Governor Dannel P. Malloy, joined by Connecticut Airport Authority Chair Mary Ellen Jones and Department of Economic and Community Development (DECD) Commissioner Catherine Smith, today announced that the 11-member Connecticut Airport Authority (CAA) Board of Directors has unanimously voted to create an economic development incentive zone at Waterbury-Oxford Airport, Connecticut's busiest general aviation airport.
"Airports are important economic drivers and integral to our overall economic development strategy," said Governor Malloy. "I applaud the Connecticut Airport Authority for their work to support business development and expansion at Waterbury-Oxford. This enterprise zone will bring jobs and important economic activity to the region."
Based at Bradley International Airport in Windsor Locks, New England's second busiest airport, the CAA is responsible for the state's General Aviation Airports. They are working to expand passenger service options including bringing in new transcontinental service and developing direct international flights.
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 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.