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18 Hartford Business Journal • June 24, 2019 • www.HartfordBusiness.com SPECIAL REPORT: CITIES PROJECT The company was also one of three insurers — in addition to The Hart- ford and Aetna — to promise a com- bined $50 million donation to the city over five years to help Hartford deal with its budget crisis. Travelers, which is the second-high- est taxpayer in the city with $143.2 million in assessed real estate and property, is aware of the high prop- erty-tax rate but is also bullish about Hartford's future, said Andy Bessette, the company's executive vice presi- dent and chief administrative officer. He said companies look at more than just taxes when deciding where to locate and he's attracted to Hart- ford because of the insurance talent here and the quality of life and ameni- ties the region offers. Bessette also sits on the board of the Capital Region Development Authority, which has helped finance development of 1,500 apartment units downtown in recent years. That, along with a grow- ing innovation ecosystem, has added to the center-city's vibrancy. "Do we care about property taxes? Absolutely," Bessette said, adding he recognizes that the high tax rate might impact small and midsize com- panies more than a large corporation. "Would you like to have them lower? Absolutely. But you know what, we believe in the city and want to be sure it's successful." "You need a thriving urban environ- ment," he said. >> Broken System continued Hartford office vacancy rates Source: CBRE 2008-Q1 2008-Q2 2008-Q3 2008-Q4 2009-Q1 2009-Q2 2009-Q3 2009-Q4 2010-Q1 2010-Q2 2010-Q3 2010-Q4 2011-Q1 2011-Q2 2011-Q3 2011-Q4 2012-Q1 2012-Q2 2012-Q3 2012-Q4 2013-Q1 2013-Q2 2013-Q3 2013-Q4 2014-Q1 2014-Q2 2014-Q3 2014-Q4 2015-Q1 2015-Q2 2015-Q3 2015-Q4 2016-Q1 2016-Q2 2016-Q3 2016-Q4 2017-Q1 2017-Q2 2017-Q3 2017-Q4 2018-Q1 2018-Q2 2018-Q3 2018-Q4 2019-Q1 0% 5% 10% 15% 20% 25% 30% Hartford oce vacancy rates Class A properties Class B properties