www.connpost.com/breakingnews/ci_11228311 -
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Published on: 12/13/2008
Last Visited: 12/15/2008
really didn't have the information in front of them," James Ryan, president of the Shelton Economic Development Corp., told the Board of Aldermen last Thursday.
"We can't take anything for granted with these investments."
Ryan hopes the board will decide to hold another referendum on the bonding for the infrastructure-improvements.
If approved, the funds will be matched with a $2 million state grant and a $500,000 federal grant.
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In total, the project will encompass about 600 new residential units, Ryan said, and represents about $250 million in private investment.
While taxpayers are being asked to contribute $3 million, the Canal Street infrastructure improvements will pay off in the long run, Ryan said.
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Ryan, however, said the developer has already granted easements to the city to be used to widen the streets.