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Council approves tax abatement for 11 Main Street redevelopment despite some opposition
Summary
The council approved a five-year, graduated tax-abatement schedule for TriRington Main Street Development Corporation's completed project at 11 Main Street. The project used state grant funds; the new assessed value rose from roughly $226,000 to $1.475 million.
Torrington city councilors voted Oct. 20 to grant a tax abatement to TriRington Main Street Development Corporation for the recently completed redevelopment at 11 Main Street.
City staff told the council the project started in February 2023 and received state grant funding to repurpose the building into 17 apartments and refurbished commercial spaces. The building received a certificate of occupancy in July; as of the staff update nine of the 17 units were rented and additional applications were pending. The property's assessed value increased from about $226,000 prior to purchase to $1,475,000 after rehabilitation.
Under the city's tax-incentive policy for downtown qualifying projects that include affordable housing, the approved schedule is a five-year graduated abatement (0% year one, then 20%, 40%, 60%, 80% over the subsequent years, moving to full taxation in the sixth year). The city economic-development director presented a 10-year scenario showing the abatement would still yield higher tax revenue than leaving the property unrehabilitated over a decade and said the abatement supports continued downtown investment.
Council members praised developer Vince Cappelletti's work restoring the building and noted the sidewalk improvements and commercial activity. Several councilors said they would not support the abatement given current budget pressures; one councilor said the timing makes the decision more difficult. After discussion the motion carried on a voice vote with one councilor recorded as opposed.
