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Governor Rell: $3.5 Million to Finance Redding Responsible Growth Development 1/21/2009 Press Release FOR IMMEDIATE RELEASE CONTACT: Adam Liegeot, 860-524-7313 January 21, 2009 adam.liegeot@ct.gov Governor M. Jodi Rell today announced that $3.5 million in tax increment financing has been approved for a responsible growth development project in Redding. The funding for the Georgetown Redevelopment Project in Redding was approved today by the Connecticut Brownfield Redevelopment Authority, a subsidiary of the Connecticut Development Authority. The State of Connecticut and the town of Redding are partnering with the Georgetown Land Development Company to revitalize the former Gilbert and Bennett Wire Mills industrial site. The overall project will combine and include a variety of uses such as market rate residential housing; affordable senior housing; artist style lofts; the return of the Georgetown Train Station; a community theater, commercial, retail and office space; and other public and community facilities. “On completion, this project will include housing, retail, community facilities and a new train platform,” Governor Rell said. “It is a job creator which will bring about a model for sustainable, community-based development nationwide.” Hundreds of jobs are expected when the retail and housing complex is built at the site of the mill. “How our state grows and develops is more critical now than ever before,” Governor Rell said. “My Administration is serious about responsible growth, and reusing and redeveloping these contaminated and often long-abandoned parcels is one of the most responsible things we can do as a state. “Revitalizing Brownfields like the former Gilbert and Bennett Wire Mills site – turning them back into usable land, creating jobs and economic activity – is not only good for cities and towns but good for the state. And these parcels are almost always located in the inner areas of our municipalities – places where the jobs, economic activity and property taxes Brownfield projects bring are needed most.” Tax increment financing, or TIF, is a public financing method that uses future gains in taxes to finance current improvements that will create those gains. When a public project such as a road, school, or hazardous waste cleanup is carried out, there is often an increase in the value of surrounding real estate, and perhaps new investment (new or rehabilitated buildings, for example). This increased site value and investment generates increased tax revenues. The increased tax revenues are the “tax increment.” Tax Increment Financing dedicates tax increments within a certain defined district to finance debt issued to pay for the project. The Connecticut Brownfields Redevelopment Authority is a wholly-owned subsidiary of the Connecticut Development Authority and provides direct and indirect financial assistance for Brownfields remediation, as well as tax increment financing (TIF) for Brownfields redevelopment and information technology projects. The Connecticut Development Authority is a member of the state’s economic development team, stimulating investment in commercial and industrial businesses and creating jobs that contribute to the state’s economy, technology base, intellectual capital and infrastructure. To learn more about the CDA, please visit www.ctcda.com. |
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