Town of East Hartford, Connecticut
ECONOMIC DEVELOPMENT INCENTIVE GUIDELINES
Adopted by the East Hartford Town Council June 6, 2006
I. Overview and Background
The objective of offering an economic development incentive (see section VI) is to encourage the expansion of specific types of businesses through the establishment of a public/private partnership, which results in growth, and expansion consistent with the Town’s Strategic Economic Development Plan (SEDP). In order to create the impetus for new investment, the town may provide incentives under the Connecticut General Statutes, Sec. 12-65b to projects that demonstrate long-term commitment to East Hartford through:
1. Preservation and creation of jobs for local residents;
2. Creation of high-quality long term tax base growth;
3. Stimulation of the local economic conditions for existing businesses and the development of future industry groups;
4. Accomplishment of community goals as stated in the current SEDP.
Any project requesting incentives shall meet established criteria. An application will be completely filled out and submitted to the Development Department. This application will be brought to the Economic Development Commission for endorsement and then submitted to the Mayor. The Mayor will submit any proposal for incentives to the Town Council for action.
II. Qualifying Businesses
1. Applicant must be a private, for-profit enterprise that is entitled to operate legally in the State of Connecticut;
2. Applicant must not be in violation of any law, regulation or agreement with the Town, State or Federal Government;
3. Applicants must demonstrate a solid financial base and reasonable growth potential;
4. Applicants must be committed to make a significant investment in new or rehabilitated real or personal property;
5. Applicant’s project must provide the Town the opportunity to create new employment, enhance the tax base, encourage technological innovation or investment, or address a goal or objective identified in the SEDP.
6. A statement as to the ownership structure of both the real property and operating company including information as to the ownership of any applicable subsidiary companies.
III. General Requirements
Applicants for incentives will be considered under the following circumstances:
1. The proposed project is located in an appropriate zone as defined in the East Hartford Zoning Regulations;
2. There is a commitment to remain in the town beyond the length of the abatement or other incentive period if applicable;
3. All tax obligations to the Town by the Applicant are current and remain current during the incentive period. Any delinquencies will automatically terminate tax fixing agreements;
4. Reasonable efforts will be made to employ Town residents;
5. The project must meet goals and objectives identified in the current SEDP;
6. Reasonable efforts will be made to use East Hartford businesses during construction and operation.
IV. Application Procedure
Applications shall be made to the Mayor, through the Director of Development. The Director of Development may enter into negotiations with such applicant for the purpose of developing an agreement. Once agreement has been reached, the Mayor, Director of Finance and Corporation Counsel shall review the application and the agreement. After review the application and agreement shall be forwarded to the Economic Development Commission for its review, comment and recommendation. Within thirty days of receipt of the proposed agreement, the EDC shall report its findings and recommendation to the Mayor. The Mayor shall make a final recommendation and submit the application and agreement to the Town Council for approval. The application and supporting documentation will, at minimum, provide the information as
outlined in Exhibit A attached hereto and made a part of.
V. Policy Waiver
In the event of unusual or extraordinary circumstances, the Council may alter or otherwise waive any and all requirements contained herein so long as the project is consistent with the goals and objectives of the current Strategic Economic Development Plan.
VI. Types of Incentives
The Town may provide economic development incentives as it may be eligible to provide in accordance with State Statutes including but not limited to Personal and Real Property Tax Fixing Agreements; Abatements or Rebates; grants, loans, loan guarantee, down payment, employment or local hiring credit; public infrastructure improvements, job training program or other purchase assistance.
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