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Danbury City Council committee to examine Matrix redevelopment tax deal

A group of Danbury City Council members will be coordinating a tax structure for the soon to be redeveloped Matrix Center.  The Mayor's Office and Summit Development have agreed in principle  three-part tax deal.  The annual property tax assessment would be $860,000.  The developer would pay a City Services fee for 19 years, starting at $550,000 annually, which could offset any increase in student enrollment.  Summit Development would drop its assessment appeal if everything is approved.  The City assessed the former Union Carbide property in 2008 when the Matrix building was sold for $73 million.  Summit bought the building in 2018 for $18 million.  The City Council ad hoc committee will go through the fine print and recommend formal approval, as early as next month.

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