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Aldermen approve 10-year phased tax assessment for Boyden Ridge development after adding marketing plan requirement
Summary
After extended debate about rents, affordability and residency priorities, the Waterbury Board of Aldermen approved a 10-year phased-in taxable assessment for the 23-unit Boyden Ridge townhome development under Conn. Gen. Stat. §12-65b, adding an amendment that the developer provide a marketing plan; a separate effort to require 50% initial occupancy by Waterbury residents was tabled.
The Waterbury Board of Aldermen on March 23 approved a tax assessment agreement for Boyden Ridge Development LLC, a 23-unit townhome project on Boyden Street, adopting a 10-year phased-in schedule that begins at 20% taxable assessment and increases toward full taxation by year 10. The agreement was presented to the board as permissible under Connecticut General Statutes §12-65b and was approved as amended to require the developer to submit a marketing plan describing outreach and leasing strategy.
Michael LeBlanc, director of finance, told aldermen the plan estimates a conservative completed assessed value of about $3.5 million and projected eventual annual taxes at full assessment in the $150,000–$175,000 range. LeBlanc said the agreement structure has been used previously to incentivize development and that the ten-year ramp was what was presented by the developer.
Developer Yitz Rubenowitz (identified in…
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