A bill meant to kick start the redevelopment of two properties in Seymour was unanimously approved by the state House of Representatives Tuesday.
The bill allowing Seymour to create the River Falls Improvement District now moves to the state Senate for consideration.
The district would allow property owners in the district to issue bonds to pay for the environmental clean up at the empty Seymour Lumber and Housatonic Wire companies.
Russ Smith, of Amity Construction and Design, is in contract to purchase both properties, which are on Route 67 and River Street. Smith has plans to redevelop them with a mix of restaurants, retail and apartments. The cost of the project has been estimated at $20 to $25 million.
Local leaders are excited for the project because it could bolster the town’s grand list by generating more tax revenue.
The bill was sponsored in the state House by Democratic Rep. Theresa Conroy.
“Currently, homeowners pay 89 percent of taxes in Seymour and businesses account for only 11 percent of the town’s tax base,” Conroy said in a prepared statement. “This will give a real boost to our grand list and keep property taxes down.”
Any bonds issued would be paid by the property owner — not Seymour taxpayers, Conroy said.
Little River with two scenic waterfalls will runs through the middle of the properties and there will be a public park in the center of the project, Conroy said.
Sen. Dan Debicella is sponsoring the bill in the Senate.