SCARBOROUGH — During a fiscal impact presentation of The Downs on Sept. 30, developers said that the project provides a significant benefit to the town and will continue to show this in the next few years.
Funded by The Downs and conducted by economic development consultants Camoin 310, the analysis, covering a timeframe from 2019 through 2023, showed that The Downs provides a significant fiscal benefit to the Town of Scarborough, which will continue to increase over time.
In the five-year period, the annual net fiscal impact of the Downs on the Town of Scarborough is projected to grow to $2.6 million, said Jim Damicis, senior vice president of Camoin 310.
“Tax revenues from The Downs are therefore expected to outperform original projections by
$1.3 million over this period,” the presentation said.
Through 2023, The Downs is projected to pay $4 million in impact fees to the town and sanitary district, the presentation said.
Courtesy photo
The flexible zoning within The Downs allows for a mix of residential and commercial development in a compact area, which will benefit the town, increase its bond rating, and shift the town-wide inventory, said the presentation.
Councilor Don Hamill said that the mix of development will cause a dramatic shift.
“If I have it right, it looks like you’re going to be potentially doubling the percentage of commercial property from 18 percent to 34 percent — almost doubling it — and reducing the percentage of our residential property in half from 75 percent to 36 percent,” he said. “If I have that right, that’s a dramatic shift in just a five-year period.”
Peter Michaud, one of the developers of The Downs, said that the project works as a good Return of Investment model for Scarborough because of its flexibility and can meet all types of market demands.
“We’re going to physically impact the economic engine of the town, and I’m very proud of that,” he said.
Rocco Risbara, one of the developers, said that the net benefits of the project are significant.
“I hope when people who live in Scarborough and folks on the Town Council, when they think about The Downs, they can see that — yes, there’s a significant monetary benefit,” he said. “There’s also a good benefit to the town in that we’re preserving open space and providing recreation within the subdivision.”
By 2023, there will 87 acres of open space conserved, 4.3 miles of sidewalk installed, 8,300 feet of trails constructed, and 3.3 miles of bike lanes, the presentation said.
This new “economic engine” for the town might have councilors ask what will be done with it and where should money be invested, Michaud said.
Michaud said that it was significant that the developers were going before the Town Council to present The Downs’ economic return. He said he doesn’t believe any other developer had done that in Scarborough before.
“There’s a reason we’re doing it because we have to live in this town — we’re proud of what we’re doing, and we want people to understand that what we’re doing is good for the community,” he said. “We know not everyone’s a fan, but what we’re doing — we want folks to understand is good for the community.”
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