The town is now finalizing a tax agreement with a developer looking to build an $11.1 million hotel at 712 Cedar St. Town Councilors voted unanimously Tuesday night to offer Gold Coast Premier Properties a 40% tax abatement for 10 years, contingent on the developer’s plan to build a 122-room extended-stay hotel on the site, close to the intersection of Rt. 175 and Fenn Rd. A resolution to approve the tax agreement was met with some push-back from former town councilor Clarke Castelle, who raised questions about offering the developer a break this significant in payable real estate taxes. Some towns have offered abatements of 70 percent in order to develop real estate within their perimeters and grow their grand lists. This particular site is in a prime location, Chapman pointed out, so the town was able to negotiate.
http://www.newbritainherald.com/NBH-Newington+News/384336/newington-finalizing-tax-agreement-with-developer-looking-to-build-11-million-hotel-in-town