A significant issue has emerged between the county and the town of Colony regarding a property development that could have substantial financial implications for local taxpayers. During a recent government meeting, officials discussed the decision to select the Division of Military and Naval Affairs for the property, bypassing two private development options that would have adhered to county planning and economic development regulations.

The chosen development is projected to have an assessed valuation between $50 million and $59 million. However, if the project proceeds without taxation, the town stands to lose approximately $330,000 annually, the county would forfeit around $262,000, and the school district could see a loss of $179,000 each year—amounting to significant financial losses in perpetuity.

In response to these potential losses, the town supervisor has initiated discussions with the county executive to explore financial mitigation measures, similar to those implemented in Albany. The supervisor emphasized the need for a long-term solution that would protect taxpayers rather than a one-time contribution that would only cover a fraction of the losses.

The meeting also touched on historical precedents, referencing past figures who established environmental impact fee programs, which require mitigation fees from municipalities and the state. This context underscores the importance of ensuring that any new developments contribute fairly to local finances, particularly in light of the potential losses highlighted by the current situation.