If the city, state and Bridgeport Landing, developer of the East Side renewal project Steelpointe Harbor, can nail down a deal with mega outdoor retailer Bass Pro Shops it couldn’t come soon enough. This economy has blistered the state budget that can do major damage to the city budget next year. The city needs an economic shot in the arm.
The CT Mirror reports:
State analysts are projecting a more than $1.1 billion state budget deficit in the fiscal year beginning July 1, a gap roughly one-third the size of the record-setting shortfall that Connecticut’s governor and legislature tried to close just two years ago.
The deficit for the coming year is sandwiched between the $365 million deficit Gov. Dannel P. Malloy’s administration reported Wednesday for the current fiscal year and a long-range forecast for another gap of more than $1 billion in 2014-15.
Yikes. Governor Dannel Malloy says he will do what must be done to balance the budget but that potentially comes with a lot of pain, especially if state tax collections continue to fall behind revenue projections. What happens in Hartford impacts the city budget and adds greater pressure to local taxpayers.
The city and state rolled out a jubilant community introduction with Bass Pro this summer. The city, state and developer have been working through the details of making Bridgeport the first urban location for the outdoor retailer. What economic impact the city projects from Bass Pro’s presence remains to be seen. The city has not specified in dollars and cents, beyond it will create jobs and increase the tax base. Bass Pro for sure will bring a jolt of enthusiasm and perhaps become a magnet for other business interests to the East Side corridor. Will the deal be done soon?
There was a time the captains of industry filled the city’s list of top 10 taxpayers. Now it’s filled largely by utilities as the top 10 list from the 2011 grand list below shows.
The Top Ten Taxpayers – Real Estate / Personal Property Combined for 2011 grand list:
Rank Owner Assessment 1 CRRA/US Bank National Association/James Mogavera* $320,948,352 2 United Illuminating $211,997,036 3 PSEG Power Connecticut LLC $152,689,120 4 People's United Bank $58,727,604 5 Connecticut Light & Power $55,423,829 6 Bridgeport Energy LLC $36,166,277 7 Southern Connecticut Gas $34,364,683 8 AT&T Mobility $30,809,473 9 Watermark 3030 Park $29,736,500 10 Success Village Apartments $24,269,140 Total $955,132,014