East Hartford officials consider investing another $170,000 into a massive, mixed-use riverside redevelopment
RENDERING | CONTRIBUTED
A rendering of the first apartment building proposed for the “Port Eastside” redevelopment of the Founders Plaza office park in East Hartford.
East Hartford officials have committed millions of public dollars to a private redevelopment of the Founders Plaza office park, with plans calling for roughly 1,000 apartments mixed with retail and other commercial uses.
Now, East Hartford Mayor Connor Martin aims to chip in some more, using $170,000 of a $4 million “impact fee” paid by a warehouse developer to help pay for planning associated with the project.
The money would be drawn from an impact fee paid by Massachusetts-based National Development as part of an agreement allowing the construction of two warehouses, totaling 2.5 million square feet, at Rentschler Field. That highly anticipated project was completed last spring.
Martin is now asking his Town Council to sign off on using $170,000 of that fee for Port Eastside as part of the council’s Tuesday night meeting agenda.
Martin wants to partner this money with $170,641 in previously approved state bond funding. According to a memo Martin sent the council, this will go toward hiring legal counsel, analysis of a proposed tax increment financing district in support of Port Eastside, zoning and land-use analysis, as well as studying public infrastructure requirements of the river-adjacent development.
"We are taking proactive and responsible steps to advance the Port Eastside development by thoughtfully reallocating resources to ensure comprehensive planning and analysis," Martin said in a released statement Monday."By matching state bond funds with the National Development impact payment, the town is maximizing its budget to a total of $340,000. ...Through diligent planning and community-focused decision-making, we are committed to fostering sustainable growth and enhancing the quality of life for residents."
The investment team behind Port Eastside – which includes several of the region’s most prominent business leaders – has already spent millions to acquire five Founders Plaza properties, creating a roughly 30-acre development zone in the aging office park beside the Connecticut River.
The town, working with the Capital Region Development Authority, has previously approved using $6.5 million in state bond funds for demolition of an existing building and other development activities associated with the project.
East Hartford officials and local legislators are also proposing the creation of a tax increment financing district in support of Port Eastside. This would raise bond funds to help pay a portion of development costs.
Payment of those bonds would come from new local property tax dollars generated by the Port Eastside development. The proposal is currently being considered by state lawmakers.
Most Recent
Most Recent
0 Comments