Waterbury has four designated Opportunity Zones, including a major project called the Naugatuck-Waterbury Industrial Park.
This 164-acre property – with 118 acres in Waterbury, and 46 acres in Naugatuck – is a joint initiative between the two municipalities.
The project size is in the $5-25 million range, ideal for an industrial, manufacturing or distribution business.
Naugatuck-Waterbury Industrial Park.
Urban Jobs Program
The Urban Jobs Program is primarily designed to assist manufacturers with tax abatements, although some wholesale businesses and certain financial and business-related services may also qualify. Benefits include a 5-year, 80% tax abatement on real estate and personal property that is new to the City’s grand list; a 25% tax reduction on state corporate business taxes for a 10-year period; and an 80% tax abatement on qualifying personal property purchased or leased within the 5-year certificate term.
Historic Tax Credits
The State of Connecticut offers 25% credit for historic and architecturally-significant buildings which are mixed use, with a combination of affordable residential units and commercial development.
The City of Waterbury works closely with the State of Connecticut, the Connecticut Department of Economic Community Development and AdvanceCT.
These organizations are supportive to the City in helping businesses relocate to the state and the Waterbury region.
For resources on starting your business, managing your business and business recovery, visit business.ct.gov
In addition to these incentives and programs, the City of Waterbury offers many free and confidential services to help you, including:
- Licensing & Permitting
- Business Planning Assistance
- Marketing & Networking
- Training Workshops