Hartford Mayor Luke Bronin made a presentation to the city council on Thursday evening for the state to assume Hartford's debt.
The state wwould pay off the city's debt of $550 million over the next several decades.
According to the mayor's office, this would amount to less than $40 million per year, which is less than the state ould pay if it fully funded the PILOT formula.
Bronin released a statement on Thursday night stating:
"Over the past two years, we've made deep reductions in spending, negotiated dramatic savings with labor, and partnered with our biggest employers, and this agreement with the state is the last step to put the city on a more sustainable path. We've faced Hartford's fiscal crisis honestly and directly, and I'm proud that we worked to build a new partnership that works instead of just faking it or kicking the can. Without this kind of partnership, our capital city is bound to struggle if not to fail, because it just doesn't work to have a city with half its property tax-exempt - a city built on the tax base of a suburb. Even with this agreement, the city's budgets will remain very tough and very tight for years to come."
The council still must approve the contract for it to go forward.
They are scheduled to vote on this issue on Monday.