A proposed 7 year tax deferral for a housing project in Danbury has been put off for a month by the City Council. At their meeting Tuesday, the Council voted to take up the deferral for a developer of the Kennedy Place Property in January.
Councilman Warren Levy says he wants more information about the project. Virginia-based Greystar Development proposed building 375 units of market rate apartments.
Mayor Mark Boughton says the city isn't spending any money by approving the deferral and isn't losing any because right now Danbury is not making money off the property. After completion, the developer would pay about $300,000 annually in taxes even with the deferral. After 7 years, that figure could be around $2 million in taxes annually.
Boughton says the project could result in a $70-million investment in downtown.
The property is being sold by BRT, which came under fire from several City Council members when they built the Crosby Street apartments using a tax break meant to bring people downtown and turned it into student housing for West Conn. Boughton says that won't be the case with this development.