continued All of these figures did not include the environmental permitting process the town would have to go through, nor the legal fees, engineering costs or construction costs.
Although there was no study that showed the landfill’s worth totaling $600 million, Sheehan said she arrived at the number by combining all three of the suggested plans to expand the landfill. The town has said, however, that some of those plans are mutually exclusive of each other.
“It doesn’t say anywhere in there that the options can’t be combined,” Sheehan said.
Cunningham said if the town was to build out in one direction, it would end up taking some of the space mentioned in the other plans, essentially not allowing it to combine all three. He also said the number Sheehan is projecting is only the gross revenue, which he said does not establish the value of the landfill.
He added that the path the town took has left it with several options in the future for the landfill.
Sheehan contends that the option of looking at fully selling the landfill was not looked at and the current deal allows Waste Connections to come in and make money off the town’s asset.
Cunningham said this deal gives the town the option to sell the landfill when it wants to.
“If you own an apartment and hold onto it, you collect rent,” he said. “You can sell the building and get out from under it. We could sell to another landlord that could have Waste Connections as their tenant, or we could sell it to Waste Connections. We have a lot of options down the line.”
Sheehan said the town should have established what something is really worth before a bid was put out. As an example, she pointed to negotiations between the town and Clifton Park over the purchase of Stony Creek Reservoir. Those negotiations stalled once Colonie said offers must start at $8.7 million.