What change in property values has occurred in other communities implementing sewers?
A. The WPCA hired the firm of Kerin and Fazio to review the expected appreciation in value to our properties resulting from the water and sewer project. In order to proceed, we first sought the opinion of Attorney Church on the feasibility of year round use resulting from the installation of a water and sewer system. After reviewing the Town of Old Lyme’s zoning regulations and health codes he concluded that it is reasonably probable that our properties will be able to convert to year round use if they are improved to meet the current health and housing codes. Based on this opinion and a review of our properties in relation to Giants Neck, Black Point and other similar communities, Kerin and Fazio concluded that each property owner will gain an appreciation in value of $70,000, on average. This appreciation is based on an “as is” condition of the properties. This value is gained, prior to renovations, from the installation of the sanitary sewer system, the new year round water system a
