Economic Impacts of the Ferry Landings Project

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With the February 6th acceptance of the Ferry Landings “Findings” document, the next step is the ongoing review of the developer’s “Site Plan.” That process could begin in March and actual building could start this summer.

While a number of reviews have already been written about the “Findings” document, an assessment of the economic impact may be helpful in noting what the project will mean to the Village.

According to Findings Section “F” (titled Socio-Economic/Fiscal) there will now be 238 residential units on the Ferry Landings site that will produce roughly 538 new residents to the Village of Tarrytown for a 4.8% increase in total population. According to this section, 18 of these units will be one-bedroom loft apartments, 53 will be two-bedroom loft apartments, 103 will be two-bedroom townhouses and 54 will be three-bedroom townhouses.

Total projected tax revenues for the start-up period of 2011- 2012 will be approximately $4.06 million dollars or an increase of $3.6 million over tax revenues already being generated by current property ownership. Each year The Village of Tarrytown will receive approximately $1,057,000, the Town of Greenburgh will get $35,000, Westchester County will receive $390,000 and The School District will receive $2.2 million dollars. Section “F” carries the notation that this final amount is $2.6 million dollars higher than the original number proposed in the DEIS, directly due to the Village’s insistence on gaining maximum tax revenues, i.e., town houses will be sold as single-family homes, a condition of final site plan approval.

Even so, the revenues to the Village must be offset by annual costs of $217,000 associated with the project. Thus, the actual net to the Village will be $840,000 in taxes annually. The number of students the project will add to the school system is 47, with an accompanying cost of approximately $768,000. Of this total cost, 83% will be covered by the new property tax with the remainder coming from other sources, including various aid packages. The net to the school, then, will actually be $1.6 million per year.

There are no estimates yet as to what the additional population will net to Village retailers or services, but it could be a safe guess that any increases in Village sales could conservatively start at the 4.8% increase level of new citizens eventually coming into the Village.

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About the Author: Arnold Thiesfeldt