Torrington council approves application for up to $6 million to remediate 100 Franklin Drive

The Torrington City Council voted unanimously March 16 to authorize Mayor Molly Spino to submit a Connecticut Department of Economic and Community Development Brownfield Remediation Grant application of up to $6,000,000 for the 100 Franklin Drive site, Economic Development Director William Wallach told the Council.

Wallach said the city and New Colony Development Corporation are preparing the application after additional environmental data increased estimated remediation needs to a project that could approach $6,000,000. New Colony would act as a brownfield land bank to hold liability for cleanup, after which ownership would transfer to the developer, identified in staff remarks as Penrose Cloud Company.

Why it matters: the site is positioned for residential redevelopment along the riverfront and could add taxable housing once remediated and developed. Wallach said Penrose led an earlier 100 Franklin Street riverfront project that created 60 units in 2022 and is proposing roughly 120 units for the current site, contingent on cleanup and financing.

Councilors asked about timing, costs and city commitments. Wallach said grant awards are expected in June, with state contract execution taking roughly six months and funds likely available around December 2026; he estimated remediation work could take about 12 months (placing cleanup completion around December 2027) with development starting after that and construction lasting roughly 14 months into 2028. Wallach also said negotiations will be needed on a proposed tax abatement: Penrose’s current proposal mirrors a prior agreement of $500 per unit (about $60,000 annually for 120 units) over a 16-year term with a 3% annual increase, but Wallach cautioned that the 2021 rate may not reflect 2026 market conditions and that a fuller presentation is forthcoming.

Councilor Paul Cavagnero requested a presentation showing projected incremental demands on city services (police, fire, schools) and fiscal impacts before the council is asked to finalize any long-term tax agreement. Councilor Chris Beyus praised the city’s track record of advancing shovel-ready brownfield redevelopments; Councilor Anne Ruwet said she would support applying for the grant.

The council adopted Resolution #143-288, directing the mayor to file the application and to execute any documents and assistance agreements required if the award is offered. The resolution also authorizes New Colony Development Corporation to execute an assistance agreement with the state as part of the application process.

Next steps: staff said they will return with a more detailed presentation on tax abatement proposals, development financing and municipal service impacts if the project remains competitive for the grant.