Old Cutters would like to thank the public for coming to both the April 4 and April 11 public hearings regarding our request for an amendment to the annexation agreement we signed with the city of Hailey. We greatly appreciate the overwhelmingly supportive public comments given at both meetings, in addition to the many positive letters written to the city.
Your comments confirmed our belief that Old Cutters is a strong asset to the city of Hailey. You voiced your appreciation for the green design, the attractive setting and the many activities enjoyed by not only Old Cutters residents, but by the entire Hailey community. We are heartened that you showed up to voice your support for the long-term viability of Old Cutters. We want to continue committing our time and resources in making Old Cutters a great place to live, and a contributing asset to Hailey.
We would also like to thank the Hailey City Council for voting in favor of an amendment that ensures the long-term health of Old Cutters and its continuing contributions to the Hailey community.
We would like to address an important concern that has been voiced: that the recent amendment could unfairly burden Hailey taxpayers. It is vitally important for us to put those fears to rest. The City Council had two professional fiscal studies at its disposal to determine the cost of Old Cutters to the city. These studies confirm that the city has already collected more in cash from Old Cutters than it will cost the city to provide services to the additional residents and property located in Old Cutters.
Furthermore, the city has collected significant money from Old Cutters to pay for future capital projects that the city hopes to build for the benefit of all its residents. Indeed, although Old Cutters will only constitute 2 percent of the city's population when fully developed, 15 percent of the city's future capital fund has been provided by Old Cutters. It is only due to the dramatic national economic downturn that we were forced to ask the city to accept its remaining profit payment in the form of a land conveyance. It is our sincere hope the economy will return to a more robust state, and that the city will at that point enjoy the full profit it was seeking, or more.
Again, we thank both the public and the city for coming together in a spirit of cooperation and shared desire to maintain a healthy, vibrant community in the face of these extraordinary times.
John and Jen Campbell are the developers of the Old Cutters subdivision in Hailey.