Council to Consider 25 Year Tax Exemption for Solar Installation at Ellis Street Building

The City Council is set to consider a proposal to exempt a solar installation benefitting 321 Ellis Street. The exemption would allow “zero (0) tax increase resulting from the solar improvements for a period of twenty-five (25) years.”

The new exemption would be on top of a 25 year tax reduction approved in 2021, limiting it’s tax liability to $92,400, with annual increases of 3%.

The proposal introduced by City Council Minority Leader, Ald Robert Smedley (R-4) says that, “250 Stanley Street was split out of 321 Ellis Street and is owned by Ellis Stanley Land LLC,” and that, therefore, “would be taxable and would not qualify for the tax exemption under Section 12-81(57)(D) of the Connecticut General Statute.”

The resolution says that, “the proposed solar facility has been designed to maximize the financial benefits shared with residents by providing annual savings of approximately $92,787 directly to affordable housing residents of 321 Ellis Street.”

The proposal is on the agenda of the November 13, 2024 Council meeting.