A betterment fee calculates a fair proportion of the project costs to property owners within Phase One. Much of Phase One encompasses the Route 28 corridor, therefore much of the costs are borne by commercial properties (many are hotels and restaurants). Our project calculations show the following examples (all over 30 years):
- A 50-room hotel will be $8,500 annually
- A 50-seat restaurant will be $2,704.55 annually
- A single-family home with up to three bedrooms will be $510 annually
- A two-bedroom condominium is $340 annually
The town is limiting the betterments to 15% of the project costs. This lowers the obligation to property owners. This is possible because the Town is using available funding sources to help lower the betterments to property owners.