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Board sets public hearing on sale of 24-30 Bank St. to M4 Investment Group for $585,000
Summary
The Board of Aldermen set a Jan. 21 public hearing on a proposed sale of 24-30 Bank Street to M4 Investment Group LLC for $585,000; aldermen asked whether the sale affects planned municipal swing space and staff explained the standalone building being sold does not impede those plans.
The Waterbury Board of Aldermen voted Jan. 8 to set a public hearing for Jan. 21, 2025 at 5:45 p.m. on a proposed purchase-and-sale agreement to sell 24-30 Bank Street to M4 Investment Group LLC for $585,000.
Ald. Zimmerman asked city staff whether the proposed sale would interfere with plans to use nearby office space as temporary municipal swing space while renovations occur at the Chase building. City staff and the mayor explained the transaction concerns the standalone building that is intended to be returned to private ownership and rehabilitated; the planned municipal swing space is the adjacent taller office building and will not be affected by the sale.
Michael LeBlanc, director of finance (agenda submitter), and other staff described the developer's plans for the property: residential units on upper floors (reported as 19 proposed units including one-bedroom and studio units) and first-floor restaurant and retail/commercial space. Aldermen discussed tax abatement phasing and noted the developer has been active on downtown projects; city staff said tax-abatement conversations occur as proposals are negotiated.
The board set the public hearing by motion and voice vote. The hearing will allow public comment and give the board an opportunity to review any proposed tax-abatement requests or other negotiated terms before a final sale is approved.
What happens next: The public hearing is scheduled for Jan. 21, 2025 at 5:45 p.m. in the chambers; staff will accept public input and present any additional transaction details and proposed incentives before the board considers final approval.
