Make Steel Point answers a priority

11/5/07
Gov. M. Jodi Rell made clear that there would be no more money from the state for Steel Point until there was a deal in place. Now that the city has one, pending City Council approval, she has made good on her word and recommended release of $4.75 million to complete the peninsula’s final land purchase.
It’s a welcome development for the city, and one that has long been expected at the Pequonnock Yacht Club, whose land the state money will pay for. It’s the final piece of the 52-acre puzzle south of Interstate 95, and sets the stage for the city to sell it to Midtown Equities, which promises millions of square feet of condominiums, retail, a marina, a hotel, etc. It’s the biggest project in city history, and one that’s been a long time coming.
The thorny issue of affordable housing will linger, though, long after the deal is approved. Regardless of where affordable units ultimately end up, the developer has committed to building or otherwise paying for dozens of such homes, and it’s up to city officials to make sure that comes to pass.
At issue is the amount the developer is on the hook for with each unit. If $100,000 is supposed to equal one housing unit, but the city can’t build one for less than, say, $200,000, then that’s not good enough. It must be a clear connection between what the developer pays for and what gets built.
Similarly, the nebulous “affordable housing fund” that’s been discussed must be finalized. Where would this money go? Who would control it? What strings are attached? These are all questions we need answers for.
Steel Point is promising in so many different ways, but until the details are hammered out, doubts are destined to linger. The next mayoral administration must make eliminating those doubts a top priority.