The Town of North Hempstead has once again passed resolutions despite objections from residents in order to take over the Roslyn Country Club as follows:
- Authorizing the acquisition of Roslyn Country Club as recreational land and open space and related actions as recommended by the Advisory Review Committee for the Environmental Legacy Fund (ELF).
- Bond resolution authorizing the acquisition of approximately 7.385 acres stating the estimated maximum cost thereof is $2,050,000 and authorizing the issuance of $2,050,000 bonds to finance said appropriation (originally $2 million).
This is a total of $9.5 million-plus when $7.5 million (originally $7 million) estimated for improvements is added. Note that private estimates for residents to purchase the land and build the same improvements are estimated at $3.8 million, or 40 percent less.
That $3.8 million with interest at 6 percent would cost about $6,000 per resident when divided by the 668 residences. With a 15 year term, the payment would be about $400 per year. Operating costs of $425,000 will still require about $600-650 for membership, but that’s still about 50 percent less than other clubs in the area that command over $2,000:
- Roslyn Pines – $2,250
- East Hills Park residents pay $2,000-3,000.
For those who do not use the club, it could be additional income. If a resident can sell their membership, they could receive more than $2,000 above the $400 annual payment for land acquisition.
Can you see how this is an asset that is has worth – money to all residents – and translates to value for easement rights? The town wants to extinguish our easement rights through eminent domain and refuses to compensate residents.
If a resident can get $2,000 for their membership from an outsider over a 15 year period and even more when land acquisition is paid in full, that’s worth at the very least $30,000 ($2,000 x 15).
If you continue as a resident after the 15 year term, it could mean almost $2,500 per year in perpetuity.
It’s a huge selling point to someone that doesn’t need the club but if they do and original acquisition is paid for, it will cost only about $650 for membership or 70 percent less than neighboring clubs.
If you stay in your home 30 years this can amount to almost $70,000.
Its a good deal for the town, a bad deal for residents with loss of valuable easement rights forever. All township residents in general will have to pick up the Town’s tab if they don’t follow through for any number of reasons – and that can be a multitude.
Don’t believe the lie, resident easement rights have great value – they know!