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Committee delays decision on Charles IT tax-fixing agreement for planned 10 Main Street headquarters
Summary
The Economic Development Committee reviewed a proposed tax-fixing (abatement) agreement for Charles IT’s redevelopment of 10 Main Street, including a phased abatement schedule and projected job growth; members asked questions about parking, appendices to the agreement and permitting, and tabled the matter for further documentation and review at the next meeting.
The Middletown Economic Development Committee reviewed but did not decide on a proposed tax-fixing agreement with Charles IT for the company’s planned redevelopment of 10 Main Street.
Sean Bennett, chief financial officer of Charles IT, told the committee the company plans to redevelop the former Rite Aid building as its headquarters, consolidate staff and add jobs. “We employ about 150 folks. That investment is going to be well over $20,000,000 over the next 10 years,” Bennett said, and described a phased redevelopment that the application estimates would ultimately accommodate as many as 300–330 employees over time.
Staff outlined the proposed tax-fixing agreement as asking for an initial deferral in assessment (0% in the first two years) followed by a phased-in schedule that reaches higher percentages in later years; staff indicated the project includes roughly $2.5 million in required improvements and additional projected new construction and equipment costs. Committee members pressed for details on parking capacity, current off-site lease arrangements for employee parking, and the location and cost of proposed permit parking for about 17 spaces on DeCovin Drive.
Council members also asked about an appendix referenced repeatedly in the draft agreement and whether planning and zoning reviews had been completed; staff said plans had been submitted to planning and zoning and that the land-use director had met with the developer, but committee members asked the proponent to return with clearer appendices and with documentation tying the agreement terms to submitted plans.
Members also discussed the company’s interest in EV chargers and fleet electrification; Charles IT said it operates some electric service vehicles now and would like to expand charging capacity as the site develops. Given outstanding questions about parking, appendices and required municipal paperwork, members agreed to table action and resume consideration at the next regular meeting after staff gathers the requested documentation.
What’s next: The committee tabled the tax-fixing agreement and asked staff and the proponent to supply the missing appendix materials, updated parking/permit details, and confirmation of planning and zoning filings before reconsideration at the next meeting.
