A development firm is seeking assurances it will receive nearly $6.5 million in tax breaks over 20 years before it will commit to constructing 500 new apartment units on sections of the Fort Trumbull peninsula that have been off the city tax rolls for more than two decades. Representatives of RJ Development + Advisors, LLC, on Monday presented members of the City Council’s Economic Development Committee with a proposed fixed tax agreement they said is needed to help defray unexpected site preparation costs on the two parcels slated for the the apartments. But since that development agreement was signed, new costs have cropped up, including those related to meeting state flood plain requirements, site clean-up and sub-surface issues, Sweeney said. Sweeney said a previous agreement with the state Department of Energy and Environmental Protection requires the site to meet 500-year flood plain thresholds, which will mean building the complexes on raised steel and concrete podiums.
https://www.theday.com/local-news/20240904/fort-trumbull-apartment-developer-seeks-millions-in-city-tax-deferments/