Work for best deal with Steel Point

10/17/07
The discussions over Steel Point have reached a critical juncture, and all sides are worried about what will happen if they don’t get their way. Backers of the project as it stands worry that the developer, if its demands are not met, could simply give up on Bridgeport and walk away, leaving the city once again at square one. Opponents fear that if the project moves forward as is, it will set the course for a future Bridgeport far different from one they envision.
Mayor John M. Fabrizi and his staff are understandably eager to see the City Council OK the deal and get the process moving. They have worked for years to iron out the details, and, in the administration’s waning months, they are looking to put a cap on years of hard work.
The Council, though, is right to take its time. This is too big a deal to simply rush through, and a proper accounting of all the clauses and subtexts is essential. As members point out, the administration has been working on this for years, while the Council has seen the document for only days.
The issue that will not go away is affordable housing. Advocates for the poor and working class fear Steel Point will turn into an enclave for the rich, with any construction of homes that current city residents can afford built far off-site. In that scenario, the city may gain tax revenue, but not to the benefit of the people who have struggled here all these years, who will simply be pushed out by higher rents as the city becomes more desirable.
It’s not an outlandish fear. Too often, a city’s residents do not end up gaining from a megadeal like this. Though any new housing should be open to anyone, not just city residents, the people here have to know they will get some benefit from all this cash getting tossed around.
The developer and its backers are free to argue for their best financial deal possible — they are, after all, not here out of the goodness of their hearts. But they cannot be allowed to hold the city hostage by threatening to walk away if they don’t get exactly the deal they want. There is plenty of money to be had here, with or without many affordable units on site.
Bridgeport is a poor city, with overwhelming needs. Steel Point is a one-shot deal; there are other promising developments in the works, but this one dwarfs them all. The City Council must not sign on the dotted line until it has worked out the best deal possible for the people this project is ultimately supposed to benefit — the people of Bridgeport.