RECEIVED DECEMBER 22, 2008 @ 8:30 A.M.
Michele R. Grande, Redding Town Clerk
REDDING BOARD OF FINANCE
SPECIAL MEETING
DECEMBER 18, 2008
Filed subject to approval
Present: Alvarez (Chairman), DeSalvo, Dolan, Guffey, Simeonidis, Viscio
Chairman Alvarez called the meeting to order at 6:03 pm.
DISCUSSION AND ACTION ON GLDC PROPOSAL FOR TAX INCREMENTAL FINANCING
Motion: that the Redding Board of Finance recommends to the Board of Selectmen a town meeting to approve a request by GLDC for Tax Incremental Financing (TIF) in the amount of $3.5 million to be provided by the Connecticut Brownfields Redevelopment Authority (CBRA).
The Board of Finance understands, and has been advised, that the proceeds of the TIF will be used specifically to remediate the road identified as North Main Street in the GLDC master plan.
Additionally, the Planning Commission has concluded that, even with restrictive covenants currently in place, completing this remediation is the best available way to “lock in” the GLDC master plan for the site, and has recommended we proceed with the TIF.
Having examined the projections for incremental tax revenues to be generated by the build out of the commercial phase of the GLDC project, and their timing, the Board of Finance confirms that based on those projections it would be financially responsible for the Town of Redding to proceed to a Town Meeteing to participate in the TIF as proposed with confirmation conditioned on the following provisions:
a. GLDC meets all requirements set forth by the CDA/CBRA;
b. GLDC provide all documentary evidence of the financing needed to complete:
i) the remediation work on North Main Street and other roadway infrastructure improvements
leading to the proposed new train station; and
ii) build out of the commercial phase of the overall project.
Motion by Dolan, seconded by DeSalvo.
Discussion followed.
Vote on motion: 5-1. Motion Approved. Mr. Viscio voted against the motion.
ADJOURNMENT
Motion: move to adjourn. DeSalvo, Dolan. Approved. Unanimous.
The meeting was adjourned at 6:40 pm
Respectfully submitted,
Mary Maday, Recording Secretary
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