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RESOLUTION OF THE NEW HAVEN BOARD OF ALDERS AUTHORIZING THE CITY OF NEW HAVEN TO APPLY FOR AND ACCEPT A GRANT FROM THE CONNECTICUT DEPARTMENT OF ECONOMIC AND COMMUNITY DEVELOPMENT IN THE AMOUNT OF $6,000,000 TO PARTNER WITH VESTA CORPORATION TO SUPPORT ENVIRONMENTAL REMEDIATION OF THE PROPERTY LOCATED AT 71-89 SHELTON AVENUE
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WHEREAS, ZSY Development LLC is the owner of that property known as 71 Shelton Avenue, New Haven, Connecticut 06511 ("71 Shelton") and New Haven Business Center LLC is the owner of that property known as 89 Shelton Avenue, New Haven, Connecticut 06511 ("89 Shelton"); and
WHEREAS, ZSY Development LLC and New Haven Business Center LLC (together the "Property Owners") are under common ownership and control and have received a proposal from Vesta Corporation ("Vesta") for the acquisition and redevelopment of 71 Shelton and 89 Shelton (adjacent properties and together the "Site") by way of construction of a housing project thereon (the "Project"); and
WHEREAS, the City of New Haven (the "City") on December 4, 2024 was awarded a Municipal Brownfields Assessment Grant from the Connecticut Department of Economic and Community Development (the "State") through which it conducted an environmental assessment and hazardous building materials survey of the Site (the "Environmental Investigation") and
WHEREAS, the Environmental Investigation indicated that environmental remediation and hazardous building materials abatement costing approximately Six Million Dollars and Zero Cents ($6,000,000.00) are required in order to allow the Project to be constructed on the Site (the "Remediation"); and
WHEREAS, pursuant to Section 32-763 of the Connecticut General Statutes, the State is authorized to extend financial assistance for eligible costs of brownfield remediation projects and brownfield assessment projects; and
WHEREAS, it is desirable and in the public interest that the City make an application to the State for a grant in the amount of...
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