Harbor Point
City of Stamford, Connecticut

The Harbor Point project is being developed as a mixed-use development on a 66-acre waterfront site in the City of Stamford, Connecticut. The Harbor Point project is part of a larger 323-acre master development located on the South End peninsula immediately south of Stamford's central business district. The development, with nearby access to the Stamford Transportation Center and Interstate-95, is proposed to include 11.4 acres of parks and open space, 4,000 residential units and approximately 900,000 square feet of mixed-use commercial space consisting of office, restaurants, retail, and hotels. Upon completion, it is estimated that approximately $814 million will be invested in the Harbor Point project.

Several light manufacturing and industrial users have historically occupied the site. Activities such as sulfur smoking, dyeing, manufacturing of kerosene engines, operating utilities, ship building, fabricating, painting, and blacksmithing occurred at the site over a one-hundred year period. In addition, the marina portion of the property was a tidal marsh until the 1930s. The tidal marsh was later covered and has been acting as a marina since the 1970s.

In 2010, the Harbor Point Infrastructure Improvement District, as created by the City of Stamford, issued Special Obligation Revenues Bonds in the aggregate amount of $145,000,000, consisting of two separate series: (i) $129,000,000 Special Obligation Revenue Bonds, Series 2010A (Tax-Exempt), and (ii) $16,000,000 Special Obligation Revenue Bonds, Series 2010B (Federally Taxable - Issuer Subsidy - Recovery Zone Economic Development Bonds). Bonds were issued to finance public infrastructure, including, but not limited to, roads, stormwater, sanitary sewer, sidewalk, landscaping, street lighting, traffic signals, wetlands filling, environmental capping, parks, and land acquisition. Security for both series of bonds include tax increment revenues and backup special assessment revenues. Additionally, Series 2010B receives a subsidy from the United States Treasury pursuant to the American Recovery and Reinvestment Act of 2009. Other sources of financing for the project include debt, equity, Federal and State Historic Tax Credits, and New Market Tax Credits.

Tax increment financing functioned as a redevelopment tool, facilitating the transformation of an existing brownfield in a strategic location. It also acted as a source of financing for extraordinary development costs caused by the necessary remediation for the site, the preservation of historic property located on site, and the alleviation of existing wetland issues.

Prior to the issuance of bonds, MuniCap, Inc. served as the financial consultant to the developer, preparing the TIF plan of finance and feasibility analysis. Once bonds were issued, MuniCap, Inc. transitioned into the role of administrator to the Harbor Point Infrastructure Improvement District. As administrator, MuniCap, Inc. ensures compliance with the Securities Exchange Commission and Internal Revenue Service by preparing the required reports and documents.

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