7/19/2016 - City gets nearly $2M in tax credits from Eversource for Rectory Building

The newly renovated Rectory Building at 110 East Main Street, already a boon to Downtown Waterbury as part of the expanding UConn Waterbury campus, will pay even more dividends thanks in part to help from Eversource.  Representatives from the utility company presented Waterbury Mayor Neil M. O’Leary with a State Historic Tax Credit check for nearly $2 million for this project on Tuesday July 19.

“This check is good news for the taxpayers of Waterbury and underscores the commitment Eversource has to Waterbury and communities throughout New England,” Mayor O’Leary said. “We knew this building would be a great benefit to our Downtown, but receiving this check from Eversource is like icing on the cake.”

The long-shuttered structure, built in 1889 and also known as the St. Patrick’s Hall Building, formally opened in January after a comprehensive renovation done in partnership with UConn, the City and the Waterbury Development Corp. The top three floors of the four-story building – an historic brick Romanesque structure with a brownstone façade – are currently used by UConn Waterbury for classrooms, a student lounge, and a large meeting space. Design work is now underway on a Starbucks Coffee shop for the first floor adjacent to the UConn lobby, while new student housing is planned nearby.

“We are pleased to partner with the City of Waterbury to help revitalize The Rectory, which in turn benefits the entire community,” said Craig Hallstrom, Regional Electric Operations President for Eversource in Connecticut and Massachusetts. “This historic building is in the heart of the city and we applaud Mayor O'Leary for not only preserving what exists but also improving the area, making Waterbury a better place to live and work."

The renovation project qualified for the state Historic Tax Credit Program due to the building’s historic significance. Under this program, municipalities do not qualify for the credit due to their not-for-profit status. The credits can only be obtained by corporations with tax liability under specific chapters of the Connecticut General Statutes.

Eversource purchases these historic tax credits as part of their commitment to local communities. Although Eversource had no specific role in this project, it offered to reimburse the city for the credit dollar for dollar as a community partner. Eversource then applies the credits against its own tax liabilities while Waterbury is able to reap the benefits of this program for its taxpayers.