FAFO Analysis
Faced with the potential of having our building permit suspended after the latest round of delays, I made it clear to the City that I had no intention of burning more soft-cost money to defend myself while they couldn’t be bothered to make a decision for 107 days.
So, in consideration of what my alternative options are, I thought it would be an informative process to compare two options:
1 River Park, a 64,000s.f. mixed-use building designed by Howard Elkus of Elkus-Manfredi Architects in 2015 before being blocked in 2016, 2018, 2020, and 2023.
A Cheap Alternative, if the costs and delays continue to mount and push 1 River Park out of feasibility, I could put a pre-fab metal building of the same footprint in its place, abandon the life-science research and office space, and instead transfer the 13,000s.f. of approved and entitled restaurant and retail use into a single-story, metal-frame building as-of-right under current zoning.
$92,492
Cost of the 1 River Park building permit, paid to the City of Lebanon by River Park, which has now been jeopardized by delays and the Planning & Building staff threatened to revoke.
$2,740,838
Estimated lost tax revenue to the City of Lebanon over a 10-Year period between these two scenarios.
$2,354,000
Estimated taxpayer contribution to the three major West Lebanon improvements advanced by 2021 Action Plan For West Leb and incorporated in the City of Lebanon Capital Improvements Project Budget.
$7,494,970
Total cost to the Lebanon taxpayer (just the City’s portion, not including State contribution) of the 5 major West Lebanon infrastructure projects. These are important advancements, but without new economic development these costs contribute to the rising tax rate and indebtedness of the Municipality.
45, $46
The building represents an equivalent tax base to 45 Lebanon Households, and (warning: gross oversimplification ahead) if built the taxes generated would be equivalent to a $46 tax savings for each household in the City of Lebanon.
