The City Council on Monday cleared the path for development of a new $30 million apartment complex on Howard Street by approving a 20-year tax abatement agreement. The council approved both a tax abatement agreement and a development agreement negotiated by the city’s development arm, the Renaissance City Development Association, which owns the property. The city can expect an estimated $11 million in property tax revenue over the 20-year period while RJ Development benefits from more than $4 million in tax breaks over that same time period. RJ Development has estimated the cost of environmental cleanup to be $3.78 million.
https://www.theday.com/policefirecourts/20200616/developer-gets-green-light-for-new-london-apartment-complex