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Public Hearing Tuesday For Proposed Theater Development Agreement

September 2nd, 2017 · 8 Comments · City Budget, City Council, Development and Zoning, News and Events

tower rendering

Rendering of  housing unit towers Downtown.

A City Council public hearing regarding the city’s proposed agreement with Exact Capital Group to revitalize two shuttered Downtown theaters and build adjacent apartment units will take place Tuesday 7 p.m. in the auditorium of Geraldine Johnson School, 475 Lexington Avenue. See Land Development Agreement submitted to the council last month here. Full agenda here.

Manhattan-based Exact Capital and affiliates propose to transform the closed Poli and Majestic theaters and 200-room Savoy Hotel into a $400 million multi-purpose performing arts center involving high-rise residential towers on several Downtown parcels including Main, Water, Golden Hill, Gold, Middle and Housatonic. The Planning and Zoning Commission has approved sale of the multiple parcels associated with the project.

The development document approved by the Contracts Committee spells out a litany of weary legal jargon, development language, timelines, responsibilities, parcel transfers, price determination and includes Exact Capital’s proposal that was accepted by city staff as the preferred developer. That document covers greater details of the development, approximated rental costs, conceptual financing, bank referral letters, renderings, images, teaming arrangements with Aufgang Architects and Building Conservation Associates.

Mayor Joe Ganim and Glenn Marshall, right at L'Ambiance Plaza ceremony in April. At left is Lieutenant Governor Nancy Wyman.

Mayor Joe Ganim and Glenn Marshall, right, at L’Ambiance Plaza anniversary ceremony in April. At left is Lieutenant Governor Nancy Wyman.

Carpenters Union official Glenn Marshall is scheduled to address the council during the public-speaking portion of the meeting to urge good paying jobs and careers for hundreds of Bridgeport area members he represents. More than 100 of his members, a majority from Bridgeport, worked on the Bass Pro Shops that is the anchor to the Steelpointe Harbor redevelopment on the East Side. For more on a potential Project Labor Agreement see here.

Also, several financial matters appear on the City Council agenda:

Budget and Appropriations Committee Report re: Approval of General Obligations Bonds–To Fund the Unfunded Accrued Liability due to the Connecticut Municipal Employees’ Retirement System (MERS).

Budget and Appropriations Committee Report re: Approval of General Obligation Bonds–To Fund Certain Capital Improvement Projects.

Budget and Appropriations Committee Report re: Approval of General Obligation Bonds–To Refund Certain General Obligation Bonds.

Budget and Appropriations Committee Report re: Approval of Tax Anticipation Notes (TANS)–To Pay Current Expenses and Obligations of the City – FY 2018.

Budget and Appropriations Committee Report re: Approval of Additional Capital Project Authorization to the 2018-2022 Capital Plan.

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8 Comments so far ↓

  • Bob Walsh

    OK People. Here is your chance.
    You can demand hard deadlines, you can demand PILOT payments now. You can demand good paying jobs for Bridgeport residents. Or you can accept whatever the city says to accept and not demand what you want.
    The choice is YOUS. The public hearing is Tuesday. Now is the time to speak your mind or accept what the mayor tells you.

  • Bob Walsh

    This is not sign up to speak and the first six people are allowed to speak if 20 people sign up then the council must allow 20 speakers to speak. Let’s see how many people actually speak and let’s see if the council members listen to the public or listen to the mayor.

  • The Bridgeport Kid

    This is another dog-and-pony show. It would be surprising if half the City Council actually shows up for the public speaking portion. There’s that much apathy. A few have work and familial obligations prevent full attendance but the rest if them just don’t give a shit.

  • Bob Walsh

    It is not a public speaking portion. It is a public hearing.

  • Frank Gyure

    This smells like a done deal as the puppets on the City Council continue to obey their marching orders. The paperwork might be filed but there is no substance behind the paperwork. As some have commented here,this is a “show and tell” for Ganim’s gubernatorial bid. When that flames out, this will just get filed away. This is one of another of Ganim’s one-trick pony shows. I look forward to the day in 2019 when Joe Ganim will leave the Bridgeport scene.

  • Bob Walsh

    We’ll Frank. Why don’t you show up tomorrow and say that?

  • Mojo

    *** Spend all you want, city will just raise more taxes & services to help pay for this shot in the dark development. ***

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