Council Weighs IRB Incentives for Stone Creek Residences

The Derby City Council conducted a public hearing on a proposed Industrial Revenue Bond financing and associated 10-year, 60% property tax abatement for Stone Creek Residences, LLC to construct a roughly $26.3 million multi-family housing project. Council reviewed draft conditions for a future PILOT agreement, sales tax exemptions, and compliance requirements but did not finalize the incentive package at this meeting.

Scope & details

The full contract record, as filed.

Contract type

FINANCIAL_SERVICES

Contract term

Proposed 10-year, 60% property tax abatement period tied to IRB financing

Renewal

Proposal contemplates a 10-year, 60% property tax abatement via PILOT agreement starting upon bond issuance; final terms subject to negotiation and state tax board approval.

Document type

Minutes

Source document

Derby City Council Minutes 2026-07-14

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Frequently asked questions

Common questions about this contract, answered from the record.

Who was awarded the financial services contract by City of Derby?

Stone Creek Residences Llc was awarded this financial services contract by City of Derby, as recorded on July 14, 2026.

What type of contract is this?

This is a Financial Services contract, documented as a minutes record.

Where was this contract approved?

This contract appears in Derby City Council Minutes 2026-07-14 (Minutes), dated July 14, 2026 from City of Derby. Civic IQ extracts contract records directly from agency meeting documents and solicitations.

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Stone Creek Residences Llc may hold additional government contracts. View their full contract history, the agencies they serve, and total tracked spend on their Civic IQ vendor profile.

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