SOMERS, N.Y. -- In a community letter, Somers Supervisor Rick Morrissey seeks to address potential concerns regarding the town's financial health due to PepsiCo's upcoming departure from the town.
"It is important to note that Somers is in sound financial standing with a top credit rating. Somers also continues to be one of the most popular municipalities in Westchester to move to, over the last decade with outstanding schools, great neighborhoods, and its vicinity to highways/trains and open space," he stated.
Morrissey also notes upcoming proposed developments, which he says help to offset the loss of revenue from taxes.
"These projects will, if approved, further expand our tax base and ensure additional sources of tax revenue for Somers," he wrote. "This would serve to cover any potential loss of tax revenue from the PepsiCo move."
Morrissey also notes the town is working with the property's owner to get a new tenant. He adds he has reached out to Westchester County's Office of Economic Development, which has offered its support.
Although PepsiCo is merely a tenant at its campus, it is currently paying the site's property taxes, according to Lohud. In his letter, Morrissey writes the property owner will be responsible for the taxes upon the company's departure.
"After evaluation, the town sees no immediate financial implications; however, we will continue to closely monitor this situation," the supervisor adds.
PepsiCo's move is set to be completed by the first quarter of 2016, the town previously announced.
The company will move employees to locations in Purchase and White Plains, with no layoffs included. A statement from the company cites cost savings and enhancing collaboration internally as reasons for the move.
Morrissey also notes these reasons in his letter.
"I was told that this would lead to considerable cost savings for the company and provide a better environment for collaboration amongst employees," he wrote. "Furthermore, I was informed that approximately 25% of the employees at the Somers location live in New York City, and the company has found it increasingly difficult to attract and keep top talent at the facility due to the long commute."
The supervisor also recapped a 24-percent property tax reduction that was given in 2013. That year, the Town Board approved a settlement to retroactively reduce the assessed values on the property from 2004-12, meeting minutes show , resulting in the town's tax-refund share being more than $241,000.
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