Council Considers Tax Break For New Downtown Building

The City Council is considering a proposal by its Republican leader to provide a 26-year tax break for development on a downtown site.

In the proposal, presented by Ald. Robert Smedley (R-4), Republican Mayor Erin Stewart is to, “negotiate and execute on behalf of the City of New Britain a Tax Modification Agreement,” “which limits real estate property taxes to $550.00 per residential and/or commercial unit,” “with annual real estate property tax increases of 1% for each succeeding assessment date for a total term not to exceed twenty-six (26) years.”

The proposal, the Council resolution says, is related to a development at 157 Main Street, on what has been city-owned land next to the downtown Police Headquarters. The development would be, “a new commercial and residential building consisting of a minimum of eighty (80) multi-style apartments and a minimum of 4,000 square feet of commercial retail space.”

The developer is to be Main & Chestnut LLC, of which the resolution says Avner Krohn is a member. Krohn is Chairman and CEO of Jasko Development.

Krohn is known as a significant real estate magnate in New Britain, who, the resolution says, has done, “projects that have included rehabilitation of retail and office, new construction of medical buildings and retail centers and offices to residential conversions and is currently redeveloping the adjacent property located at 267, 277, 283, 291 Main Street and 61 Columbus Boulevard.”

On Tuesday, September 13, 2022, at 6:55pm in City Hall, a separate proposal for the city to actually sell the lot at 157 Main Street is to be presented at a Council public hearing and committee meeting. Under the proposal, the city would sell the 0.45 acre downtown property to Main & Columbus LLC for $125,000.

The sale agreement and the tax reduction plan are on the agenda of the Wednesday, September 14, 2022 Council meeting, at 7:00 pm in City Hall.