Elected officials have put their stamp of approval on a tax-fixing agreement to build a $39 million apartment complex at the corner of Pane and Masselli Roads. Town Manager Keith Chapman and former Town Assessor Steve Kosofsky negotiated with Smith & Henzy Affordable Group (SHAG) to finalize the contract, providing the developer with a 43% tax abatement over 10 years. Known as “The Pike,” the project received approvals from the Town Plan & Zoning Commission earlier this year. No less than 173,800 sq. ft. of new construction will feature approximately $25.14 million of fully-taxable property once completed. With the 43% abatement, that equates to $4.4 million in taxes payable to the town from 2023 to 2032, according to Kosofsky. Over the following 10 years (once the property is fully taxable) it will render $10.96 million in tax revenue for the town. Surrounding towns like Berlin and New Britain regularly execute abatement agreements on housing, commercial and other projects in order to incentivize development.
http://www.newbritainherald.com/NBH-Newington+News/406340/officials-give-approval-on-taxfixing-agreement-to-build-39-million-apartment-complex-in-newington