Redding Democratic incumbent First Selectman Julia Pemberton has been cross-endorsed by the Republican Town Committee. One of the items that has long been on the agenda of Redding leaders is the redevelopment of the former Gilbert & Bennett Wire Mill site.

The court is currently helping to negotiate a proposed settlement to present to Redding voters in which all parties can recover portions of what they're owed, over time, and the property could be marketed for sale and developed. But Pemberton says that would require the town to share sale proceeds and tax revenue for decades. She says both the town and the creditors each have the power to prevent anyone from recovering any money.  If the creditors release their debts in exchange for a share of future development income the town can also recoup taxes and sewer costs going forward.

Pemberton says the town would also control what gets built, subject to planning and zoning and other regulatory bodies, and avoid years of litigation and appeals. That would also enable the development to access $5.6 million in a state grant for the last two pieces of infrastructure--the river wall rebuild and intersection improvements on Route 7 in Wilton by the Nissan dealer.

In the proposed structure, Pemberton says the court would give the title to the town and Fire District through foreclosure. All other liens would be extinguished and all appeals and further litigation waived. She says the town would then solicit bids with creditor input and the town would select a developer. The purchase price and subsequent tax revenue would be divided between town and creditors, proportionate to what each is owed, over a 30 to 50 year period, to be determined by the voters. The Fire District would be paid a discounted lump sum from the purchase price only.

Pemberton says sharing proceeds would involve the town's creation of the Tax Increment Finance District. In October 2015, the state made changes to its previous existing TIF legislation and the new law allows towns to share increased tax revenue to encourage development, requires voter approval of a plan to share collected taxes, and the TIF district can exist for no longer than 15 years. It’s a district that must be created by the municipality, not something that can be created for this purpose by the taxing district, so Pemberton says the town would control it.