Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Urban Reuse Vacant Commercial topic
No spam. Unsubscribe anytime.
Developer and municipal official back incentives to repurpose vacant commercial buildings
Summary
A developer and the economic‑development director from Derby told the Commerce Committee that targeted incentives and low‑interest loans can help repurpose vacant commercial and office space into housing and mixed‑use projects, especially in economically distressed municipalities.
Gino La Brigueta, a principal with Sierra Village Development, advocated for House Bill 67 40 at the Commerce Committee hearing, urging the state to consider incentives and financing to encourage private developers to repurpose vacant commercial properties.
La Brigueta said developers often decline potential repurposing projects because zoning changes, variance needs and upfront costs make projects uncertain and expensive. He recommended flexible financing, no‑interest loans or “earn as you grow” incentives that tie state help to project milestones so smaller developers can cover feasibility and zoning costs.
Roger Salloway, economic development director for the city of Derby, described local projects that used city tax incentives and Brownfield remediation funds to convert contaminated and vacant industrial parcels into apartments and mixed‑use property. Salloway noted Derby has limited municipal capacity to provide the matching funds required by many state grant programs and said a program to defray mid‑sized redevelopment costs would be useful in distressed communities.
Committee members discussed possible program structures including tax incentives that municipalities can pass through, low‑interest state loan programs, and targeted grants to support environmental remediation and zoning changes. No formal committee action was taken; proponents offered to provide additional examples and financial scenarios for program design.
