The real cost of Kent Manor settlement - over $11 million?

My estimate of the "worst case" scenario is a tax giveaway of over $10 million between now and when the last house is built on this land, as follows:

 1. 269 houses are built and get their CO s, between now and 2019.

  2. The assessed value (at full market value) of each house would be $250,000, absent the "settlement".

  3. Average assessment of each house will be $4,000 ($1,100,000 divided by 269) for property tax purposes, for 6 years, per the "settlement".

  4. Taxes foregone on each house by County, School, Town and Special Districts @ (say) $26 per $1,000 of assessed value is $6,396 each year ($250,000 minus $4,000 @ $26 per $1,000).

  5  Taxes foregone each year on 269 houses is thus  $1,720,524 (269 times $6,396).

  6.  Maximum tax giveaway is therefore $10,323,144 (6 years @ $1,720,524 per year).

This is a lot of guesswork on my part, with assumptions that could be higher or lower (the estimated "assessed value" of $250,000 for each new house, the $26 mil. rate), but it does give some magnitude to the tax giveaway that the settlement has made.  That falls on the shoulders of the other taxpayers in the County, School District, Town and Special Districts (that should gall the residents of Patterson, Carmel, East Fishkill and Brewster, who are in the Carmel Central School District and had even less to say about this matter than Kent residents!).  It also does not directly impact the current Town Board, as the bulk of this very real cost will fall in future Town Boards' reigns. 

I'd like to see how Mr. Curtiss, the Town Attorney, came up with his figure of $3.5 million.  Even that is pretty bad for the "rest of us" taxpayers.  Also, how does Mr. Curtiss know that there will be no construction for 8 years?