Sen. Martin, Senate Republicans Focus on Urban Development

March 13, 2015

Bristol and New Britain would benefit from a new economic development program that is being proposed by Connecticut Senate Republicans.

The program, called CT EDGE (Economic Development for a Growing Economy), aims to provide investors and developers a tax credit for developing or converting existing vacant buildings in urban centers to affordable, mixed-use development or viable commercial space.

“To strengthen cities like Bristol and New Britain, we have a plan that focuses on what Connecticut’s urban areas desperately need: jobs,” said Sen. Henri Martin (R-Bristol). “CT EDGE would give investors and developers the incentive to pursue projects that currently may be viewed as too costly. We believe this robust tax credit program can help transform once vacant buildings into viable space suitable for affordable housing, mixed-use development and commercial space.”

“Developing downtown neighborhoods will result in jobs for communities like Bristol and New Britain that have higher unemployment rates,” Sen. Martin said, adding that the tax credit application and approval process is going to be structured for quick turnaround.

The state’s Department of Economic and Community Development would administer the program. Senate Republicans are proposing to implement this program as a pilot program.

Proposed legislation to implement CT EDGE is currently making its way through the state legislature. The legislative session ends in June.