RESOLUTION

 

The Federation of Connecticut Taxpayer Organizations, Inc.

 

Whereas, Connecticut residents incur a high burden of taxation at the local, state and federal levels, and

 

Whereas,  as a share of personal income, the total tax obligation in 2005 in Connecticut is 33.5 percent, giving Connecticut the distinction of being the most heavily taxed state in the nation, and  

 

Whereas, the state’s recently passed budget of $31.3 billion for the next two fiscal years  exceeds the State’s spending cap by approximately $200 million in fiscal year 2005-2006, and

 

Whereas, Connecticut has the highest bonded indebtedness per capita in the United States, fueled by speculative local and state Redevelopment and Economic Development projects, and

 

Whereas, Connecticut taxpayers pay approximately $600 million annually in interest payments on the State’s $13 billion debt, and

 

Whereas, the City of Bristol, Connecticut has purchased the Bristol Centre Mall property for $5.2 million and is seeking to redevelop this property, and

 

Whereas, the Bristol Centre Mall is an example of a speculative State funded Redevelopment project, and

 

Whereas, the City, through the power of eminent domain, has initiated eviction proceedings against tenants of the Bristol Centre mall although no Redevelopment plans, to date, have been defined, other than demolition of the building, and

 

Whereas, the City has conceded that their source of revenue to finance Redevelopment has yet to be defined or approved, and 

 

Whereas, the source of revenue or the costs to mitigate environmental hazards at the site of the Bristol  Centre Mall have yet to be defined, and

 

Whereas, due to the speculation of the project and costs associated therewith, the eviction of the current tenants of the Bristol Centre Mall could result in  a shuttered mall or vacant site that cannot be redeveloped, and the loss of local property tax revenue, and

 

Whereas, Connecticut Taxpayers are being asked to provide at least $41 million in additional funding for this undefined speculative project, 

 

Now Therefore be it Resolved that The Federation of Connecticut Taxpayer Organizations, Inc. (FCTO) requests that Governor Rell, the Connecticut State Legislature,  the State  Bonding Commission, and any and all state agencies refuse to release state taxpayer funding for the Bristol Centre Mall and any and all Redevelopment projects until independent feasibility studies conclude that

1)  Environmental issues can be mitigated at a minimal cost to Connecticut taxpayers,  and

2)  Proposed Municipal, State or Privately owned Redevelopment Projects will generate sufficient revenue, within a reasonable time frame,  to return to State taxpayers the money invested plus interest paid on the bond,

3)  All studies and statistics, plus the total cost of interest on the bond, be made available to the public prior to a public hearing held by the Bonding Commission on each project.     

 

This Resolution is respectfully submitted by the Federation of Connecticut Taxpayer Organization, Inc. on June 25, 2005.  

 

_____________________________________

Susan G. Kniep, President