NoPlainvilleRacino shared a link.
TheGambling Consultant didn't get it right on loss of property values:
Here's the data cited by TJ Keen in his question that stated based on property value impact of casinos in our trading area, Plainville property values could be negative...ly affected between 10-20% which means a direct hit to Plainville resident's wealth to the tune of approx. $30,000 and $60,000. This was based on the following facts:
1) A report by Spectrum Gaming which Mr. Cummings stated was well known / respected in the industry:
GAMBLING IN CONNECTICUT:
Analyzing the Economic and Social Impacts
Prepared for the State of Connecticut, Division of Special Revenue M. Jodi Rell, Governor Michael Fedele, Lieutenant Governor June 22, 2009
Page 225: North Stongton: During the revaluation in 2000, the value of residential homes along the highway was reduced by more than 10 percent.
Here's the data cited by TJ Keen in his question that stated based on property value impact of casinos in our trading area, Plainville property values could be negative...ly affected between 10-20% which means a direct hit to Plainville resident's wealth to the tune of approx. $30,000 and $60,000. This was based on the following facts:
1) A report by Spectrum Gaming which Mr. Cummings stated was well known / respected in the industry:
GAMBLING IN CONNECTICUT:
Analyzing the Economic and Social Impacts
Prepared for the State of Connecticut, Division of Special Revenue M. Jodi Rell, Governor Michael Fedele, Lieutenant Governor June 22, 2009
Page 225: North Stongton: During the revaluation in 2000, the value of residential homes along the highway was reduced by more than 10 percent.
Page 229: Preston, CT: During the 2000 revaluation, the value of residential homes along the highway was reduced by more than 10 percent
2) A report written by the Preston, CT Board of Selectmen
The impact traffic increase has had on home values in Preston is dramatic. A recent revaluation of properties in Preston as shown home values for properties within a quarter mile of a state road are as much as (20 %) twenty percent lower than a similar home that is not close to the traffic of the casino. The financial impact for Preston homeowners is approximately $6,000,000.00.
- Source:Casino Related Impacts on Preston, CT; prepared by: Preston Board of Selectman; Robert Congdon, First Selectman; Gerald Grabarek, Selectman; Thomas Maurer, Selectman: December 18, 2001. (page 7)
3) Median home sale price for Plainville in 2012:
http://www.bostonmagazine.com/best-places-to-live-2013-single-family-homes/#.UTZ9HaX-egF
http://www.thesunchronicle.com/news/local_news/plainville-hires-gambling-consultant/article_b007b1db-ef62-5388-bcfc-802d3a9cdf87.html
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