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Ledyard Center School FAQ's: LEDYARD CENTER SCHOOL PROPERTY SALE FAQ’S What is the selling price? The contract price is $500,000 cash. What is being sold? The Town is selling 18.8 acres of the 24.05+/- acre parcel, including the Ledyard Center School building. Will we have a Town Green? Yes! Our new Town Green will still host the Farmer’s Market, car shows, Trunk or Treat and other Parks and Rec events as well as other community events. The Town Green portion will gain some improvements to make it more attractive and more accessible. Will the Ledyard Fair still take place? The buyer has committed to having the Ledyard Fair take place this September 6-8. Beyond that date, the fair could choose to operate on the remaining 5.25 acres and by agreement, on the Ledyard Congregational Church property but the fair would be significantly smaller, possibly with fewer or no rides. Alternatively, the fair has been offered several other possible locations in town if they choose to relocate to a larger location for the future. When / where is the Public Hearing, Town Meeting & Vote? Public Hearing: May 8th, 7:00pm Ledyard High School Town Meeting & Vote: May 15th, 7:00pm Ledyard High School. All registered Ledyard voters and property owners with taxable property on the 2017 Grand List exceeding $1,000 in assessed value will be eligible to vote. Please bring a valid drivers license/ID card if you intend to vote. What will happen to the former Ledyard Center School? The buyers’ proposal includes conversion of the front wing to office, personal services, retail and possibly a restaurant in the former gymnasium. The lower wing is conceptualized as 12 age-restricted apartments. All plans and re-use will need to go before the Planning and Zoning Commission for approval. Is the buyer seeking any tax abatement? Yes. The buyer is seeking two years of tax abatement, commencing on the day of closing, rather than after the improvements have been completed. What can we expect for new tax revenue? The school building will likely generate new tax revenues of $47,000+. The total project, as conceptualized is projected to generate more than $115,000 in new property taxes. If the school is not sold, what is the cost to tear the building down and make the whole parcel a Town Green? The estimate to demolish the building and remove the septic system is $1,350,000. In doing so, the Town would also need to remove all the asphalt, level the site and cap with loam and seed. The latter could easily exceed an additional $200,000. When coupling the added expenses above with the loss of revenue from the sale, the total cost of not selling exceeds $2,000,000- before typical maintenance and upkeep costs. Will there be another liquor store coming in? No. The State mandates how many liquor licenses are issued in each municipality, based on population. All permits allowed in Ledyard have been issued. What repairs are needed to the former Ledyard Center School? The school needs a new roof in the near future, with an estimated cost between $800,000-$1,000,000. Additionally, the septic system needs repair/replacement, the electrical system is undersized for today’s standards and lighting needs. All bathrooms are extremely dated/lacking functionality, the steam heating system is antiquated, and though significant work has been completed to remove asbestos in the facility, more still exists, which the Town is required to abate if we retain ownership. How much housing is planned for the site? The conceptual plan calls for approximately 60 units of market rate 1-2 bedroom units to the rear of the site as new construction buildings. What are the benefits to the Town if this property is sold for mixed use? Many! For starters, the property returns to the tax rolls for the first time since the 1940’s. The proposed housing component is also critical to a vibrant and viable Ledyard Center. The addition of new businesses and possibly a restaurant will further enhance the options to residents and visitors. Lastly, the residential component will help offset the loss of traffic to existing local businesses from the closing of the school. Remember, without people, business fails.