What does the $44.1 million increase in construction value mean to the taxpayers of Somers?
$44.1 million growth in construction value in two years is unprecedented and extraordinary. And yes, all of the $44.1 million in increased value will bring new revenue to offset the future cost of providing services to those who make Somers their home; however, the question of when revenue is directed to the general operating fund should be clarified.
Development in Somers will produce short and long-term benefits. Some development, such as single family residential and some commercial projects such as Hansen Pool and Spa, United Hospital System, and Sunset Ridge Mausoleum, produce new revenue immediately to the general operating fund. Other larger development, such as First Park 94, Festival Foods, and Bear Development’s 280-unit residential project, occur inside a Tax Incremental District (TID). Somers has two Tax Incremental District’s which mean the tax revenue first pays the debt incurred by Somers to bring water, storm and sanitary sewer, roads and other infrastructure to the development inside the TID. Once the debt has been paid, often a 20-year term, revenues are directed to the general operating fund.
Secondly, the Somers economy will benefit from the direct employment and compensation output that results in our new development. This includes local jobs that supported the design and construction during the course of development. In a broader sense, wages paid to employees will buy goods and services which will spur more economic benefits.
Finally, the balance of both short and long-term development is essential in planning for the long-term financial stability of our community. Somers officials are always ready to provide exceptional customer service and offer a warm welcome to all people and businesses who want to make Somers their new home.