The Enterprise Zone is an area located to the north of Downtown, bordering the Pequonnock River. It is known for its industrial and commercial development, as well as its proximity to other major districts in the city. Manufacturing is a major part of the economy in Connecticut, and the neighborhood is fully within the designated Connecticut Enterprise Zone, which provides tax incentives and cost savings to businesses that locate in the area.
An Enterprise Zone is a designated area in a Targeted Investment Community.
Incentive benefits are provided for eligible business relocation/expansion projects within the zone. Eligible businesses include manufacturers, warehouse distributors (new construction/expansion only) and certain designated service-related businesses. Benefits include:
A. A 5-year, 80% abatement of local property taxes on all qualifying real and personal property that are new to the Grand List of the city/town as a direct result of a business relocation, expansion or renovation project;
B. 10-year, 25% or 50% credit on that portion of the Connecticut Corporate Business Tax that is directly attributable to this business relocation, expansion or renovation project as determined by the Connecticut Department of Revenue Services and as provided under section 12-217(e) of the Connecticut General Statutes.
C. Exemption from real estate conveyance tax.
In order to qualify for the 50% credit, at least 30% of the new employees must be residents of the Enterprise Zone or residents of the municipality in which the plant is located and eligible under the federal Workforce Investment Act (WIA). The local Connecticut Department of Labor Job Service Office is the contact concerning the availability of WIA eligible applicants.
Also, within an Enterprise Zone, residential and commercial property owners are eligible, by ordinance, for the fixing of assessments on all real property in such zone for improvements made to their properties which are improved during the period when such area is designated as an Enterprise Zone. The fixed assessment will be for a period of seven years from the time of such improvement and municipality shall defer any increase. Deferral on increased assessment due to improvements is as follows: 100% deferred in years 1 & 2, 50% in year 3, then declining 10% per year through year 7. These benefits are provided at the local level.
If you are interested in investing in commercial property in Bridgeport, Connecticut, you should consider locating it within an Enterprise Zone. These zones provide an excellent opportunity for businesses to grow and thrive while creating jobs in the process. In addition, these zones are administered by the CSBG. Read on to learn more about Enterprise Zones and how they work. Listed below are some facts about the enterprise zone. If you are interested in becoming a part of one, contact us for more information.
Search through the latest commercial property listings in the Enterprise Zone in Bridgeport, CT, with our interactive map. We’ll show you the various types of space available and help you find the right property for your needs. You can also narrow your search by price, asking price, and space type to find the perfect place to operate your business.