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CITY AND TOWN DEVELOPMENT ACT RE-APPROVED

1.29.2014

 CITY AND TOWN DEVELOPMENT ACT RE-APPROVED

Provides Development Tools to Grow Hamden's Economy

 

 

The citizens of the Town of Hamden have again spoken to support the growth of the local tax base. In the November election, citizens through a referendum re-approved the City and Town Development Act. First approved in 2008 the vote re-authorized the act until 2016. “We look forward to using the tools provided under this act to help important projects become viable to benefit the residents of Hamden”, stated Mayor Scott Jackson.

 

The act allows the Town to offer many different types of incentives to Developers for projects it deems to be of major impact. The incentives offered under the act, range from loans, grants, property acquisition and many other important real estate related tools. For example the Act allows for issuance of revenue bonds that would be the responsibility of the developers to pay off. These bonds would not affect the Town's bond rating or its bonding capacity.

 

An example of the use of such bonds was the large expansion of Whitney Center, a Continuing Care Retirement Community. The revenue bonds authorized under the act and through the Town helped Whitney Center to expand and become one of the largest tax payers in Hamden.

 

The Town looks forward to continued benefit for projects like Whitney Center and others that are appropriate. “There is no doubt that the City and Town Development Act was the perfect tool for the Whitney Center Expansion. The Town carefully considered the approval of the bonds under the act and the benefit is clear. We look forward to potentially utilizing the Act when marketing the former Michael J. Whalen Middle school this winter in an upcoming RFP”, stated Dale Kroop, Director of Economic and Community Development.

 

For more information about the City and Town Development Act, please contact Dale Kroop, at 203-287-7030 or dkroop@hamden.com.

 


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