The Connecticut Airport Authority's board of directors voted unanimously to create an economic development incentive zone at Waterbury-Oxford Airport, Gov. Dannel Malloy announced.
Waterbury-Oxford, five miles west of downtown Waterbury, is Connecticut's second-busiest general aviation airport behind Bradley International Airport in Windsor Locks.
According to Malloy, two business incentives are associated with the new enterprise zone. Subject to certain conditions, a five-year, 80% abatement of local property taxes on real and personal property; and a 10-year, 25% to 50% credit on a portion of the state's corporation business tax.
"With access to I-84, utility infrastructure, and the active interest in the surrounding communities, we anticipate great things happening around Waterbury-Oxford," said Department of Economic and Community Development Director Catherine Smith.
The authority began in 2011 and took over responsibility of Connecticut's airports from the state transportation department.