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Torrington economic development office declines CIF grant submission for Seferi Apartments amid rising costs
Summary
City economic development staff decided not to submit the Seferi Apartments project for a Round 8 CIF grant because construction costs rose significantly and the project lacks a fully developed capital stack, the director said. The decision was documented in a memo dated Dec. 1, 2025.
The City of Torrington’s Economic Development Office will not submit the Seferi Apartments project for a Round 8 CIF grant application, Director of Economic Development William Wallach reported. Wallach said rising construction costs and an incomplete capital stack make the application unlikely to be competitive.
Wallach referenced the Economic Development Director’s memo dated Dec. 1, 2025, as the basis for the recommendation. The council heard the explanation and took no further action to pursue the CIF application at this time.
No financial figures for the project’s cost escalation or alternative financing strategies were provided at the meeting; staff indicated they will not pursue the current round of CIF funding for the project.
