June 9

I have the following questions about the "Yale Study":

1. Southold will decide what reduction in taxes they will grant the taxpayers within the new Village.  They may decide to not reduce taxes at all or may reduce them some amount.  The analysis of unrepatriated taxes FI paid to Southold seems to suggest between $1.4 to $1.8 million of FI taxes is not returned to FI.  Has anyone discussed the proposed Village Plan with Southold managers who will decide on any tax abatement?  Is it unreasonable to consider that Southold may decide to keep the taxes at the current level, making any Village taxes completely incremental?

2. Is it true that any decision by Southold to abate FI taxes will be made after the proposed Village is established?

3.  Is it fair to say the Village Plan is an effort to increase the tax revenue associated with FI property in order to spend that money on Fishers Island?

4.  Is there a detailed "Business Plan" that reflects the establishment of a FI Village?

5.  The Wrightsville area plan includes substantial retail square footage.  What is the business plan for these businesses and what are the contingency plans for unrented or purchased retail space?

6.  Is there a multi-year tax burden plan to inform property tax payers on Fishers Island refecting the various levels of possible tax abatement granted by Southold?

7.  What plans reflected in the Yale study could be implemented without the tax revenue afforded by the creation of a Village?  Could specific elements of the plan, such as the critical components of Wrightsville, be implemented by private contributions to a development fund?  Is a necessary component of this plan the coerced contribution through tax levies on all property holders to fund the development ideas in the plan?

8.  The exisiting Fishers Island Community is limited in the availability of strong management expertise individuals, evidenced in the existing state of affairs which triggered this and past similar studies.  How will this plan solve that problem as it requires a substantial increase in the need for management expertise by bringing professionally managed Southold responsibility to Fishers Island?