The project was described as "upscale residential apartments", it would consist of up to 200 apartments with rents of $1200 for a studio. They would be built on a 7.7 acre parcel on River Road, near its intersection with Eastern Street, behind Meadow Meats.
The developer is asking the city for tax abatements, a discount on building fees, a zoning overlay, and enforcement of blight ordinances on neighboring properties.
According to the draft minutes, "The company is requesting a tax freeze for 4 years and a phased in tax rate of 20% in year 5, 30% in year 6, 40% in year 7 and 50% in year 8 then a full tax rate yielding $500,000. Smith stated the project budget has a $450,000 cap for utility and building permit fees. The assistance would allow for the project to be constructed and build cash flow."
With the EDC endorsement, the Common Council will hear a presentation on the project at its September 4th meeting.
14 comments:
Can I have a tax abatement, too? Sounds like welfare for fat cats.
In short, no. There is no reason for the city to be subsidizing developers to create apartments that they will sell/rent for untold millions into their pockets. I thought that we got rid of the good ol' boys club in November. If they want the subsidies to get started, fine. The city should then have a lien against the properties for the balance of the subsidies that the developers must satisfy. If they can't afford to do it, someone else will. If the apartments aren't profitable with a level playing field, then don't build them.
have to wonder who will want to live in that area, it does need revitalizing though
I agree, Jason. Government should but out of private development. If the builders can't afford to build it here, they should go somewhere else. The city will attract builders who will do it on their own!
Why does this need to be subsidized? If one developer is interested, there are probably others. No subsidies!
Seriously? Nothing against meadow meat, but to contemplate building a upscale apartment next door you would have to pretty much be insane. It smells terrible over there, and has for pretty much ever. The city should NOT provide tax incentive to these developers, the P & Z should not be given blanket authority to control riverfront development! From the Courant article, and markedly missing from this blog post, - "City Planning Director William Warner has proposed a zoning change that would allow the planning and zoning commission to have full power over approving or rejecting riverfront proposals, regardless of existing regulations.
"What I want to do for the riverfront is create a blank slate for developers to come in with proposals, but I also want to give the city a big eraser so we can erase anything we don't want," Warner said."
All Development should be considered firstly on the premise of what would be best for the city and it's residents and not some desperate developers. The thought that people would walk from this Apartment complex to the downtown area is pretty much laughable...and if you don't believe me, try to walk to the site from downtown, see how attractive that is....
Doesn't that area flood periodically? Why would they even allow residential use, leave alone subsidize it?
The Planing and Zoning Department gets away with murder. Look at the North End, Bill Warner gave millions of dollars to a bunch of free loaders. Im not talking about the people who live there I am talking about Mark Masselli, Peter and even that guy Mike Taylor. Prove what these projects have done for the city before P&Z gets to raise our taxes again. What benifit has the North End properties given to the city ? Nothing. Parking spaces added for the 32 space city lot Its Only Natural occupies ? A BIG FAT ZERO !!! North End lost 32 spaces because parking is for ION only ! Over a million dollars takin off the tax rolls on Grand St. 28 city public parking spaces. How many are left now ? NONE !!!!!!!
I think everyone at city hall has become drunk with power from "sipping the kook aid" time for In house psychiatric doctors to have their own department at city hall. That way in house staff can get help whenever needed. Would be best use of my tax dollars ever!
I'm for any development in Middletown thats not HUD ir Section 8! Those developments shouldn't get all the breaks. Finally something that adds to the tax roles amen!
Say goodby to meadow meat. Part of the deal is "enforcement of blight ordinances on neighboring properties". Bill Warner has way to much power in this city. He calls the shots. Get his approval and it's a done deal. If the developer is negotiating to buy the property, you can rest assured he's already got approval or assurance from the city. The rest is just window dressing.
Why should we subsidize a developer to develop our waterfront. The city should be talking private developers and see who gives us the best deal. Not the other way around.
Oh great, another cash straped project like the Ferry St Home Owner BS. Its nice when a developer tells you what they are gonna pay for permitts. The place is right next to the world famous "CVH" known for unleashing all sorts of degenerates on to our population to terrorize, burglurize and murderize !!!! I hope this place has more success than that Ferry St home owners place. Thats going on 3 years ? Being empty ???. When is the plug going to be pulled out from P$Z ??? This is a little far stretch, let the north end non-proffits prove they have done sometjing for our community before we open the coffers to a bunch of new freeloaders !!!!!
Don't know enough about the proposal to feel strongly one way or the other, HOWEVER, I'm absolutely supportive of more upscale residential development downtown.
Post a Comment