Connecticut Airport Authority Approves Plans for Incentive Zone at Waterbury-Oxford Airport

Aug. 13, 2013
The board of directors for the Connecticut Airport Authority has voted unanimously to create an economic development incentive zone at the Waterbury-Oxford Airport, Gov. Dannel P. Malloy said Monday.

Aug. 13--HARTFORD >> The board of directors for the Connecticut Airport Authority has voted unanimously to create an economic development incentive zone at the Waterbury-Oxford Airport, Gov. Dannel P. Malloy said Monday.

The creation of the new enterprize zone comes with two key benefits: A local property tax abatement for five years and a 10-year tax credit.

The abatement is 80 percent of local property taxes on real and personal property, while tax credit is 25 to 50 percent on a portion of Connecticut's corporate business tax.

Malloy said that the new designation will help the Oxford-based airport, which is the state's second-busiest general aviation facility, continue to grow.

"Airports are important economic drivers and integral to our overall economic development strategy," Malloy said in a statement. "This enterprise zone will bring jobs and important economic activity to the region."

The state's Airport Authority is based at Bradley Airport in Windsor Locks and its board is made up of 11 members. The agency is responsible for overseeing the operation of all the state's General Aviation airports.

Airport Authority Chairwoman Mary Ellen Jones said Waterbury-Oxford Airport contributed more than 2,374 direct and indirect jobs in 2010 as well as $235.4 million in economic activity, including $113.9 million of labor income, and $7.9 million in state tax revenues.

An estimated 6,500 aircraft used the airport in 2010, Jones said.

Department of Economic and Community Development Commissioner Catherine Smith sits on the Airport Authority board.

With the creation of the economic development incentive zone, "we anticipate great things happening around Waterbury-Oxford," Smith said.

Call Luther Turmelle at 203-789-5706.

Copyright 2013 - New Haven Register, Conn.