A joint meeting of the Brookfield Boards of Finance and Selectmen has been held about a proposed tax assessment deferral. At the meeting Wednesday night, First Selectman Bill Tinsley pushed for the incentive for the developers of the mixed use site in the Four Corners district. An ordinance was passed a few months ago allowing for tax deferrals in order to bring new development to Brookfield.
The Brookfield Village project consists of a retail center and 79 moderate-income apartments in four buildings on Federal Road. There is also a pending proposal from the developer on a parcel of land behind that for 24 condos.
Tinsley is proposing a 100-percent tax deferral of the taxes owed on the improved property value for the first three years of the project, with an incremental increase of taxes after that. The development is off Federal Road at Station Road.
Selectman Bill Davidson says the developer made a committment years ago and doesn't need encouragement to come to the town. He says the town shouldn't give up tax revenue that it doesn't have to with this particular project. Davidson notes that he is supportive of the developer and the project, but the developer will be making a lot of money over time at this site or he wouldn't be involved.
Tinsley is slated to bring the proposal to the Economic Development Commission next week and then present it to the Board of Selectmen for a vote at their September 8th meeting.