More than 130 members of the town’s business community met with the Economic Development Commission for an update on North Haven’s status at the annual breakfast at Fantasia. While the town took some hits this past year, the overall outlook was one of optimism.

During the Oct. 25 breakfast, First Selectman Mike Freda sought to give “everyone a perspective about the successes we’ve had, the opportunities that exist with projects that are currently in the pipeline…and also the challenges that we have in town,” Freda said.

In particular, Freda referenced closed and empty businesses in town that have yet to be replaced, like the Toys R Us located at 376 Universal Drive and others as a set of challenges for North Haven to overcome in order to continue growing its Grand List.

“Each and every challenge and opportunity, we are immersed in finding solutions for,” Freda said.

The new Amazon fulfillment center, which was secured for the town last year, will replace the former Pratt & Whitney manufacturing plant that closed in 2002. Construction on the new project is underway.

Amazon’s facility is expected to open for operation in May 2019, bringing an estimated 1,800 jobs with it. According to Freda, other successes for the town include the new Land Rover dealership and the additions of three new businesses to the previously unoccupied shopping center located at 297 State Street.

“There will be new businesses continuing to come in, there will be top line revenue growth, and we will be successful here in North Haven for a long time,” Freda said.

The breakfast came in conjunction with the findings of Standard & Poor Global’s (S&P) rating of North Haven. According to a town press release, S&P has reconfirmed North Haven’s AAA bond rating.

According to the release, S&P said, “this rating reflects our view of town government’s leadership and proactive management with our expectation being…[they] will continue to develop opportunities for economic development and business expansion.”

Freda said that Amazon’s decision to move into North Haven was due in part to the town’s financial security.

“The AAA rating not only allows us to borrow at the lowest rates…it allows us to attract new businesses,” Freda said. “Businesses like municipal financial security.”

Bringing in big businesses, Freda said, also boosts North Haven’s small business economy as the many new employees of large businesses patronize, in particular, the town’s small restaurants.

“The rising tide of large economic development lifts a lot of smaller boats,” he said.

“My goal is to continue to grow top line revenue in town and use that top line revenue to improve the town from an infrastructure standpoint,” Freda said.