A condominium fee increase has been announced for Storris in Stratford, with the town agreeing to hike fees by $4,000 for the first two years of the plan.
The move comes just weeks after the town council voted unanimously to hike the city’s rates by more than $4 million, and to increase the monthly condo fee to $1,600 for the entire city.
“We will increase the cost of living for all residents, not just those who are at the very top,” Mayor Richard Smith said.
“I think the people of Stratford want the same thing, and we’re going to do it,” he added.
It is going to bring an influx of new people into the city, which is going not to be good for the area,” Smith added.”
There are a lot of people who have been looking forward to moving into Stratford.”
“It is going to bring an influx of new people into the city, which is going not to be good for the area,” Smith added.
The plan also includes an $800,000 grant for the city to develop affordable housing, and a $400,000 loan from the federal government.
Smith said the move will also see the town’s population grow by 10,000 people over the next 10 years, but the town will also need to pay off $20 million of the loans from the Federal Housing Administration.
Smith hopes the council will agree to pay the loan and increase rates for residents who are already paying more than they can afford.
“If we get into the habit of raising rates and keeping prices low, then we will be able to pay back the loans,” Smith said in a news release.
The increase will also increase the size of the town and its tax base by more $3 million.