The City Council late Monday approved nearly $6.5 million in tax breaks over 20 years to a developer planning to construct 500 new apartments on two sections of the Fort Trumbull peninsula that have sat vacant for more than two decades. The fixed tax agreement with RJ Development + Advisors, LLC, approved by a 5-2 vote, would offset about half the $13 million in estimated pre-construction costs needed to meet flood plain requirments and address remaining remediation and other sub-surface issues at the two sites. The two complexes will consist of market-rate units with none set aside as “affordable” apartments. Construction is slated to begin early next year.
https://www.theday.com/local-news/20240916/new-london-council-approves-6-5-million-in-tax-breaks-for-fort-trumbull-developer/#