NEWLY PASSED STATE GREEN TAX CREDITS TO FUEL NEW HAVEN JOB CREATION, ECONOMIC DEVELOPMENT
(6/17/2009) NEW HAVEN, CT – Newly passed state tax credits for energy efficient buildings will create more construction jobs for Connecticut residents and businesses – and fuel continued development in New Haven.
“This is a win for Connecticut and a win for New Haven,” said Mayor John DeStefano, Jr. “This bill will encourage and promote smart growth within the State of Connecticut, taking advantage of locations near transit nodes; sites where investment has been made in infrastructure; on brownfield sites; and encourage the development of renewable energy sources. These credits provide a real incentive for investments in 21st century projects to grow jobs and the economic base.”
The Tax Credit for Green Buildings act was passed by both the Connecticut House and Senate. It awaits the signature of Gov. Jodi Rell. Once enacted, the act creates a transferable tax credit for buildings that receive a certificate of occupancy on or after January 1, 2010. The tax credits will be available after January 1, 2012, allowing developers to plan now for financing projects. Eligible projects must meet or exceed the applicable LEED Green Building Rating System Gold Certification.
The Leadership in Energy and Environmental Design (LEED) Green Building Rating System sets standards for environmentally sustainable construction.
“The General Assembly through passage of the Green Tax Credit Bill put substance behind the State’s Smart Growth Strategy,” said Senate Majority Leader Martin Looney. “This bill will provide direct investment into smart, sustainable projects that grows the State’s economy.”
Ben Cozzi, president of the Connecticut State Building Trades Council, said the Green Tax Credit Bill will create more construction jobs for Connecticut residents and businesses.
Projects like that at 360 State will benefit directly from Green Tax Credits. The project will create 500 housing units in downtown New Haven near the State Street Railway Station and five bus lines. It incorporates unique energy efficient elements, such as photovoltaic arrays, a 400-kilowatt fuel cell, geothermal walls, ultra high-performance insulated walls and high -efficiency heat pumps, while also providing hundreds of additional parking spaces across from the train station, allowing area residents to take a train rather than drive.
“Green tax credits make projects like 360 State Street possible and the amount of the credit is directly tied to the achievement of a Gold or Platinum LEED rating,” said Bruce Becker, president of Becker + Becker, which is developing the site. “This credit can make the difference between the construction of a sustainable project like 360 State or one that is not nearly so energy efficient.”
The City of New Haven has always been on the cutting edge of the “green” development, projects that not only reduce the city’s energy footprint, but also create jobs, elevate the tax base, and revitalize neighborhoods.
New Haven currently leads Connecticut in the number of LEED certified buildings, and is second only to Boston in New England. New Haven has 12 LEED certified buildings completed or under construction, including:
? Two LEED Certified Platinum buildings, which have the highest rating possible for green building design. These buildings include the Yale University Sculpture Building & Gallery and Yale School of Forestry Kroon Hall;
? Three LEED Certified Gold buildings, the second-highest rating for green building design. These include 360 State Street, Gateway Community College, and Barnard Environmental Magnet School, the first public school in Connecticut awarded LEED Gold;
? One LEED Certified Silver project, 55 Park Street. This is an extremely high rating for a lab building;
? Two LEED Certified projects, which are considered energy efficient buildings. They include Yale-New Haven Cancer Center and 2 Howe Street (LEED registered).
The City of New Haven has taken the sustainable message to a new level and we are exploring avenues for jobs and business creation that will arise from these new sustainable development projects.
“We will be announcing the launch of education and training programs on the use of sustainable materials, deconstruction and recycling for construction contractors,” said Mayor DeStefano. “This will put New Haven at the forefront of this emerging industry.”
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