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The Benn High Redevelopment project would put a blighted vacant building back into productive use, while providing needed housing (including 17 affordable units), a gymnasium, exercise rooms, an expanded Senior Center, and an expanded Meals on Wheels.
Zero municipal tax dollars are being used to fund the development of the Benn High. A months long public process on how to spend ARPA funds resulted in the Benn High project being selected as a preferred project for those federal dollars.
The project fits perfectly with numerous grants and federal tax credits. As a result, this public/private partnership with Hale Resources, LLC, adds up to over $29 million dollars that will be used to redevelop the building. Our leveraging of those ARPA funds and the transfer of the value of the Senior Center (once it is no longer needed) results in a 10-fold return on our total investment of $2.9 million.
Quick Facts:
- Amount of municipal tax dollars being spent on the Benn High Project redevelopment: $0
- Amount of ARPA funds (federal money from the American Rescue Plan Act) for construction: $2,000,000
- Value of the old Senior Center building that is being replaced: $400,000
- Other ARPA funds spent on pre-development and fit up costs: $500,000
- Total Benn High Redevelopment Project Cost: $29+ Million
THIS MEANS: By investing $2.9 million in ARPA funds and including the value of the old senior center when no longer needed, we are getting $29 Million of private and federal investment dollars to return this historic building to productive use AND to the tax rolls.
Currently the Benn High is on the tax rolls at $146,000. The value on the tax rolls after redevelopment will be around $8 million.
The amount of municipal and education taxes generated by the redeveloped building would be over $220,000 per year.
FOR MORE INFORMATION: Visit the Benn High Redevelopment Page.