Should Ridgefield approve the $1,250,000 sale of five Schlumberger acres for a hotel, the town will have recouped more than 20 percent of its investment in the Schlumberger land.
While the actual return is 21 percent, the sale and development of five of the town's 45 acres, gives Ridgefield a head start on its $6 million investment dating back to 2012.
First Selectman Rudy Marconi said the hotel proposal for the land came from Stephen Zemo, who was responding to Ridgefield's Request for Proposals for the five acre parcel. The next step is having the town attorneys draw up sales contracts to work out the details.
The proposal calls for a 48-unit, all-suite hotel, a commercial building and a self storage building. Zemo's proposal estimated the buildings would generate property taxes of about $230,000 a year.
This proposal will still face land use review, including a special permit public hearing, said Ridgefield Director of Planning Betty Brosius. Marconi said the sale will be dependent on the town's approving the project.
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