By Lisa Capobianco
The Southington Town Council recently voted to approve a five-year, 50 percent tax abatement for Lake Compounce amusement park, reducing the costs of adding new rides and attractions.
During a recent council meeting, members of the Town Council all voted in favor of the tax abatement worth $4.2 million, stating the amusement park’s contribution to Southington. After the five-year period, taxes will return to 100 percent.
“They have been very good corporate citizens, and will be adding $4.2 million to our tax rolls,” said Town Attorney Mark Sciota, during the council meeting three weeks ago.
Lou Perillo, the economic development coordinator of Southington, said the tax abatement is a way to assist businesses like Lake Compounce to promote economic growth.
“It is a tool that is frequently used to encourage economic development,” said Lou Perillo, the economic development coordinator. “The amusement park has to constantly add new rides.”
Perillo said the amusement park has invested about $5 million in rides and equipment, which attracts more tourists to Southington. Bringing over 700,000 visitors to town, Lake Compounce also helps other businesses do well.
“It is very good to our community—it gives us strength,” Perillo said. “It is an opportunity for Southington to display other attractions.”
Jerry Brick, the general manager of Lake Compounce, said he feels thrilled that Southington has approved the tax abatement, which will help ease the costs it already spent on new attractions. Two years ago, Lake Compounce paid to relocate Mount Vernon Road to add more water rides.
Brick said the tax abatement will compensate for money lost during that project.
“It will recoup costs for moving that road,” Brick said.