DAN'S PAPERS, January 25, 2008 Page 33 www.danshamptons.com
Dan’s North Fork
$155 Million What A Riverhead Town Supervisor Plans To Do And What It Means For The North Fork By T.J. Clemente Imagine receiving a check for $155 million after a closing. What would you do with the money? This was the question I posed to Riverhead Town Supervisor Philip J. Cardinale concerning the Riverhead Resorts signed contract to build a resort including the construction of an indoor ski facility, thus paying the Town of Riverhead $155 million for the Calverton land. The newly elected third term Democratic Supervisor who graduated from both Georgetown University and Georgetown Law School back in the seventies, was glad to explain his plan on what to do with the money from the deal for the town. Actually, if it all goes down as planned, the Town of Riverhead will receive more like $163 million with all the clauses of the deal. The Supervisor said the first thing he would do would be to retire all the debt of the Town of Riverhead, presently around $60 million. That move alone would lower Town taxes 15% for all residents. Then he would invest the remaining $100 million in AAA investments whose income would lower taxes another 15%, putting Riverhead Town in an unbelievable position with such a large ratio of money in the bank compared to operating expenses. Another part of the Riverhead Resorts deal is that the town will get, according to Mr. Cardinale, 3% of the gross revenues of the resort, which he estimates will be $10 million per year. He pointed out that this is not the 3% of the profits but 3% of the total yearly revenue of the resort. This should then reduce taxes another 25%, so the end result of this whole project, according to Supervisor Cardinale, will
be a town tax bill cut of over 55%. “I want to cut the taxes in half,” he said, “I want to see a transformation of the Town.” With lower taxes, the supervisor believes a new vitality will come to Riverhead by young people being able to move into the Town. He also believes the tax savings will benefit seniors on fixed income. The supervisor pointed out the construction and jobs it will provide, and the business it can generate. He is also aware that the new wealth may cause a swelling of new ideas on how to spend the money, but he is committed to doing what’s best for Riverhead in the long run and not to go on some sort of spending spree. However, he believes an indoor recreation facility for the town is needed and could be funded with revenues from the project, but only after the town debt is retired. With the $1 million received on Jan 15, 2008 by the Town and another $2 million due on Jan 15, 2009, the Town also has over $4 million in deposit money for land that at the present time is not earning income. With clauses built into the deal to buy time before the final closing, the actual amount paid may reach $163 million. However, if the worst case scenario should happen, the Town will net at least around $6 million in forfeited deposits and moneys already
paid. Supervisor Cardinale called it a “win win,” situation, but believes that by December 2010, the deal will happen and the town will be more like $163 million richer. Having lived the last 30 years of his life in Riverhead, and coming out to the Town as a child with his family to summer even before that, Mr. Cardinale said his love for the Town has been the secret to his success in public service. He has watched so many changes over the years as he also watched his children grow into successful and responsible young adults. His oldest son received graduate degrees at Oxford University in England and then came back to the U.S. to get a law degree at George Washington University. His children are products of the Riverhead school system and their upbringing here is an example of the bright future Riverhead can provide for families. It is why the supervisor feels that lowering the Town of Riverhead’s taxes will draw new families to the Town as he was drawn here 30 years ago. He knows the magic and beauty of working and living on the North Fork. He has committed so much of his life’s work to make Riverhead better, to preserve its traditions, and to manage its growth wisely. He knows this project will help do all of that.
Motorcoach Service between
The North Fork & New York City Winter Schedule Effective Thurs., Jan. 3 through Wed., Apr. 30, 2008
D E PA R T I N G
7 Days 9:30 9:35 9:40 9:42 9:50 10:00 10:05 10:10 10:20 10:25 10:30 10:35 10:40 10:45
7 Days 11:30 11:35 11:40 11:42 11:50 12:00 12:05 12:10 12:20 12:25 12:30 12:35 12:40 12:45
7 Days 2:30 2:35 2:40 2:42 2:50 3:00 3:05 3:10 3:20 3:25 3:30 3:35 3:40 3:45
Airport Connection Manhattan
7:15 7:25
8:50 9:00
9:50 10:00
12:20 12:30
2:20 2:30
5:20 5:30
6:50 7:00
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Orient Point Orient Village East Marion Peconic Landing Greenport Southold Peconic Cutchogue Mattituck Laurel Jamesport Aquebogue Riverhead Tanger Outlet
7 Days — 7:00 7:05 7:07 7:15 7:25 7:30 7:35 7:45 7:50 7:55 8:00 8:05 8:10
AM LIGHT
January 26th through February 5th
PM BOLD
Eastbound* Manhattan/86th Manhattan/69th Manhattan/59th Manhattan/44th Airport Connection
Sat Only 7:20 7:25 7:30 8:00 8:20
7 Days 9:35 9:40 9:45 10:00 10:20
7 Days 11:20 11:25 11:30 12:00 12:20
7 Days 1:20 1:25 1:30 2:00 2:25
7 Days 3:20 3:25 3:30 4:00 4:25
Thurs & Fri 5:20 5:25 5:30 6:00 6:25
Tanger Outlet Riverhead Aquebogue Jamesport Laurel Mattituck Cutchogue Peconic Southold Greenport East Marion Orient Village Orient Point
9:40 9:45 9:50 9:55 10:00 10:05 10:15 10:20 10:25 10:35 10:45 10:50 10:55
11:40 11:45 11:50 11:55 12:00 12:05 12:15 12:20 12:25 12:35 12:45 12:50 12:55
1:40 1:45 1:50 1:55 2:00 2:05 2:15 2:20 2:25 2:35 2:45 2:50 2:55
3:40 3:45 3:50 3:55 4:00 4:05 4:15 4:20 4:25 4:35 4:45 4:50 4:55
6:15 6:20 6:25 6:30 6:35 6:40 6:50 6:55 7:00 7:10 7:20 7:25 7:30
7:45 7:50 7:55 8:00 8:05 8:10 8:20 8:25 8:30 8:40 — — —
AM LIGHT
*
PM BOLD
8:20 8:30
To North Fork
D E PA R T I N G
READ DOWN
ARRIVING
Skillet Oysters, Corn Battered Shrimp, Oyster Po Boys, Shrimp Po Boys, Riverhead Jambalaya, Pecan Crusted Catfish, Blackened Bluefish, Voodoo Chicken, Creole Bouillabaisse & More!!!
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Dave is getting fired up in the kitchen with…
Sun, Mon, Thurs & Fri 7 Days 4:00 5:30 4:05 5:35 4:10 5:40 4:12 5:42 4:20 5:50 4:30 6:00 4:35 6:05 4:40 6:10 4:50 6:20 4:55 6:25 5:00 6:30 5:05 6:35 5:10 6:40 5:15 6:45
Mon thru Fri — — — — 6:00 6:10 6:15 6:20 6:30 6:35 6:40 6:45 6:50 6:55
READ DOWN
MARDI GRAS
To Manhattan
Mon Only — — — — 4:45 4:50 4:55 5:00 5:10 5:15 5:20 5:25 5:30 5:35
ARRIV.
Westbound*
W Sun Only 7:45 7:50 7:55 7:57 8:05 8:15 8:20 8:25 8:35 8:40 8:45 8:50 8:55 9:00 10:35 10:45 Sun, Mon,
Thurs & 7 Days Fri 6:20 7:50 6:25 7:55 6:30 8:00 7:00 8:30 7:25 8:50 8:40 8:45 8:50 8:55 9:00 9:05 9:15 9:20 9:25 9:35 9:45 9:50 9:55
10:10 10:15 10:20 10:25 10:30 10:35 10:45 10:50 10:55 11:05 — — —
On select trips, North Fork passengers may be required to transfer in Manorville.
1175 West Main Street, Riverhead (631) 208-9737
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