A City Council committee is holding a hearing and meeting on a proposal to provide a tax reduction for a planned conversion into apartments of a former Stanley Black and Decker office building.
The proposed Council resolution, submitted by Ald. Robert Smedley (R-4), concerns plans by Amit Lakhotia, managing partner of Avon Towers, LLC, to convert the former Stanley Black and Decker office building at 480 Myrtle Street into 119 residential apartment units.
The resolution would allow Republican Mayor Erin Stewart to approve,
a real estate tax modification agreement which limits real estate property taxes to $550.00 per residential unit commencing with addition to grand list following the issuance of the temporary certificate of occupancy with annual real estate property tax increases of 2% for each succeeding assessment date for a total term not to exceed twenty-six (26) years.
The resolution lauds Lakhotia, as having, “made significant investments in properties within the City of New Britain and committed to completion of multiple residential and mixed use development projects in the City.”
The Council’s Democratic leader, Ald. Aram Ayalon (D-3) has, meanwhile, raised concerns about the proposed tax break, noting the large increase in property tax assessments that homeowners have seen from the recent property tax revaluation.
The proposal is set for a public hearing in the Council Committee on Administration, Finance and Law on Wednesday, January 4, 2023 at 7:00pm. The hearing, and the Council committee meeting on the proposal that follows, are to be in City Hall, at 27 West Main Street.
