Stonington's Economic Development Commission believes the financial choice has never been clearer - potentially $500,000 in new property-tax revenue or more than $500,000 in new expenses that will have to be paid by residents' property taxes. That is a $1 million per year swing. After a public hearing on Tuesday the Planning and Zoning Commission, after input from residents, will make that decision.

The former Perkins Farm, now owned by Lattizori Development, consists of 70 acres of vacant land abutting Interstate 95 and Jerry Browne Road and is currently zoned for single-family homes on 1-acre lots.

The land is located on the "shoulder" of Mystic's tourist commercial district, directly across the street from the town's largest commercial taxpayer, StoneRidge. On
Dec. 1, Lattizori will be asking for a "text amendment" to extend permitted uses. Included is a guarantee that any development would preserve 50 percent of the land (35 acres) as publicly accessible open space. Lattizori's conceptual plan features a mix of uses including retail, hotel, offices and 48 age-targeted residential condominiums. Specifically excluded would be big-box stores.

Lattizori's text amendment would establish an additional approval process requiring two more P&Z public hearings before any construction is allowed.

The EDC believes Lattizori's modest-scale shopping destination would complement existing tourism businesses and bring in new customers for Mystic Seaport Museum, the aquarium and existing retail establishments.

At a prior EDC public information session, a Lattizori consultant estimated the concept plan's assessed value for property tax purposes at $48.3 million, providing tax revenues of $730,000 at the current mill rate. Additional expenses for new town services were estimated at $225,000, resulting in net new property tax revenues of $505,000 per year.

In contrast, a full residential build-out under existing zoning rules would produce 54 homes with only 15 percent, or 11 acres, dedicated as open space. Houses priced under $400,000 would bring an estimated 47 school-age children. Total assessed value is estimated at $14.7 million. At the current mill rate, annual tax revenues would be $221,000. After deductions for the cost of education, $570,000, and new town services of $151,000, there would be new town expenses of $500,000 annually.

Stonington's commitment to educational excellence is expensive; presently about $12,125 per student. The proposed Lattizori project is the kind of development that can produce tax revenues to pay for education without increasing enrollment.

Opportunity to mitigate future taxes

Stonington needs this 70-acre site to be put into maximum productive use. Lattizori Development, a company based in Stonington, has a plan that will mitigate future tax increases by growing the grand list. The Planning and Zoning Commission, with input from taxpayers, will decide how the town will meet its future financial commitments while keeping taxes low.

The Economic Development Commission urges Stonington's taxpayers to attend the public hearing at 7:30 p.m. Tuesday at the Mystic Middle School.

Blunt White is chairman of the Stonington Economic Development Commission. His opinion is supported by the full commis-
sion.