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Ideanomics last year floated plans for a $283 million transformation of the campus into “Fintech Village,” creating 330 jobs at the town’s largest development since completion of the Blue Back Square mixed-use project in 2008.
Facing a reduced tax bill following town officials’ decision to reevaluate how its West Hartford property would be taxed, developer Ideanomics has dropped its lawsuit against the town.
The company faces a tax bill of about $461,000, the Hartford Business Journal reports, but was previously facing a $1 million yearly tax bill. The town decided the original tax bill was incorrect as Ideanomics is proposing a $283 million conversion of the former UConn satellite campus to an office park for financial technology firms, or fintechs.
New York-based Ideanomics acquired the 58-acre campus last year for $5.2 million. It recently unveiled plans to build a mixed-use development on the site it is calling “Fintech Village.” The company is facing a lawsuit it misled investors over costs associated with hiring a new executive team, causing it to miss its 2018 fiscal guidance.