will be tax boon to Derby
Mike Saewitz, Register Staff July 21, 2000
DERBY ó The city will receive an estimated $1.5 million in the next two years from new building permit fees and annual tax revenue from four new retailers.
Community Development Coordinator Richard Dunne said the city anticipates collection of more than $800,000 in one-time building permit fees this year from Derby-bound retailers Wal-Mart, Home Depot, BJís and Shop Rite.
Thatís almost eight times more than last yearís total of $101,000.
"I almost fell off my chair when I heard that," said Bill Powanda, vice president of Griffin Hospital, who co-chairs the Valley Alliance for Economic Growth.
The four big retailers will also help the city bring in more than $700,000 in annual tax revenue by June 2002, Dunne said.
"This will be the most significant increase in Derbyís grand list in 50 years, maybe ever," Dunne said.
The grand list for Derby is more than $473 million.
The tax revenue will "definitely help stabilize taxes," Mayor Marc J. Garofalo said.
The building permit fees will be used primarily for projects and to pay off debt, said Aldermanic President Michael Kelleher, D-3.
"Itís a sign of progress. People are building and investing in Derby," he said.
More than $100 million of construction will be completed by summer 2001, Dunne said. The new retailers will create more than 1,000 jobs, he said.
"Itís all good news," said Derby Treasurer Keith McLiverty. "This is the financial realization of a spark in our development. Next time youíre stuck in traffic on Route 34, remember that itís offsetting your taxes."