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Council approves tax‑incentive package to keep Dutch Point Credit Union headquarters in Wethersfield
Summary
The council unanimously approved a tax‑incentive package and a 50% reduction in building permit fees to support Dutch Point Credit Union’s planned nearly $5 million renovation at 195 Silas Deane, citing job retention and increased property valuation.
The council approved a tax‑incentive application to encourage Dutch Point Credit Union to renovate and retain its corporate offices at 195 Silas Deane. Town staff told the council the project would be an investment just under $5,000,000 and is expected to raise property value by roughly $1,000,000; the tax‑incentive committee recommended a three‑year abatement equal to 40% of the increase in assessed value and the applicant requested a 50% reduction in local building permit fees.
Charlene Tanner, the credit union’s president and CEO, told the council the branch and corporate offices employ about 56 people and the renovation would create roughly 10 new positions over time. "We're here for the long haul," Tanner said, describing a $4,000,000 construction program and a 10‑month work timeline. Supporters argued incentives will preserve jobs, spur reinvestment along Silas Deane, and likely increase long‑term tax revenue.
Opponents in public comment questioned the fairness of abatements, but town staff explained the abatement applies only to the increase in assessed value and the property will pay at least the current tax burden; after three years the full assessed value will return to the tax roll. Councilors voted to approve the incentive and fee reduction.
