New London - Following the news Monday that Pfizer Inc. is relocating its city work force to Groton and shutting down its Pequot Avenue site, city officials are scrambling to compile information on the financial implications of the move.

The City Council has scheduled a forum for 6 p.m. Monday at City Hall.

"There's been a lot of rumors about what will happen with the building, what's happening with the day care,'' said City Councilor Rob Pero, who called the meeting. "There's a lot of rumors. We want to educate people on the facts."

The meeting will take place one hour before the regular City Council meeting. If time permits, residents will have a chance to speak, Pero said.

"I want to share with the community where we are, what our finances are and what we know to date,'' he said.

When Pfizer opened its New London campus in 2001, it immediately became the city's highest taxpayer, even with an 80 percent abatement that is scheduled to last through 2011. On the 2008 grand list, Pfizer was paying taxes on nearly $52 million of assessed property. The next highest taxpayer is the New London Mall, which pays taxes on nearly $26.6 million.

Pfizer paid $1,199,390 in taxes this year, which included about $450,000 in personal property taxes.

The financial implications may not be felt for a few years. Pfizer has said the plan to move its 1,400 employees to Groton could take up to two years. PfizerKids, a day care facility it owns across Pequot Avenue from the New London office space, will continue in business, operated by Bright Horizons with a capacity of 150 children.

Until recently, some of the councilors were discussing how the city would use an anticipated $2 million in added revenue when the Pfizer tax abatements expire in 2011. It appears that number will probably drop to $1.5 million when the personal property taxes are deducted, according to Councilor Adam Sprecace. But that probably won't happen until after the abatements run out, he added.

"Clearly we would want someone who is taxpaying in there," Sprecace said of the 27-acre waterfront site, which includes the day care building. "We'd love to work with Pfizer to find someone who is a taxpayer. That's the top priority.''

Councilor Michael Buscetto III also does not want to see a college, a hospital or other nonprofit take over the space.

"I would like to see jobs," he said Monday. "I'd like to see another Fortune 500 company come in." He suggested that perhaps the property could be divided and several smaller companies accommodated.

"That might be a more reasonable approach," he said.

Buscetto also suggested the news could bring the city together.

"I believe this is a time, a situation, that affects all groups, and the entire community should come up with a plan to market New London,'' he said. "We have to show we are a great community and we have a lot to offer prospective employers."

k.edgecomb@theday.com