September 16, 2013

GOV. MALLOY: DEVELOPMENT ZONE AT WATERBURY-OXFORD AIRPORT WILL BENEFIT REGION'S ECONOMY

(HARTFORD, CT) - Governor Dannel P. Malloy today said that a recently approved economic development incentive zone at Waterbury-Oxford Airport will benefit the region's economy by attracting business growth and development in the area. The Governor held a news conference at the airport today, where he was joined by Connecticut Airport Authority Chair Mary Ellen Jones, Department of Economic and Community Development Commissioner Catherine Smith, and other state and local officials representing the region.

"Airports are important economic drivers and are integral to our overall economic development strategy," Governor Malloy said. "For too long, our state was not doing enough to incentivize business growth and development in order to create the kinds of communities where business can thrive. The creation of this zone will drive business growth in the area, spur increased development, and create new jobs in our state."

There are two business incentives associated with the new enterprise zone. Subject to certain conditions, a five-year, 80 percent abatement of local property taxes on real and personal property; and a ten-year, 25-50 percent credit on a portion of the state's corporation business tax.

The Connecticut Airport Authority (CAA) approved the creation of the zone in August.

"The board of the Connecticut Airport Authority is proud to approve the creation of this incentive zone," said Chairwoman Jones. "We look 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."

Located five miles west of Waterbury, 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. In 2010, the airport contributed more than 2374 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.

"As a member of CAA's board, I applaud my colleagues for their support of this opportunity to encourage economic development," said Commissioner Smith. "With access to I-84, utility infrastructure, and the active interest in the surrounding communities, we anticipate great things happening around Waterbury-Oxford."

The Connecticut Airport Authority is a quasi-public agency, 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 serves as an economic driver in Connecticut, making the state's airports more attractive to new routes, new commerce, and new companies. For more information on the Connecticut Airport Authority, visit www.ctairports.org .

###

For Immediate Release: September 16, 2013

Facebook: Office of Governor Dannel P. Malloy