Electric Boat could receive up to $20 million in state tax credits and a sales-tax exemption potentially worth $5 million for its Crystal Mall redevelopment in Waterford, CT Insider reported October 10, citing agency officials. Earning the full credits includes spending $255 million on redevelopment by the end of 2028.
The proposed benefits are distinct from a cash payment already made. This account attributes the incentive terms to CT Insider; independently retrieved agreements were not available.
The redevelopment itself has been reported independently. Connecticut Public covered the August 21 ceremonial groundbreaking and described the former mall’s conversion into a corporate campus, expected to accommodate up to 5,000 employees.
That planned capacity is not a count of newly created jobs. The campus connects Groton-headquartered Electric Boat’s expansion with Waterford’s redevelopment of a major former retail property. Connecticut Public reported that local and state officials emphasized workforce development and the town’s tax base.