Does the Steel Point redevelopment area have a pulse? If it does the transformation of the East Side will look to a piece of legislation promoted in this news release by Bridgeport’s State House delegation:
STEEL POINT PROJECT MAINTAINED UNDER BILL
The Bridgeport House Legislative Delegation is pleased to announce House passage of a bill that extends the time period during which Bridgeport’s Steel Point Special Taxing District may receive state economic development assistance and issue bonds to finance its operations.
“This extension helps the City of Bridgeport with another tool in the tool box to ensure we can make Steel Point happen. Steel Point is an extremely important project for the city and as a delegation we want to make sure we give the administration the support they need to move forward,” Rep. Andres Ayala said.
“Steel point should be a major hub of maritime economic activity for Bridgeport,” Rep. Stallworth said. “We cannot avert our attention from the goal of making a developed waterfront part of our city’s landscape and this bill keeps the project alive.”
“I am pleased to support this critical funding for this project. Making Steel Point a reality is essential to Bridgeport’s economic recovery,” Rep. Grogins said.
“It seems that everybody is waiting for the Steel Point Project to happen; all the traffic traveling on I95 through Bridgeport looks out to the empty expanse, year after the year, wondering when it’ll be Bridgeport’s turn to turn around. This bill helps keep the promise alive,” Rep. Hennessy said.
“For as long as I can remember, this parcel of prime harbor property has lain dormant. If Bridgeport is to enjoy a renaissance of economic prosperity, it cannot be without development and leveraging of the economic potential of this tract of land,” Rep. Clemons said.
“I truly believe that we will need no more extensions after this due to the progress that has been made to this point. We have resources in place such as the TIF and a commitment from the state to be an economic partner with the developer, Bridgeport Landing Development LLC, and the City of Bridgeport to make this project a reality. Permitting is moving forward and we are nearing the point where shovels meet the ground and a multi-million dollar mixed-use development rises on prime waterfront property,” Rep. Santiago said.
“The developer has made major investments on the site and within the community and intends to see this project through. The Bridgeport Delegation is doing everything in its power to help facilitate a project we believe will jumpstart other proposed projects like the $500 million mixed-use development on the Remington site. These projects have the potential to have huge positive impacts on the city’s tax rolls which is one of the best ways to provide relief to Bridgeport taxpayers while creating temporary and permanent jobs,” Rep. Santiago added.
The legislation extends, from June 30, 2012 to June 30, 2015, the deadline by which the Department of Economic and Community Development, Connecticut Development Authority and Connecticut Innovations, Inc. may provide up to $40 million in financial assistance from existing programs to the Steel Point project.
As under current law, the assistance must be used for developing and improving property in Bridgeport’s Steel Point.
Well, I still believe. I always get excited to hear positive news about Steel Point. After almost 30 years it would be nice. Off topic–best wishes to Ed Lavernoich on his new position in the Trumbull-Herbst administration as Economic development director. A huge loss for Bridgeport and a key point person for Steel Point.
I wouldn’t want to add Steal Pointe to my resume.
*** Hell, legislators like to dream too, no? *** Elm St. Dreams ***
Not one of the legislators has any clue as to how to generate positive revenues. If any of them were in business to make money they’d be in the poorhouse. Finch is the biggest offender here. Ask him about the barge terminal he championed while a state senator. He brought $1.5 million into Bridgeport to build a barge terminal that would have removed 80 tractor-trailers/day from I-95 (think green), and created over 200 jobs (think employment). When Stafstrom got him elected, the barge terminal monies went back to Hartford as Steal point was a project that was going to make Stafstrom a lot of money as a mixed residential/commercial project.
Bob, the mayor, then candidate Finch, reversed himself on that during the 2007 mayoral campaign because the East End didn’t want it.