Mayor Joseph P. Ganim
For Immediate Release For More Information:
February 22, 2017 Dalmarys Matos (203)333-2843
The City of Bridgeport Reaches Amicable Settlement with Wheelabrator Bridgeport L.P.
City of Bridgeport Saved from Paying Tens of Millions Upfront
Bridgeport, CT – The City of Bridgeport and Wheelabrator Bridgeport L.P. today have reached a settlement resolving a ten year tax assessment appeal lawsuit. The settlement provides the energy-from-waste company with refunds in the form of future tax credit adjustments per year. These tax credits total between $1 and $2 million per year against future tax bills, over the next decade, representing refunds based upon revised real and personal property assessments covering the past eight years. This settlement eliminates any and all possibilities that the City might be required by court judgment to pay tens of millions of dollars immediately. The settlement ended a long standing tax appeal lawsuit dating back to grand list 2007. The City of Bridgeport and Wheelabrator Bridgeport L.P. both agree the settlement is a fair and equitable resolution of this large tax appeal lawsuit, thus ending all litigation.
“The City Attorney’s Office and Finance Office are satisfied to have reached this resolution with a longstanding, vital Bridgeport business,” said Mayor Ganim. The settlement is structured so that the City will not need to issue bonds for this settlement, nor have a large significant impact upon the City’s finances in any year.
Wheelabrator Bridgeport is an essential member of Bridgeport's Eco-technology Park managing our waste disposal needs in a way that preserves our environment for future generations while providing for today’s needs. Wheelabrator is focused on meeting needs of communities and customers while delivering clean, renewable power to local communities like Bridgeport.
“Wheelabrator is pleased to have reached what we see as a fair settlement with the City of Bridgeport and a good outcome for both parties” said Wheelabrator Executive Vice President & Chief Financial Officer Alan Dunlea. “Wheelabrator Bridgeport is one of the largest and most important facilities in our fleet, and for nearly 30 years, we have been proud to provide a local waste disposal solution for Bridgeport and the surrounding area, delivering 67 megawatts of clean, renewable energy. We are committed to maintaining a strong working relationship with our host community of Bridgeport and continuing our strong partnership with the City.”
Wheelabrator Technologies is an industry leader in the safe and environmentally sound conversion of everyday residential and business waste - and other renewable waste fuels - into clean energy. Wheelabrator pioneered the energy-from-waste industry in the U.S. when it designed, built and operated the first commercially successful facility in Saugus, MA in 1975.