FROM THE NEWSROOM: Pomfret residents voted unanimously Tuesday night to buy into a 10%, $80,000 share of the up-and-coming Quinebaug Regional Technology Park in Putnam. Representatives from the Town of Putnam presented information about the project, and the benefits of partnering on it, with Pomfret citizens. After stressing the fact that the state had provided significant funding for the construction of the park with a regional alliance in mind, the people of Pomfret voted to become the second town to join up. Putnam Selectman Scott Pempek made sure to clarify that the offer being made to Pomfret was not a sales pitch—the requirement for 75% funding reimbursement from the state had already been fulfilled when Scotland became the park’s first partner earlier this year. After the 18 months that it should take to complete construction and excavation, Pempek estimated, conservatively, that it could take three years before a business moves in to one of the four lots and revenue returns from the joint venture are seen. Pomfret will receive 10% of earnings from each lot sold and 10% of tax revenues earned, minus a maintenance fee that will equate to 20% of total tax revenues each year. However, the contract agreement is not binding, and each town is at liberty to withdraw from the partnership if they deem necessary. This is “a way to keep Pomfret rural but still enjoy an industrial park advantage and maybe help our tax base a little bit,” said member of the Economic Development Committee Mary Collins, who also added that, as a realtor, she has been seeing an upswing in the market. Other members of Pomfret Boards, Commissions, and Committees were all in favor of joining on with the project, and both Pempek and Putnam Mayor Tony Falzarano agreed that it is a win-win for both towns. Tune in for the full report.
Posted on: Wed, 08 Oct 2014 09:38:35 +0000
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