term effects of building this power plant. The residents of Oxford got it right when they voted down the CPV proposal at the Town Meeting and at the Referendum.

The real economic benefit will come from residential and smart business development and maintaining Oxford’s rural character published in the Conservation and Development Agreement of 2007.

Photo credit: Stop Townantic Power Facebook page