From Hugh Bailey, CT Post:
Bridgeport is poised to take possession of the former Remington Arms factory, including the iconic shot tower, on Barnum Avenue after reaching a settlement on a longstanding bankruptcy proceeding. The century-old buildings on the site are adjacent to the property planned for the city’s second train station, and are considered vital to Bridgeport’s transit-oriented development plans.
The settlement in U.S. bankruptcy court last week was awaiting a judge’s final approval and, because of the pending change in city government, will require assent from the City Council.
The 16-acre property has been subdivided, with the city to take title to 11 acres that include brick structures built at least 100 years ago. The current property owner, Remgrit Realty, will hold onto 5 mostly vacant acres.
“We are getting the piece we really wanted,” said David Kooris, director of the city’s Office of Planning and Economic Development.
Full story here.
How much money in taxes did we lose with this settlement? Why isn’t that mentioned?
Andy, it was mentioned in the extended article. 10 million dollars that we would have never recovered.
Steve, you never did tell me where you work, or what you do.
I do Frontal and Parietal Lobotomies in the Bridgeport Public Schools. Most of the time with the consent of the family. I am at Curiale School today and tomorrow so we have done 40 percent of the 5th grade population.
When properties have been in the news for a while, the size of the area, the buildings included, their tax status and various ownership interests become less clear. I understand the report by Hugh Bailey in terms of the court settlement, but I am not enlightened on the property and its production of economic value to the taxpayer. What back taxes stand on the City books? Does this legal action wipe them away? What value does the acreage represent on the Net Taxable Grand List that will be reduced when the City has formal title? What have been expressed interests for the development of said property? What will Remgrit ownership of retained acreage mean to City revenues if anything in near future? Time will tell.
Who’s going to pay for the remediation of the pollution from these factories over the 50-plus years or more? Did this bankruptcy absolve the owners of the responsibility of remediation and does the city know what’s on this property and the cost of remediation?
*** It’s about time! ***
Uncle Sal wins again. That’s about the only constant in B’port. No matter who is mayor, Sal DiNardo gets his way. Right, Lennie?