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NAUGATUCK VOTERS STRONGLY SUPPORT RENAISSANCE PLACE

May 10, 2007

The dream of revitalizing downtown Naugatuck through an ambitious mixed use redevelopment project, called Renaissance Place, will become a reality. The citizens of Naugatuck gave the project a resounding vote of approval in the May 7th municipal election with an overwhelmingly majority of 60% of the votes cast.

The project which was presented to the Borough by Alexius C. Conroy of Fairfield, CT would be a mixed use development which is projected to be an investment of over $181,000,000 in its first phase of development. The development would include a 44,300 sq. ft. movie theater, 223,000 sq. ft. of retail and commercial space, 170,000 sq. ft. of office space and 387 condominiums and rental apartments.

The project will revitalize the downtown area and will be built primarily on the underutilized General DataCom site and Parcel C, the Town owned redevelopment property on Maple Street. It is estimated that the project would generate over $4,000,000 in taxes to the community and create 950 full time jobs upon completion and over 1,400 jobs during construction.

A detailed Development Agreement has been negotiated between the developer, Renaissance Place L.L.C, the Borough of Naugatuck and the Naugatuck Economic Development Corporation that sets out the framework for the project to move forward. This agreement was fully executed as a result of the overwhelming support of the referendum by the Naugatuck voters.