The 3 Proposals with a Plan for Financing
Becker & Becker’s proposal, which had a letter of intent for financial backing from MEPT, included a 10-year tax abatement followed by a 10-year phase-in of taxes. They proposed to provide the parking deck and site remediation without subsidy and to purchase the land for one dollar. Read their proposal.
By contrast, one of the other finalists required the city to pay $4 miilion for the parking and another $1MM for the site remediation. They offered to pay $5MM for the land, but they would only pay $2MM for the land if they had to meet the City’s requirements to hire minority and female workers.
The third finalist offered $1.5MM for the land, but required $11.4MM from the city to pay for the parking and another $1MM for site remediation (Kutner, 2010: 16-21).
Click on the documents below for more information about the comparison between the proposals and details about the projected tax revenue of the selected proposal. These documents where prepared by New Haven's Office of Economic Development and handed out at a meeting on July 16, 2007 at 5:30 p.m. with Aldermen Lee, Edmunds, and Shaw, and representatives from the development team.