Perkins Farm project in Mystic set for vote today

Stonington — A town meeting will be held tonight for residents to vote on whether the town should offer a tax break worth more than $1.3 million to the developer of the first phase of the proposed Perkins Farm project in Mystic.

The town meeting will begin at 7 p.m. at the high school. First Selectmen Rob Simmons has said selectmen would not send the proposal to an all-day referendum vote while no resident collected the necessary signatures to force a referendum. This means today’s vote will be the final decision on the plan.

Under the terms of the socalled fixed assessment, developer David Lattizori would agree to invest $16.3 million in phase one, which calls for 121 upscale apartments.

Over a seven-year period, the building’s assessment, which is 70 percent of the fair market value, would be fixed at $11.4 million. This would normally produce an annual tax payment to the town of $259,334 a year based on the current tax rate of 22.68 mills. The agreement calls for Lattizori to pay a sliding scale of taxes on the building that begin in year one at 7 percent, or $18,153. The tax payment would increase 7 percent a year to 49 percent, or $127,071, in year seven.

In total, Lattizori would pay $508,295 in taxes on the building over the seven years, compared to the $1,815,341 he would pay without the tax break.

The agreement also calls for Lattizori to pay the full tax bill on the 71 acres of land and infrastruture improvements, which is estimated at $83,412 a year over seven years for a total of $583,887.

Between the land and the apartment building, Lattizori would pay $1,092,183 over seven years.

Simmons has said he envisions similar tax incentives for Phase 2 of the $70 million project, which calls for townhouse condominiums, and Phase 3, which calls for a medical, research and office complex on the site, which is off Jerry Browne Road across from the Stone Ridge retirement community.

Simmons has pointed out that over the past 30 years, the town has approved similar tax plans, which are allowed under state law, for the former MAN Roland development, Davis Standard, Dekalb Plant Genetics, Lapham-Hickey Steel Corp., Quaimbog Professional Building, Zachry Nuclear Engineering and Threadmill Apartments.

Simmons has said the deal will help Lattizori, who has said he has spent large sums of money over the past several years designing the project and gaining approvals, to move forward and invest money in infrastructure along with phases 2 and 3, the latter of which is projected to create hundreds of permanent jobs.

It is estimated the completed project will eventually produce about $1.3 million a year in tax revenue for the town.