Wethersfield Town Council Proposal Executive Square House Preservation 2026-06-08
Related Affordable Seeks 20-Year Tax Abatement for Housing Preservation
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Description
Related Affordable has proposed a 20-year tax abatement agreement with the Town of Wethersfield to preserve 240 affordable senior housing units at Executive Square House. The agreement would involve an upfront impact fee of $600,000, a first-year payment of $575,000, and 2.5% annual increases.
Contract Details
Contract Amount
$600,000 Upfront Impact Fee + $575,000 Year 1, 2.5% increases annually (20 years)
Vendor
RELATED AFFORDABLE
Agency
Town of Wethersfield, CT
Contract Type
OTHER
Document Date
June 8, 2026
Contract Term
20 years
Renewal Date
2046-06-08
Renewal Info
The tax abatement would last 20 years with 2.5% payment escalations. Renewal terms or options are not specified in the proposal.
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