The technology campus would add approximately $274 million in assessed value to West Windsor’s ratable base and employ about 7,450.
By: Gwen Runkle
WEST WINDSOR With notification problems resolved, Sarnoff Corp. resumed a presentation before the Planning Board of its general development plan for a 3 million-square-foot technology campus Wednesday night, presenting a financial analysis that promised substantial new tax revenue.
Members of the public packed the meeting to hear Sarnoff representatives summarize previous testimony, then move on to new topics.
In rehashing its traffic analysis, Sarnoff did note one change. In response to residents’ request, a proposed parallel road to Fairview Avenue was stricken from the plan.
As for its fiscal analysis, Sarnoff’s development is expected to have an overall positive fiscal impact on the municipality and the regional school district, according to David Listokin, a research consultant for Sarnoff with Burchell-Listokin & Associates.
The technology campus would add approximately $274 million in assessed value to the township’s assessed ratable base of roughly $2.5 billion and is expected to generate about 7,450 permanent workers at full build-out, he said.
The annual public cost of the development at full build-out was estimated at $1.7 million, while about $8.1 million is expected in revenues for both the municipality and school district through property taxes for an overall surplus of about $6.4 million, he said.
Breaking down those numbers, the municipality could incur a loss because it bears the full service responsibility for the development and reaps a smaller share of the revenue than the regional school district, Mr. Listokin added.
"But remember overall the fiscal impact is a positive one," he stressed.
To get a better sense of the timing of the benefits and deficits he cited, the Planning Board asked Mr. Listokin to develop a phase-by-phase fiscal analysis for the project.
Councilwoman Rae Roeder, speaking as a neighbor of the project, also asked if Mr. Listokin could look into how the new jobs created by Sarnoff would affect the township’s affordable-housing requirement.
"The more jobs created, the greater share of affordable housing we will have, and the more houses we have the more children we’ll have in the schools," she said. "There might be more of a cost here than you think."
Factors such as the amount of undeveloped land and open space preserved in a township are also considered by the Council on Affordable Housing when determining a municipality’s affordable-housing requirement, said Sam Surtees, township land use director.
Ms. Roeder also asked if increasing the township’s ratable base would increase the portion the township pays in taxes for the regional school district. Currently, West Windsor pays about 60 percent and Plainsboro pays 40 percent for the district.
Mr. Listokin is expected to answer these questions at the Planning Board’s meeting June 19. At that meeting Sarnoff is expected to finish its general development plan presentation with information on the economic conditions of the area and engineering plans for the proposed technology campus.
The 3 million-square-foot technology campus would be built on just under 21 percent of Sarnoff’s 332.5-acre property.
The development consists of two campuses one surrounding Sarnoff’s existing facility and another east of Little Bear Brook. They are expected to be built in three phases over a 20-year period with additions and renovation of Sarnoff’s existing facility being carried out over the entire time frame.