In an effort to spur new development at the former Hartford campus of Rensselaer Polytechnic Institute, Mayor Luke Bronin is proposing a new 20-year tax fixing agreement.
Back in February, the New York-based RPI put its Hartford campus, at 275 Windsor St., up for sale, citing a desire for a smaller space.
Bronin on Monday asked the Court of Common Council to authorize him to enter into a tax-fixing agreement for the redevelopment of the site. The council sent the proposal to its Operations, Management, Budget and Government Accountability Committee for review, according to the clerk’s office.
The 12.7-acre Windsor Street property features two existing buildings, including a nine-story, 148,881-square-foot commercial building and a four-story, 179,744-square-foot parking garage. The site has been vacant since 2020, according to Bronin.
Bronin said the RPI site “represents an important opportunity for the City to maintain the momentum of development in that vicinity.”
The proposal would authorize the city to negotiate and fix the assessments for up to 20 years, according to Bronin.
Hartford aims to attract development partners to either re-use the existing facility or support new construction, to transform the RPI site into residential apartments and commercial space.
The property’s assessment is currently at $1.19 million, with a current tax payment of $82,050.
The proposal would fix the assessed value of the property so that it yields a property tax of about $82,050, with no increases during the first five years, subject to a performance requirement. After the first five years, the tax rate would be adjusted at five-year intervals, up to the 20-year mark, based on a percentage of gross revenues.
The plan is to require any developer to meet the city’s Affirmative Action Plan and living wage requirements. The city would want a good faith effort from the developer to use Hartford residents for 30% of construction job project hours, according to Bronin.
The 275 Windsor St. parcel is for sale, with CBRE handling the listing. CBRE notes in a brochure that the immediate area of Downtown North has been a “magnet” for development, including a minor league baseball stadium and 270-unit luxury apartment building.
Additional nearby development, including for apartments and parking, has been stalled by ongoing litigation.
