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Redevelopment of the Former Gilbert & Bennett Wire Mill

Redevelopment of the Former Gilbert & Bennett Wire Mill. What is a Brownfields?. Real property, the expansion, redevelopment, or reuse of which may be complicated by the presence or potential presence of a hazardous substance, pollutant, or contaminant. Central Fairfield County Location.

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Redevelopment of the Former Gilbert & Bennett Wire Mill

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  1. Redevelopmentof the Former Gilbert & Bennett Wire Mill

  2. What is a Brownfields? Real property, the expansion, redevelopment, or reuse of which may be complicated by the presence or potential presence of a hazardous substance, pollutant, or contaminant.

  3. Central Fairfield County Location Georgetown

  4. The Site • 51 +/- Acre Brownfield located in Georgetown section of Redding, CT • Home to the former Gilbert and Bennett Wire Mill Facility • Current site use is mostly vacant old mill complex primarily used for storage

  5. Existing Site

  6. Senior Housing • Artist Lofts • 416 Residential Units • 375,000 square feet Commercial, Retail and Civic

  7. Residential Products TypeUnits Avg. SF • Detached House 29 3,500 • Townhouse/Live-Work 86 2,500 • Residential Loft 246 1,200 • Affordable Housing 55 800 Total 416

  8. Non Residential Products Type SF • Retail Space 108,560 • Restaurant Uses 28,882 • Office Space 126,940 • Light Manufacturing 21,000 • YMCA 60,000 • Performing Arts Center 20,000 • Civic Building - Police 10,000 • Transit Station/Ticket Office 500 Total375,882

  9. Financing Brownfields Development Cost Cleanup Costs Predevelopment Costs

  10. Sources of Financing Intellectual Capital Political Capital Venture Capital Social Capital Public Capital Conventional Capital

  11. Owner/DeveloperGeorgetown Land Development Co., LLC Project General CounselRichard S. Gibbons Corporation/Development/Environmental CounselBrody, Wilkinson & Ober Wiggin and Dana Day, Berry & Howard Tax District/Bond CounselShipman and Goodwin Baker Botts Lead Project/Master Plan ArchitectsRoger Ferris + Partners Site/Civil/Environmental EngineeringFuss & O’Neill, Inc.Tighe & Bond Langan Haley & Aldrich Transportation EngineeringFitzgerald & Halliday Earthtech Liro Group Design ArchitectsCrosskey ArchitectsBeinfield Architecture PCJack Curtis & Associates Roger Ferris + Partners Studio ABK Cubellis Charrette FacilitatorsDuany Plater-Zyberk & Company Economic Impact AnalysisConnecticut Center for Economic Analysis Public/Governmental Relations and MediaAberdeen Associates, Inc. Advocacy Group Capital Strategies, Inc. & Roy & LeRoy Alexander Isley & Co. Dakota Group LEED ConsultantsDavis Langdon Construction Management/Demolition O & G Industries Bestech Inc. Manafort Brothers Intellectual Capital - Project Team

  12. Political Capital: Local Govt. • Town of Redding • Boards of Selectman and Finance • Planning, Zoning and Conservation Commissions • Town of Weston • Board of Selectman • Planning and Zoning Commission • Conservation Commission • Town of Wilton • Board of Selectman • Planning and Zoning Commission • Conservation Commission • Town of Ridgefield • Board of Selectman • Planning and Zoning Commission • Conservation Commission • Housatonic Valley Council of Elected Officials • South Western Regional Planning Agency

  13. Political Capital: State Govt. • Connecticut Department of Environmental Protection (DEP) • Connecticut Office of Policy and Management • Connecticut Department of Health • Asbestos Abatement • Connecticut Department of Community and Economic Development • Small Cities Community Development Block Grant • Affordable Housing Pre-development Financing • Connecticut Department of Public Utilities Control • Utilities • Connecticut General Assembly • Special Taxing District Legislation • Connecticut Department of Transportation • State Traffic Commission (STC) • Rail Operations and Regulatory Unit • Environmental Planning Unit

  14. Political Capital: Federal Govt. • U.S. Environmental Protection Agency (EPA) • Brownfields Program • National Smart Growth Award • US Treasury • Green Building and Sustainable Design Designation • US Department of Agriculture • Rural Development Program • US Department of Transportation • CMAQ • US Department of Energy • Building Technologies Program • US Department of the Interior • Weir Farm National Historic Site • Historic Rehab Tax Credits

  15. Venture Capital - $1 million Equity from Investors to purchase Tax Lien - $1.2 Million Mezzanine Investor Loan

  16. Social Capital - $400,000 Affordable Housing Fund Predevelopment Loan

  17. Public Capital US EPA - $200,000 Technical Brownfields Assistance - $200,000 Brownfields Cleanup Grant US Treasury - $72 Million Green Building and Sustainable Design Bonds USDA - $5 Million Rural Development Loan - $375,000 Community Facility Loan

  18. Political Capital Continued HUD - $1.8 Million CDBG Grants - $500,000 Home Funds - $2 million Brownfields Development Initiative Grant Department of the Interior - $4 Million Historic Rehab Tax Credits Department of Energy - $5 Million Energy Tax Credits

  19. Political Capital Continued US Department of Homeland Security - $500,000 Interoperability Grant (Police) US Department of Transportation - $1.0 Million CMAQ Grant for Train Station Connecticut Housing Finance Authority - $4 Million Low Income Housing Tax Credits (Equity) - $5.5 Million Affordable Housing Loan

  20. Commercial Banks - $3 Million Predevelopment Loan - $7.4 Million Predevelopment Loan Union Savings Bank, Danbury, CT - $5 million Bridge Loan Banc of America Securities - $14.45 Million Tax Exempt GO Bonds Insurance Company - $3.4 million Performance Bond Conventional Capital

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