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| Councilman Santangelo chaired the meeting, in the absence of Mayor Drew |
The 144 proposed rental units will be market rate, and feature considerable parking below the buildings, along with a clubhouse for renters on the property.
John Pappas, of MiddletownConn Realty LLC is the owner of the property, he has partnered with Marco Dimauro and Doug Anderson. They will receive a substantial reduction in property taxes for 10 years, paying only 5% of what they would otherwise pay for the first two years after development is complete, and rising gradually to 50% after 7 years. After 10 years the property would be taxed normally.
Council members praised the quality of the proposed development, and the character of the owners.
Councilman Daley said this kind of project would not go forward without the incentives, "Banks have to be assured that there is an adequate rate of return. ... If they don't get this they might not get financing."
Councilman Blanchard spoke of the need to recruit young professionals to our city, competing with New Haven and other towns, “It’s important to be an attractive and competitive city.”
6 comments:
While my property taxes have almost doubled since moving to town almost twenty years ago. How many other deals like this happen because we're promised the larger tax base will lower taxes?
Where is the proposed development site on Newfield?
The development is planned for 790 and 850 Newfield Street, near Mile Lane.
Newfield Street...land of car lots and a mosh mash od development...not sure this is a place for attracting young professionals who want to live in more urban, pedestrian/bike friendly environs with access to recreation, dining, green space, and entertainment venues.
So for 10 years, the rest of us are supporting those residents who I imagine will have school age kids and will require other city services we will also pay for. Renters don't pay taxes. The owners won't be paying their fair share. How is this a good deal?
When will our State Representatives and officials get off their collective butts and fight to replace the two lane bridge on RT72 in Cromwell to make Newfield Street four lanes? It's the only thing holding up this project. Doing so would make a safer commute and ease of entering and exiting existing businesses, homes, and condos in the area for all. This issue has been going on for decades! Can't our elected officials fight for the citizens who elected them to do so? An old two lane bridge is the ONLY thing holding up Newfield Street from becoming a major tax revenue area for Middletown. Maybe if the area was more appealing to commercial businesses they would finally take a chance on coming to town.
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