State Authority May Have Answers—

A Possible Source Of Funds Surfaces

For Fairfield Hills

By Kendra Bobowick

Tax incentives and financing may be available to bolster the Fairfield Hills Authority’s progress as the campus’s future becomes clearer.

As plans progress to move municipal offices into a new town hall on campus and ideas to lease other viable buildings continue, state funds may add to resources. The Connecticut Brownfields Redevelopment Authority (CBRA), a subsidiary of the Connecticut Development Authority (CDA), might free finances, as CBRA Vice President Cynthia R. Petruzzello explained the authority’s Monday evening meeting, held at the Booth Library.

Illuminating how her authority works, Ms Petruzzello said, “We function essentially as a bank.” Various loans can become available to small or early-stage businesses, according to a brochure provided by CDA.

Ms Petruzzello has only recently introduced herself to the authority members and the overall Fairfield Hills plans, but based on her understanding of redeveloping the site for future occupants, she believes her agency can be of help.

“We can offer financing to tenants of buildings,” she said.

Her remarks mixed with the authority’s discussion to find a developer for part or all of the site and lease the space(s). Several of the buildings may be developed either singly or together by several or one interested party.

Ms Petruzzello believes her office can help, saying, “The potential I see is for business coming into the campus setting; that’s where I [think] we could provide some assistance.”

The CDA “provides debt financing and investment capital to help businesses grow,” according to the informational brochure.

The eight-page pamphlet also indicates, “We stimulate business investment and create jobs by financing companies and projects that contribute to economy, technology base, intellectual capital, urban infrastructure, employment or tax revenues.”

Explaining that the state is behind the Fairfield Hills redevelopment scheme, Ms Petruzzello said, “I think this is a great project and I would like to see it done.”

She would like to be “proactive” in seeing the project succeed, she said.

More information is available at the CDA website, ctcda.com.

As the Fairfield Hills Authority entertains thoughts of approaching developers, Ms Petruzzello noted, “We do attract developers and bring the developers to the sites.”

Recent meetings with North American Realty President Robert Barclay have outlined possibilities for structuring lease agreements between developers and the town, and the various scenarios that might be the result.

Noting that the town now owns the property and “sees itself as the owner forever,” the buildings and land will not be sold to newcomers, Mr Barclay said.

“So, you have to get into a lease,” he said. “The authority wants to invite people to invest in the community and buildings, create jobs.”

Although leasing limits the market, “it is not an unusual thing to do,” he said.

Long-term leases may be difficult to think about, he said. Mr Barclay then advised that the authority “provide financial targets and create a deal structure.”

Touting the campus’s selling points, he said, “The location is exceptional. It’s a parklike campus and unique, protected green space.” The utilities and roads make the campus “shovel-ready, it’s pretty much a ready-to-build site.”

His presentation came down to two alternatives, which were also recently discussed in a Fairfield Hills subcommittee meeting; do a Request for Proposal (RFP) and send to “any and all and see what it brings in,” or draft a targeted RFP, he said.

The targeted request would more clearly define what commitments the authority seeks, and detail what it expects from a developer, Mr Barclay said.

One approach would be to attract an experienced, financially sound developer to take on the whole project, he said.

Mr Barclay outlined his leasing strategy without naming cash figures. Commenting on the removal of figures for the public presentation, authority member John Reed explained, “We don’t want to give away our bottom line.”