This website is meant to help inform public discussion about 360 State Street's tax problem. Sponsored by the 360 State Street's owner, MEPT, the site includes access to public documents, links to relevant articles, and questions and answers. Our aim is to be completely transparent, because we believe that a full examination of the facts will lead fair-minded people to urge the New Haven Board of Aldermen to approve the proposed tax agreement for 360 State Street. We encourage you to read the articles in the New Haven Independent and New Haven Register and join the discussions that follow.
Excerpts from Alderman Doug Hausladen’s letter to his fellow Alders
“... as a matter of basic fairness, the city should not represent one rate as a “closely analyzed…fair estimate” when a project is undertaken, then turn around and quadruple it. This is a signal for development that New Haven is not a predictable environment to invest money and bring jobs to our city.... I would propose we resolve this issue as quickly as possible in a manner as fair for all parties as possible.... We all want to bring broad-based prosperity to the city while protecting the retirement funds of working people. Let’s rise to the occasion and do so.”
Click here to read Alderman Hausladen's full letter.
Click here for the full submission to the Board of Alders, which includes the cover letter and 10 exhibits. This submission proposes a 20 year PILOT (payment in lieu of taxes) to fix 360 State Street's payment at $1.4MM a year and to fix the assessment for 16 years at a level that would require a tax payment of $1.4MM at this year's mill rate.
The President of the Board of Alderman, Jorge Perez, has suggested adding a supplemental PILOT that would compensate the City for making the taxes more predictable, by giving the City of New Haven 10% of the project's net operating income, once the building reaches the 7% return required for the workers' retirement funds.
Click here for a memo to Alderman Jorge Perez from MEPT showing projections of the value of this proposed supplemental PILOT.
This is an important issue for the city of New Haven. If you are a resident of New Haven, we urge you to contact your alderperson and let them know what you think.