State Restructures New London Pier Deal

NEW LONDON, CT - Gov. Ned Lamont announced a new deal for State Pier. that will provide additional revenues to the city. New London will receive 10 percent of the Port Authority’s share of the revenue from the State Pier, in addition to an annual $75,000 fee to defray the cost of police, fire, and other services the city provides, according to a statement from Lamont.

The deal brokered between the Connecticut Port Authority, Gateway Terminal, and the City of New London also includes the mayor of New London becoming an ex officio member of its Board of Directors, guaranteeing that the city’s perspective is taken into account as any further investments in the State Pier are developed throughout the planning process.

The state kicked off the project last year with $30 million in funding for offshore wind energy projects.

“The redevelopment of the State Pier is an investment in the future of New London, the surrounding region, and our state,” Lamont said in a statement. “That’s why everyone needed to be at the table to work hand-in-hand with our private sector partners to bring good jobs to southeastern Connecticut. This partnership also helps revitalize downtown New London and positions the state to meet the increasing demands of a green energy economy.”

“I am pleased that New London will be receiving additional revenue to help offset the cost of city services that support the operations at State Pier and I am excited that New London is on its way to becoming the offshore wind capital of the northeast,”said New London Mayor Michael Passero. “I also want to recognize the great and growing partnership of the city with Ørsted U.S. Offshore Wind. Most importantly, along with important financial resources, the city now has a seat at the table for future discussions involving State Pier, and I look forward to working with the Port Authority and our private sector partners to advance our long-term partnerships for the economic future of the state, our region, and New London.”

State Treasurer Shawn Wooden said he cast his vote on the Port Authority in support of the deal.

“This agreement is an important step forward for New London and other cities that face similar situations regarding tax-exempt properties within their borders," Wooden said. “It is critical for municipalities to have a seat at the table when it comes to sharing and distribution of revenues generated from commercial activity on tax-exempt properties such as the State Pier."

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