The Town of Smithtown has received confirmation that it has received a AAA bond rating from Moody’s, reporting a strong economy and a solid and stable fiscal position for the fiscal year. Highlights from the report focus on Smithtown’s efforts to build a mix of commercial and modest residential development as well as a consistently growing tax base in each of the last three years from $18.4 billion in 2017 to $21.1 billion in 2020.
“I am grateful for the tireless commitment of our Comptroller’s team and Director Donald P. Musgnug, as the stewards of Smithtown’s fiscal strength... We’re very pleased that Moody’s identified the tireless efforts of the town’s revitalization of our downtown areas as the center for our fiscal vitality this year. We remain committed to smart growth and economic development as well as continued capital improvement projects that generate a return on investment for the Smithtown taxpayers, all while adding to the town’s amenities and charm.” - Supervisor Edward R. Wehrheim
According to Moody’s, Smithtown’s commercial expansion, specifically in the downtown areas within the township, was highlighted as a vital part of recent growth and economic activity. The town has approximately 3.6 million square feet of commercial development at various stages of planning, construction, or recent completion. This includes 449 condominiums/apartments ranging in price from $600,000 to $800,000. Like many towns on Long Island, Smithtown’s focus is on recognizing housing options that attract younger generations, revitalizing small business districts and investing in our infrastructure, parks, and beaches.
The Moody’s credit opinion cites that Smithtown (a 354 year-old town) has been largely built-out for some time, which limits any real large scale new development from taking place. However, the report acknowledged the town’s approach to redevelopment, “particularly in the downtown area as a key portion of recent growth and economic activity.” Smithtown is dedicated to preserving the remaining 3% of land that has not been developed as open space, preserved farmland, and other green spaces. By focusing on restoring our downtown areas throughout the hamlet, the town can rebuild its once dwindling commercial tax base while restoring outdated parks, safeguarding beaches and nature preserves, and protecting Smithtown’s quaint character.