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Health & Fitness

The Financial Facts About Powder Ridge

There are several issues rising to the forefront in the upcoming election, chief among them is misinformation on Powder Ridge. I hear much tax increase fear mongering and rhetoric, but no clear plan to address financial issues. As the current Vice Chairman of your Board of Finance, I feel obligated to set the record straight. 

FIRST, the Powder Ridge deal will NOT increase your taxes going forward. The deal is done, and Powder Ridge is now generating income for the town for the first time in well over a decade. In fact, Powder Ridge may help to lower your tax burden in the future as the tax revenue is expected to increase over time with the ski area opening and Brownstone continuing to invest.

SECOND, when Middlefield bought Powder Ridge, the town bonded $2.85 million to pay for the property. Since that time, the town has paid- down $790,000 of the principal on that bond. The current outstanding debt on the property is$2.06 million. For the past several years, the town has consistently paid over $200,000 a yearin principal and interest, and will continue paying at that rate until the debt is paid. Essentially, the debt payments will remain constant.

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TO RECAP: Powder Ridge is now generating income for the town and expected to in- crease over time, the expenses associated with the deal have stopped, and the debt payments on the property are constant and expected to remain flat.

Robert C. Yamartino

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Vice Chairman Middlefield Board of Finance 

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