City presents departmental updates: AA- bond rating, Yankee Peddler redevelopment progress, solar arrays and tax impacts, salt supply and Aquarion talks

Multiple department heads briefed the Board of Finance on Tuesday with updates on municipal finance, property redevelopment, utilities and winter operations.

Dan Farley, treasurer, said Torrington maintained its Standard & Poor’s long-term rating of AA- and an SP-1+ short-term rating for bond anticipation notes. He said the city’s final official statement will be circulated to board members and bond sales were scheduled for the following Wednesday. Farley said the rating reflected strong municipal practices but cited local income levels as a metric keeping the city at AA-.

Mayor Bridal and staff gave a detailed update on the Yankee Peddler receivership and the Torrington Development Corporation’s work: the corporation issued a request for proposals and logged roughly 40 contacts, received four proposals and short-listed three for interviews. The development corporation planned to present recommendations to its full board on March 3, after which the city would file a petition asking the court to set a hearing. The mayor said the receiver has been maintaining the building (heat, roof patches, sidewalks) and the proceedings remain active in Litchfield Superior Court (Judge Lynch handling hearings); the city remains the plaintiff in the receivership action.

On solar developments, staff listed four arrays affecting Torrington: a 1.97-megawatt array on East Pearl Road (Catholic cemetery property; not taxable), a 19.8-megawatt Highland/Rossi/Wilson Road project (about 40% in Torrington; real-estate taxes before development were roughly $10,000), a 1.99-megawatt landfill array with a negotiated payment-in-lieu-of-taxes of $10,000 per year with 3% escalator for 10 years, and a proposed 3-megawatt Clover Ridge/Lovers Lane project (property previously paid about $33,450 in taxes; final array size and personal property tax treatment pending). Staff noted the state’s siting council determines approvals and the city has objected to multiple petitions; they are watching proposed state legislation about taxing capacity above 2 megawatts and noted the Office of Policy and Management process for tax-exemption petitions.

On winter operations, staff reported the salt budget had $305,000 encumbered and about $120,000 expended through January; the city also built a small reserve last fiscal year and staff said they expected the salt supply and budget to be sufficient despite heavy plowing demands from recent storms. Board members praised street crews for extended work during the storm.

Finally, the mayor said she has a meeting scheduled with Aquarion (referred to in the meeting as Aquarian/South Central Regional Water Authority matters) on March 6 to discuss governance and potential tax and rate impacts following recent legislative action; the city will seek representation on any relevant board and monitor potential effects on tax revenue and water rates. Staff also noted federal grant flows to the city appear stable at the time of the meeting.

Board members were told the department-head preliminary budget requests have been submitted and the formal council review process will begin; the mayor said she expects final state figures in June and aims to move the mill rate setting into the early June calendar if possible.