W&M Trophy Space at a Discount W&M Properties Executive Vice President Jeffrey H. Newman recently spoke with W&M Talk about Stamford's enterprise zone and how it benefits tenants at First Stamford Place, Metro Center and Metro Tower.
JHN: An enterprise zone is an under-developed area, designated as such by the state government, where new businesses are offered a variety of incentives.
JHN: Government incentives can help spur growth in economically under-developed communities. The hope is that the lower relative operating costs will encourage more businesses to locate and grow their operations in enterprise zone neighborhoods. In 1980, Connecticut became the first state to establish enterprise zones. There are currently 17 enterprise zones in Connecticut, including certain areas of Stamford.
JHN: Stamford's enterprise zone includes the Waterside and South End neighborhoods, with the exception of the residential areas of Dolphin Cove and Cummings Point. W&M's First Stamford Place, Metro Center and The Metro Tower development site are the only Trophy transportation center properties located within Stamford's enterprise zone. New and expanding tenants at these properties may qualify for significant economic benefits, including an 80 percent abatement of real estate and personal property taxes on all leased space for five years, which equates to an annual savings of more than $4.00 per square foot. Tenants at W&M's enterprise zone buildings are also eligible to qualify for a 25 percent credit against State of Connecticut corporate income taxes for 10 years. In addition, through the Urban Jobs program, Connecticut offers one-time grants of $750 to $2,250 to business owners for each new job created within the enterprise zone.
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