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Tax deferral approved by Danbury officials for Praxair

A tax deferral has been approved by the Danbury City Council for the new headquarters being built by Praxair.  The company announced in October that it would maintain its world headquarters in the Berkshire Corporate Park.  Praxair is receiving a 7 year deferral of 100-percent of the assessment increases for the property. 

 

Councilman Warren Levy says the City will be allowed to review if Praxair is meeting provisions in the state incentive contract.  The state is providing incentives to Praxair to add up to 120 new jobs over the next five years.  The Department of Economic and Community Development is providing a $10 million forgivable loan, with the company eligible for up to $20 million in tax credits.

 

Councilman Tom Saadi says this contract is different from previous proposals in that Praxair plans to be a tenant in the facility, with a holding company being the owner of the property.

 

Praxair hopes to break ground on the three story building with an attached garage this summer, and move in by 2017.  Danbury has done tax deferrals in the past, including for Mankind and for a facility that's about to open on Kenosia Avenue.

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Todd Schnitt

Local Headlines