[CPEO-BIF] Gilbert & Bennett site, Redding, Connecticut

[Lenny Siegel <lsiegel@cpeo.org>]

G&B project owner seeks help from the town   	

Rachel Kirkpatrick
Redding Pilot (CT)
October 30, 2008

Georgetown Land Development Company is asking the town to forego 
collecting  incremental tax increases on commercial properties within 
the Gilbert & Bennett site for a period of time in conjunction with a 
state program that would provide money the company needs to begin road work.

At the Board of Finance meeting Tuesday night, Stephen Soler, Georgetown 
Land Development Company (GLDC) president, explained the program, which 
is administered under the auspices of the Connecticut Brownfield 
Development Authority.

"It's no secret you can't get a loan from a bank, and neither can we," 
Mr. Soler said of the stalled bond market.

The company can issue bonds for the road work, but it cannot issue bonds 
at a reasonable rate. Without roads, the site will not attract potential 
buyers of the commercial properties, he explained. And, without buyers, 
the town can't realize the tax revenues.

...

For the entire article, see
http://www.acorn-online.com/joomla15/index.php?option=com_content&view=article&id=12380:gab-project-owner-seeks-help-from-the-town&catid=37:redding-local&Itemid=101

--


Lenny Siegel
Executive Director, Center for Public Environmental Oversight
a project of the Pacific Studies Center
278-A Hope St., Mountain View, CA 94041
Voice: 650/961-8918 or 650/969-1545
Fax: 650/961-8918
<lsiegel@cpeo.org>
http://www.cpeo.org



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