The State Bond Commission, as expected, on Friday approved $22 million tax incremental financing package and an urban development grant-in-aid for the planned Bass Pro Shops store on the Steel Point peninsula.
“This is a historic and pivotal moment in the economic development history of the Steel Point peninsula and the City of Bridgeport.,” Mayor Bill Finch said in a prepared statement.
” The Bond Commission’s approval …is a big step forward in the development of the planned Bass Pro Shops as the first retail tenant on Steelpointe Harbor. This is great news for the City and the developer – Bridgeport Landing Development LLC, which has worked diligently with my administration to move this project forward.”
The Bond Commission authorized the issuance of $22 million of tax increment bonds by Connecticut Innovations Incorporated in support of the construction of the Bass Pro Shops retail facility and related improvements at Steel Point.
The total project cost is $68.5 million — $22 million of which would come from the proposed sales tax TIF and $9 million in grant-in-aid funding to finance construction and infrastructure improvements.
Bass Pro Shops is the first tenant to sign on to the 50-acre development located across the harbor from downtown Bridgeport, which will include nearly 3 million square feet of mixed-use development on the waterfront.