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Redding voters reportedly approved a proposal for the town to pursue $3.5 million in tax-increment financing to support Georgetown Land Development Co.”™s conversion of an abandoned wire mill into a mix of residential and retail properties.
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Demolition work at the project site stalled last year after Georgetown Land Development Co. had difficulties securing state bonds for the project, which envisions more than 400 units of housing in a village-shop setting replete with brook and waterfall. The company has yet to identify a residential developer for the property.
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If Georgetown Land Development obtains tax-increment financing from the Connecticut Development Authority, it will use the cash to upgrade a local road for access to a planned rail station, according to the Redding Pilot.
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“First this project was a victim of state bureaucratic delay and now it”™s a victim of the economy,” said Natalie Ketcham, first selectman of Redding, as quoted by the Pilot. “Our participation sends a positive signal to potential investors.”
