By Andreas Yilma, Staff Writer
NAUGATUCK — The Board of Mayor and Burgesses last week authorized Mayor N. Warren “Pete” Hess to sign a lease agreement with a manufacturing company in the Naugatuck Industrial Park.
The lease is with Con-Tec Inc. to rent the 10,760-square-foot building at 41 Raytkwich Road. The lease would run from March 1 through February 2023. Under the proposal, the company would pay $59,520 in rent the first year, $64,480 the second year and $69,440 the third year. The company has an option to buy the building and property for $475,000, according to the proposed lease.
The borough would repair and maintain the roof and furnace at the building, under the terms of the proposed lease. Con-Tec would be responsible for common maintenance and utilities.
The borough acquired the 4.5-acre property in October from the Borough Development Corporation through a foreclosure. Hess said the borough forgave back taxes owed by the company.
Tax Collector James Goggin said the company owed $141,573.
Attorney M. Leonard Caine III, who represented Borough Development Corporation, said the company transferred the land to the borough through a quitclaim deed.
Hess said it’s better for the borough to rent the building rather than sell it because the borough would receive more in rent than taxes.
The property and building are appraised at $467,460 and assessed at $327,220, according to the property card. If the borough sold it, it would receive nearly $16,000 in real estate taxes based on the present tax rate.
Con-Tec manufactures flexible cables used for temperature measurements, fiber optics and any application that requires protective sheathing.
Con-Tec general manager and part owner Greg Corbett declined to speak specifically about the lease last week because it wasn’t finalized. He said the company, which has been in Naugatuck since 1984, plans to stay in the borough.
Corbett said East Coast Metal Hose, which was owned by his father before his uncle recently bought it, also operates out of the building.
The building is divided into two, roughly 5,000-square-foot sections.
