A seven year tax deferral for a housing project in Danbury has been approved by the City Council.
At their meeting Tuesday, the Council voted in favor of the deferral for Virginia-based Greystar Development for the Kennedy Place Property. Developer Dan Lee says his company is looking for investments for the one, two and three-bedroom apartments, which would be located in three buildings.
The proposal calls for 375 units of market rate apartments, which won't be taxed under the agreement. Greystar will continue to pay taxes on the 9.5acre property.
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.
Council members were told there are a few differences from the previously authorized deferral when the property was going to be developed by BRT. Similar to a previously approved contract when BRT was going to build, if the project is converted to condominiums, individual owners will have the opportunity to acquire a tax deferral.