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Danbury officials approve tax deferral agreement for Savings Bank of Danbury

The Danbury City Council has approved a deferral of the increase in tax assessment for Saving Bank of Danbury's proposed new Main Street building.  This would be subject to construction application approval.  Councilman Duane Perkins is concerned that the replacement building reduces entertainment possibilities in the downtown dining and entertainment district.  The office would replace the Escape to the Arts building and formerly city-owned Tuxedo Junction building.  The real estate taxes are being abated, but there are things inside the building that could be taxed during the deferral years.  The bank has proposed construction of a new, 35,000 square foot 4-story office building at the corner of Main and White Streets.  The new building will house the bank’s non-branch, back office operations.  Savings Bank of Danbury is the oldest continuously operating business in the City, dating back to 1849. The last significant building project in Danbury for the bank was in 1999 with the construction of their location at 35 West Street.