January 26, 2006
Georgetown Special Taxing District Receives $72 million for Environmentally Friendly Redevelopment Initiative
WASHINGTON - Congressional colleagues Senator Chris Dodd (D-CT), Senator Joe Lieberman (D-CT) and Congressman Christopher Shays (R-CT) announced Georgetown Special Taxing Project as a Green Bond award recipient. The U.S. Treasury Department designated the Georgetown Special Taxing District, which will oversee redevelopment of the former Gilbert & Bennett Wire Mill, as a qualified green building and sustainable design project allowing the Taxing District to issue more than $72 million in special tax-exempt bonds.

“These bonds will help this innovative redevelopment project move forward to create jobs and a new community in which to live and work -- all within an environmentally friendly design,” said Dodd. “This financial boost helps prove that improving communities, creating jobs, and protecting the environment are not mutually exclusive goals.”

“This award proves that quality developments can revitalize both the community and the environment,” Lieberman said. “When completed, the restored and renovated Gilbert & Bennett site in Georgetown will add to the small-town feel that makes Redding – and so many other Connecticut towns – desirable places to live, work and raise a family. Commerce, culture and community, in concert with conservation, will all be within walking distance.”

"The collaborative approach toward this project resulted in not only a model community, but a model for sustainable, community-based development nationwide. The Treasury Department's designation of this site as a qualified green building and sustainable design project is a testament to the strict environmentally-friendly design of this project," Congressman Christopher Shays said. "The citizens of Redding and the whole region will certainly benefit from this remarkable revitalization project."

The Georgetown Special Taxing District is among the first in the country to receive the designation, which was called for as part of the American Jobs Creation Act. The Treasury Secretary, after consulting with the EPA Administrator, designated qualified green building and sustainable design projects that met strict criteria, including developing LEED certified buildings and providing permanent employment for at least 1,500 people.

The bonds will provide tax-exempt financing for the Gilbert & Bennett Wire Mill redevelopment, which can be used to purchase, construct, or integrate renewable energy and sustainable design features of the project; comply with LEED certification standards; or remediate the site. Applicants had to demonstrate the energy efficiency, renewable energy and sustainable design features of their projects.