“This amount will not change in the short or mid-term. This payment is due regardless of whether GE or someone else owns the property,” Tetreau said in an announcement Thursday. “This will not change the amount other taxpayers owe.”
Tetreau said that the company’s announcement raised concerns among Fairfield residents and businesses about the impact on taxes, the real estate market and local business.
When GE announced its intentions to move to Boston on Wednesday, the company indicated that 200 of the 800 employees based in Fairfield would be relocating to Massachusetts. These employees will begin relocating this summer.
Tetreau said that the town of Fairfield does not know how many of the 800 employees reside in Fairfield, and that while the 200 who relocate will likely begin selling their houses in the near future, the decision of the remaining 600 employees remains unknown.
“The phasing of the move should help minimize the impact on Fairfield’s local real estate market and the Fairfield County real estate market overall,” Tetreau said.
“While the departure in the near term of the 200 employees is disappointing, the 68-acre Fairfield campus was built for more than 800 employees. The long term effect on the local economy could be positive should a company with more employees occupy the site.”
The first selectman said he has met with state and regional economic development groups as well as the town’s local economic development team regarding the move.
“I am planning to meet with GE next week to follow up on details and discuss how we can work together to minimize the impact on Fairfield,” he said.
Tetreau reminded residents that the town is in strong financial shape, with a Triple-A rating, a fully funded pension fund, strong reserves and a high commercial business occupancy rate. He said that Fairfield’s Strategic Plan will be initiated soon and help the town plan for the future.
“The 68-acre campus, along with all of Fairfield’s charm and amenities and the state’s proximity to major transportation hubs, makes the property an ideal location for another company or developer,” Tetreau said. “There are many more questions to be answered. I will keep everyone updated as we move forward together.”
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