year, 20 percent the second year and 10 percent the third year.
Regarding adaptive reuse of a property, Baklik said if a developer makes a $500,000 investment in improving an existing property, the developer is entitled to a three-year abatement of 30 percent the first year, 20 percent the second year and 10 percent the third year.
Baklik added the same incentives apply to existing businesses.
But in order to qualify for any of the abatements, there is a process to follow.
“Of course, these incentives
will only be granted once a developer completes our already established zoning requirements,” Baklik said.
To be eligible for consideration, Baklik said prospective applicants must be current with all city taxes. They next would obtain a copy of the application and the ordinance online through the city’s website or in person at City Hall. Once a completed application and detailed project plans with estimated costs are in place, the developer/ business owner must submit them to both the mayor’s office and the economic development liaison.
The economic development liaison, who in Derby is former aldermanic President Carmen DiCenso,
then would evaluate the application and if he finds it’s suitable, will present it to the Board of Aldermen, who have the sole discretion when it comes to approving the application, according to Baklik.
DiCenso said he’s excited that Derby now has a tax incentive program in place, and is hopeful it will not only attract potential developers to invest here, but retain existing businesses and encourage them to expand. He said the committee also met with several local businesses to get their feedback and input in coming up with the new ordinance.