Seymour Selectmen hope to attract more business to Seymour by offering tax breaks to property owners who bring or expand retail development in town.
The town already offers an incentive program for property owners who bring manufacturing development to Seymour.
Incentive programs are designed to attract commercial development so towns don’t have to rely exclusively on residential property taxes to generate revenue.
The Board of Selectmen met last Wednesday to discuss the idea of expanding that program. They will be meeting several times during the summer to flesh it out. First Selectman Paul Roy hopes to complete the plan this summer.
“Right now we have incentives for manufacturing jobs, but we don’t have incentives for people who come in with retail or business,” Roy said Tuesday. He said the initiative is a collaborative effort among the Selectmen.
The move could, finally, spur redevelopment at Tri-Town Plaza, the partially vacant and aging shopping center on Derby Avenue.
Tri-Town owner Ron Spector has been asking for a tax break for the property for more than a year, saying it could spur redevelopment in a bad economy.
He said Seymour’s problem is that it is a second tier retail area — and economic times are still tough.
But in general a well-crafted incentive plan would be helpful, Spector said.
“It could be good, could be bad, could be a waste of time,” Spector said of the Seymour idea. See the comment section at the bottom of this story for a statement from Spector.
Roy said the idea wasn’t hatched with Tri-Town specifically in mind.
“If he adds on to his buildings, or brings new buildings, it would help Tri-Town Plaza,” Roy said. “It’s tailored for anyone, as long as they build new retail or expand,” Roy said.
Republican Selectman W. Kurt Miller said it is early in the process, but any program created will be carefully considered.
“We’re not just throwing incentives out there, we’re putting a philosophy behind it and we are developing a map for incentives for different businesses, to not only get business in town, but get it in the right places,” Miller said.
Seymour currently tries to lure manufacturing development by giving tax breaks of 50 percent, 20 percent and 10 percent for three years for projects valued $250,000 and $500,000.
Click here to learn more about ways Seymour tries to encourage non-residential development in town.
Each tax abatement is approved by the Board of Selectmen. Preference must be given to Seymour residents once the businesses open.
About 10 companies took advantage of the Smart Plan since the 1990s, according to the tax assessor’s office.
