VOTE IS TOMORROW – WHY THE RUSH?

Tuesday, December 6th Ridgefielders are being asked to vote for a $7.0 million expenditure to purchase the Schlumberger property.

In a town referendum on December 6, Ridgefield voters are being asked to approve $7 million dollars for the purchase of the Schlumberger property.  A very reasonable argument has been made for purchasing this property, so that Ridgefield can better control its destiny. However, what that destiny is with this purchase remains a huge unknown. And, the implications stretch far beyond the immediate purchase itself. Good decisions are made with good and complete information. Yet much of this information is still outstanding.

An understanding of the full costs of this purchase alone have not yet been revealed.  While we do know the purchase price, a “financial impact statement” addressing hard and soft costs of the property is still to be determined. Further, what is the financial impact of this purchase regarding other budgeted items such as education, public safety, town infrastructure maintenance and repairs? We have been acutely reminded that financial resources are not limitless. This is a lesson that should be followed even in the best of economic times. What are we prepared to trade off with this purchase?

While we have been assured that this purchase will not go through unless a clean bill of environmental health is provided by an independent firm, significant questions still remain. Intentions and words in a contract are good, but it is important to follow behaviors too. Why is it that other developers have not acted to purchase this site? We have individuals and firms with significant expertise that have just not bitten. The potential downside can be illustrated by the purchase of the environmentally contaminated Wire Mill site in neighboring Georgetown. Ten years later, the site remains undeveloped. Once we enter into the title line, we are exposed. What are the financial implications if this occurs?

Ridgefield voters are being told that we must make this decision now. Why? Is it because Schlumberger may pull out of the deal? Whatever the reason, we ought to be sure that we are making these decisions according to our agenda and not under duress. If the environmental study is so important to the resolution of this deal and to Ridgefield’s future, then we can wait until we see that study before voting to spend $7 million. Additionally, the real value of the property cannot be determined without an appraisal. Will one be provided during the due diligence period?

This purchase could turn out to be a benefit or an albatross, but we aren’t even close to knowing which. Many reasonable questions remain unanswered and a logical process for knowing these answers is being thwarted. Voting to approve this expenditure now is tantamount to rolling the dice and there’s been enough of that lately.