A factual posting from the Civic Associations of Lindenhurst on the sale of Bower

A RESPONSE FROM THE CIVIC ASSOCIATIONS OF LINDENHURST REGARDING THE SALE OF BOWER

First off, if there is anything to be learned from the current presidential contest is that you always need to fact check claims, especially those made by unidentified sources.

Case in point…the recent dubious and outright factually incorrect claims made in an advertising insert distributed within Lindenhurst along with a duplicate advertisement proffered as an alleged factual documentation regarding the sale of the former E.W. Bower school. In response to these, the Civic Associations of Lindenhurst suggest the taxpayers of Lindenhurst review the following and vote on Tuesday, Oct 18 with as much accurate and unbiased information as is available:

Despite almost 7 years of open forum meetings held by the BOE as well as the extant civic associations, where questions from both sides of the equation were hotly debated and ultimately clarified with facts, the taxpayers of Lindenhurst are being misled by a reprehensibly incorrect factoid (see flyer image)...

CLAIM: $450k senior restricted one bedroom condos

FACT: The target cost according to the developers at the open meetings they attended is $380-400k for a one bedroom with den and elevator access for 55+ exclusively. The developer will discuss with the Village the ability to advertise the den as a potential bedroom. They know their pricing far better than most others and claim to have filled their similar properties. While some of us may not be able to afford them, the developers have demonstrated clear confidence in reaching their stated goals. Furthermore, the claim to “lower property values” flies in the face of reality when these condos will be in the $400k price range. When geographically looking at the comps, these prices can only increase the local values.

CLAIM: “when universal pre-k is mandated”

FACT: IF universal “Pre-K” is mandated (which is doubtful in L.I.), the funding from the State will need to come with it. That bridge will need to be crossed if ever or whenever. Universal Pre-K is merely a thought that is in the talking phase at this time.

CLAIM: “and enrollment increases…elementary classrooms already full…new building…$90mil”

FACT: Two BOCES studies confirmed school enrollment has declined for a number of years now and continues to decline. Any increases due to the proposed Tritec project (spelled correctly) is speculative and has been addressed at previous meetings on that matter (statistically 2.3 children per 100 households) and is more than offset by available space at the existing elementary schools and their ability to be expanded on their current properties at a fraction of the unsubstantiated $90mil figure.

CLAIM: Bower’s referendum loan of $200k annually must be paid regardless of whether or not it is sold

FACT: For clarification, there is no such thing as a “referendum loan”. If the unidentified author is referring to the approx. $1mil bond resulting in an approx. $200k yearly debt service, the fact is once Bower is sold, that bond will be paid off. Claiming that the District will have a continued $200k yearly cost after Bower being sold is downright disingenuous.

CLAIM: If sold, the District will lose over 50% of state aid on the remaining bond payments

FACT: The debt service on Bower is roughly $200k per year. If left as is, that debt continues to be paid until 2027. State aid (currently, and don’t forget how these things often change based on the political wind) is roughly $108k per year until only 2024. That alone will leave the District with an approx $600k remaining debt. To take this further, the current rental income at Bower is $101k, the maintenance cost is $214k, the debt service is $200k. Therefore, 214k (maintenance) + 200k (debt) –101k (rent) -108k (aid) still leaves a net loss each year of $205k.

CLAIM: current lessees pay $100k with the potential for additional community-friendly tenants that could result in added income

FACT: The School District has been trying to lease the building to place it in the black for upwards of 5 years through two different real estate agents. To date, they have been unsuccessful in adding additional tenants. With regard to “community-friendly” tenants, the School District would be hard pressed to deny occupancy to any potential tenant as long as they meet all local zoning requirements.

CLAIM: Copiague proposed $80mil bond costing taxpayers $10,000 per household

FACT: In early 2015, Copiague voters turned down a proposed $69.2mil bond for much needed building improvements. A second referendum was put out to the voters later that year for $42.9mil that passed. NYS building aid will reimburse their School District for ¾ of the bond, leaving their taxpayers responsible for about $10.7mil equating to an increase of $131.76 per year. Upon extrapolation, their homeowners could conceivably wind up paying $10,000 after 75 years.

ADDITIONAL OBSERVATION:

Conveniently omitted from the paid for ads was the income that will be generated when the property goes back on the tax roll. Conservatively speaking, the estimated $500,000 yearly income generated is significant when compared to a net loss of $200,000. Voters also need to remember the tremendous unfunded mandates the District faces along with the importance of not piercing the annual tax caps.

A quick approximation not including the tax revenue shows:

Sale proceeds +$5,500,000.00

Realtors fees (5%) - $ 275,000.00

Debt service - $1,200,000.00

Net profit = $4,025,000.00

The Civics strongly recommend that the taxpayers of Lindenhurst get out and vote this Tuesday, Oct 18. It's your pocket! Weigh the facts and vote accordingly.

WHERE TO VOTE ON OCTOBER 18

Voting on the sale of the Edward W. Bower Elementary School takes place Tuesday, from 6 a.m. to 9 p.m. at the following polling locations:

Albany Avenue Elementary School, 180 Albany Ave.; Daniel Street Elementary School, 289 Daniel St.; Harding Avenue Elementary School, 2 Harding Ave.; William Rall Elementary School, 761 N. Wellwood Ave.; and Lindenhurst Middle School, 350 S. Wellwood Ave.

Call 631-867-3001 with any questions on where to vote.