STONINGTON — Town officials are asking residents whether it would benefit from extending a tax abatement to the WinnDevelopment Company to aid in the redevelopment of the former Campbell Grain site in downtown Pawcatuck.
The Board of Selectmen will host a town meeting on Aug. 9 for the purpose of voting on the approval of a tax abatement for WinnDevelopment Company, which is seeking to build an 82-unit mixed use development that would utilize a public-private partnership. Stonington First Selectman Danielle Chesebrough said the partnership is essential in meeting redevelopment goals.
“That will play an important role in ongoing efforts for downtown revitalization,” she said in a press release. “Winn’s proposal of approximately 82 units offers many benefits, including new residents within walking distance to existing local businesses and the Westerly Amtrak station, making it a much-desired transit-oriented development.”
The project will consist of a mix of studio, one-, two-, and three-bedroom units. The building will feature a leasing and management office, a resident lounge, a fitness room, and common laundry.
The project will be designed to meet the Passive Housing Institute U.S. standards, which equates to 40-60% less energy use than a typical building. The site will also offer public access along the Pawcatuck River with a walking path.
The project will create a true mixed-income and inclusive community, creating diverse housing options. The units at the Campbell Grain site will be affordable to a mix of incomes at 30%, 50%, and 80% area median income.
The project will also contain unrestricted market rate units.
The project will need to utilize financing programs through the Connecticut Housing Finance Authority and the Connecticut Department of Housing for the project’s construction. Funding from these two agencies is highly competitive, and one critical piece is a municipal contribution to the project, company officials said.
The proposed fixed assessment would result in $690,748 in net abatements over ten years, and pay $695,000 in taxes to the Town of Stonington over the ten years. By comparison, if the parcel remains vacant and undeveloped, it will generate less than $30,000 over the same period, or about $3,000 annually, officials said.
The town meeting will allow registered voters of Stonington to vote on the fixed assessment for Winn Development, doing business as “Cogswell Redevelopment LLC.” The meeting will be held at Stonington High School, 176 S. Broad St. in Pawcatuck, and is scheduled to begin at 7 p.m. Only eligible Stonington residents may vote.