CT agency creates economic development incentives at airport
The Connecticut Airport Authority (CAA) board of directors has unanimously voted to create an economic development incentive zone at Waterbury-Oxford Airport, Connecticut’s busiest general aviation airport.
“Airports are important economic drivers and integral to our overall economic development strategy,” said Gov. Dannel P. Malloy, praising CAA for working to support business development and expansion at Waterbury-Oxford.
“This enterprise zone will bring jobs and important economic activity to the region,” Malloy said.
Waterbury-Oxford Airport is in northern Oxford, five miles west of Waterbury. It is south of Exit 16 on Interstate 84 and about 20 miles from Shelton.
Property tax and corporate tax breaks
There are two business incentives associated with the new enterprise zone. Subject to certain conditions, a five-year, 80% abatement of local property taxes on real and personal property; and a 10-year, 25% to 50% credit on a portion of the state’s corporation business tax.
Mary Ellen Jones, CAA chairwoman, said the authority looks forward “to continuing our strong relationship with businesses, development partners and other stakeholders at all of our general aviation airports. They are an important part of economic recovery in Connecticut.”
Airport serves corporate and private aircraft
The Waterbury-Oxford Airport houses the highest concentration of general aviation activity in the state and provides maintenance, fuel, aircraft storage, and support facilities to meet the demand of corporate jets and single- and multi-engine aircraft.
State officials said in 2010, the airport contributed more than 2,374 direct and indirect jobs and $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.
Catherine Smith, state economic and community development commissioner, said the zone will encourage economic development. “With access to I-84, utility infrastructure, and the active interest in the surrounding communities, we anticipate great things happening around Waterbury-Oxford,” Smith said.
About the CT Airport Authority
Based at Bradley International Airport in Windsor Locks, New England’s second busiest airport, the 11-member CAA is responsible for the state’s general aviation airports (those without scheduled commercial passenger service).
The quasi-public agency was established in 2011 to develop, improve, and operate Bradley international Airport and the state’s five general aviation airports — Danielson, Groton-New London, Hartford-Brainard, Waterbury-Oxford, and Windham.
It works to make the state’s airports more attractive to new routes, new commerce and new companies, such as bringing in new transcontinental and direct international passenger service flights.
For information on CAA go to www.ctairports.org.