Mixed-use project would get city aid

July 22, 2008

A mixed-use development project that could help revitalize a former industrial area along the Middle Branch would receive $90 million in city incentives under bills introduced in the City Council yesterday.

Turner Development Group and the Carlyle Group, which are building the residential project in Westport, requested the incentive package, which would come in the form of tax-increment financing. The project might also include retail and a hotel.

Under tax-increment financing, referred to as TIF, the city issues bonds to pay for roads, sewer and water lines, and other infrastructure. It repays the borrowed money with property taxes generated by the development.

John Fritze