CONTRACTAPPROVED

City of Bridgeport Awards $100,000,000 Tax Incentive Contract to Sp Residential 1 (January 2022)

Disclosed value: $100,000,000; From minutes
Approved: Jan 3, 2022
Term: 12 years

What it covers

The City Council approved a tax incentive development agreement with SP Residential 1, LLC for a new residential development at Steelpointe. The developer plans to invest approximately $100 million to create 400 housing units, structured parking, and retail space. The agreement includes a phased-in tax payment schedule over 12 years, with initial taxes based on the assessed land value and escalating to $1,476,291 per annum in Year 10.

Who holds it

Sp Residential 1 holds this tax incentive contract with City of Bridgeport.

What happens next

Term as filed: 12 years.

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Contract details

Contract type: Tax Incentive
Amount: $100,000,000
Document date: January 3, 2022
Term: 12 years
Vendor: Sp Residential 1
Agency: City of Bridgeport
Source document: bridgeport-city-council-meeting-minutes-jan-3-2022-steelpointe-bassick-high-school-funding_a15.pdf (Minutes)

Sp Residential 1's other public contracts

City of Bridgeport, AlabamaSteelpointe Residential Tax Incentive Agreement Approved · Jan 3, 2022$100M City of Bridgeport, WashingtonSteelpointe Tax Incentive Approved for Development · Jan 3, 2022$100M City of Bridgeport, ConnecticutTax Incentive for Steelpointe Development Approved · Jan 3, 2022$100M All Sp Residential 1 contractsVendor profile

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Questions about this contract

Who was awarded the tax incentive contract by City of Bridgeport?

Sp Residential 1 was awarded this tax incentive contract by City of Bridgeport, as recorded on January 3, 2022. The contract value is $100,000,000.

How much is the Sp Residential 1 contract with City of Bridgeport worth?

The Sp Residential 1 contract with City of Bridgeport is valued at $100,000,000, covering tax incentive work.

What type of contract is this?

This is a Tax Incentive contract, documented as a minutes record.

Where was this contract approved?

This contract appears in bridgeport-city-council-meeting-minutes-jan-3-2022-steelpointe-bassick-high-school-funding_a15.pdf (Minutes), dated January 3, 2022 from City of Bridgeport. Civic IQ extracts contract records directly from agency meeting documents and solicitations.

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What other contracts does Sp Residential 1 hold?

Sp Residential 1 may hold additional government contracts. View their full contract history, the agencies they serve, and total tracked spend on their Civic IQ vendor profile.

What is City of Bridgeport currently buying?

Explore City of Bridgeport's vendors, signed contracts, and active RFPs on their Civic IQ agency profile.

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