The firm has acted as bond counsel for a number of innovative and exciting public and private financing and/or development transactions. In their capacity as legal counsel, our attorneys have been instrumental in the negotiation of complicated transactions involving multiple parties from both the public and private sector.
In addition to its extensive transactional experience, the firm has drafted legislation creating numerous infrastructure improvement districts throughout Connecticut that will facilitate the construction and financing of public infrastructure improvements. As proposed, the districts will have the power to levy and collect benefit assessments and issue bonds secured by these benefit assessments. The municipalities will not be obligated to pay any of the cost of the improvements or to pledge any money or taxes to pay debt service on the bonds, except as may be agreed to in any interlocal agreements between the municipality and the district. While the bonds will be secured by assessments, it is anticipated that a portion of the incremental real estate taxes generated from the projects will be transferred by the municipality to the district for payment of the district debt. After all debt service is paid on the bonds, the district can be merged into the municipality and any property which is owned by the district at that time would be distributed to the municipality.
- The firm serves as bond and financial counsel to a major Connecticut city in connection with development of its waterfront. As bond counsel, the firm drafted the legislation providing for the creation of an infrastructure improvement district and up to $190 million of district financing for the project and is currently advising the city on various elements of the financing and development agreement. The project envisions additional state and local financing, with a significant component of the public financing to be payable from real and personal property taxes generated by the project. We have advised the city in various discussions and negotiations with the developer, consultants, and the state on issues ranging from public finance and grant assistance to tax-fixing agreements and relocation of a power facility.
- The firm is counsel to an Infrastructure Improvement District, a political subdivision created by special legislation of the Connecticut General Assembly. Pursuant to the legislation and an interlocal agreement negotiated with the city where the District is located, the infrastructure improvements in the District are to be financed by the issuance of $145 million of special obligation revenue bonds that are secured by and payable from District special assessments and tax increment payments from the city. The firm drafted the legislation providing for the creation of the District, participated in the formation of the District and represented the District in connection with the negotiations of its interlocal agreement with the city that provides for the sharing of incremental real property taxes within the District. The firm also has prepared the bond issuance and assessment documents for the District.
- The firm served as counsel to a municipality in connection with its use of New Market Tax Credits and Federal Historic Preservation Tax Credits to assist in the rehabilitation of a historic downtown building (the project was one of the first times a municipality has participated in a New Markets Tax Credit project). In order to take advantage of the New Market Tax Credits, with the firm's assistance the municipality created multiple single purpose entities to fully leverage the cash investment by the tax credit investor. Under the New Market Tax Credit rules, the investor receives a tax credit equal to 39 percent of the leveraged funds (including money loaned by the municipality to the project) over seven years. In addition, the project was also able to generate Federal Historic Preservation Tax Credits that the municipality sold to an investor. Under that program, tax credits equal to 20 percent of the "qualified rehabilitation expenditures" of the project are generated and available to investors. Between the two tax credit programs, the firm was able to assist the municipality in accessing approximately $6 million of private equity investment for the renovations to the building.
- The firm is counsel to a developer in connection with the development of a mixed-use redevelopment project on a current brownfields site in Southington. Pursuant to recently enacted special legislation drafted by the firm, an infrastructure improvement district will be formed to construct certain public infrastructure improvements on the site and issue up to $10 million of special obligation revenue bonds to finance the construction. The bonds will be secured by and payable from special assessments levied on property within the district and tax increment payments from the town of Southington.
News & Insights
- Law360, 10.03.2022
- Pullman & Comley Assists East Hartford with Development and Tax Agreements for New Market-Rate ApartmentsJournal Inquirer, 02.16.2022
- Farmington Gardens, 999 Farmington Ave Farmington , Connecticut, 10.12.2022
- Increased Investor & Rating Agency Interest in Cybersecurity and Climate Change Disclosure in Municipal Bond Issuances11.16.2021
- Governor Lamont’s Executive Order 7JJ Permits Certain Municipal Non-Budgetary Actions Without In-Person Voting if the Actions are Deemed Essential05.08.2020
In 2021, we served as bond counsel in the issuance of approximately $48 million of bonds by the Steel Point Infrastructure Improvement District (the “District”), comprising 44 waterfront acres in Bridgeport. Proceeds from the bond sales were used for public improvements necessary to foster private development within the District. Our attorneys drafted enabling legislation creating the District and have served as its financing and bond counsel since its inception. To date, the developer has built an upscale marina, marina building and restaurant, a Bass Pro Shops and adjacent retail. Future phases envision 1,500+ units of housing, a hotel and additional retail space.
Attorneys from our Government Finance and Real Estate practice were instrumental in the transformation of a blighted industrial property in Bridgeport into multifamily housing and a new charter school.
Pullman represented Beacon Communities in connection with the rehabilitation of the old J.R. Montgomery mill complex in Windsor Locks.
The firm’s Government Finance and Real Estate practices have been instrumental in the initial transformation of a blighted industrial property along Interstate 95 in Bridgeport, Connecticut.
An interdisciplinary team of our Government Finance and Real Estate attorneys represented Forstone Capital in the renovation of McLevy Square, a four building, half-acre, historic site located in the heart of downtown Bridgeport overlooking McLevy Green, the city’s downtown public green space.