At the Middletown council meeting on March 4, the city’s Industrial Development Agency Director Maria Bruni talked about how the local agency has helped to breathe new lives into vacant buildings, increase the tax roll, and create hundreds of jobs over the past decade.
A public benefit corporation under state law, the Middletown Industrial Development Agency, or IDA, is empowered to use tax incentives to attract or grow desired businesses.
Common incentives come in the form of reduced or exempted sales, property, and mortgage recording taxes.
Bruni first highlighted how the agency facilitated the redevelopment of the vacant former Horton Hospital building on Prospect Avenue into a private medical school 10 years ago that—unlike a hospital—pays property taxes and continues expansion to this day….