Fuel Cell Project in Bridgeport Gets Tax Incentives
City of BridgeportCity · IL- Disclosed value
- $15,000,000
- From agenda
- Document date
- Oct 16, 2023
- Term
- 20 years
The 30-second brief
The City of Bridgeport is considering a tax incentive development agreement with VFS LLC for a fuel cell development project at 1225 Central Avenue. VFS LLC plans to invest approximately $15 million in the project, which involves constructing a 4 Megawatt fuel cell installation. In return, the city would authorize a fixed annual combined real and personal property tax payment schedule for a 20-year period, with total tax payments amounting to $1.5 million.
VFS holds this tax incentive contract with City of Bridgeport. Its other public contracts on record include work for Martin County School District and Town of Sharon.
Term as filed: 20 years.
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Contract details
- Contract type
- Tax Incentive
- Amount
- $15,000,000
- Document date
- October 16, 2023
- Term
- 20 years
- Vendor
- VFS
- Agency
- City of Bridgeport
- Source document
- city-of-bridgeport-city-council-agenda-fuel-cell-project-school-bonds-oct-16-2023_8ca.pdf (Agenda)
VFS's other public contracts
More City of Bridgeport contracts
Questions about this contract
Who was awarded the tax incentive contract by City of Bridgeport?
VFS was awarded this tax incentive contract by City of Bridgeport, as recorded on October 16, 2023. The contract value is $15,000,000.
How much is the VFS contract with City of Bridgeport worth?
The VFS contract with City of Bridgeport is valued at $15,000,000, covering tax incentive work.
What type of contract is this?
This is a Tax Incentive contract, documented as a agenda record.
Where was this contract approved?
This contract appears in city-of-bridgeport-city-council-agenda-fuel-cell-project-school-bonds-oct-16-2023_8ca.pdf (Agenda), dated October 16, 2023 from City of Bridgeport. Civic IQ extracts contract records directly from agency meeting documents and solicitations.
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What other contracts does VFS hold?
VFS 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.