September 14, 2018

Bond Commission to consider tens of millions for econ. development projects

The Hartford skyline

The state Bond Commission is scheduled to vote next Thursday on tens of millions of dollars for various economic development initiatives, including three Hartford projects that would help bring hundreds of new apartments and a grocery store downtown.

The Sept. 20 meeting will likely be one of Gov. Dannel P. Malloy's last Bond Commission meetings before his term runs out in January.

The funding the 10-member commission will consider includes about $52.69 million for the Capital Region Development Authority, the quasi-public state agency responsible for investing in development projects in Hartford and surrounding communities, according to the commission's agenda.

In addition, the state Department of Economic and Community Development (DECD) is requesting $68 million to enhance the Naval Submarine Base in New London, support a brownfield remediation program, invest in the state's manufacturing supply chain and various other business expansion and retention projects, the agenda shows.

Finally, Connecticut Innovations (CI), the state's quasi-public venture capital arm, is requesting $43.5 million to recapitalize its programs and provide continued funding for its subsidiary, CTNext, a entrepreneurship booster, the agenda shows. DECD's funding request includes an additional allocation for CI to develop a proof-of-concept fund that would award up to $100,000 in grants or investments to support commercialization activities in key industries.

CRDA's funding requests include:

  • $12 million to provide a loan for 150 to 200 apartments planned as part of the Downtown North redevelopment, adjacent to Dunkin' Donuts Park.

  • $8.67 million to assist with development of a grocery store at Albany Avenue and Main Street, in what has been a long-running effort to bring a grocery store to downtown Hartford.

DECD's requests include:

  • $13 million to the U.S. Navy to assist with constructing an emergency management center at the submarine base in New London.

  • $10 million to the Brownfield Remediation and Development program, which is a group working to study the remediation and development of brownfields in Connecticut.

  • $8.8 million to provide a supplemental grant to Aer Lingus to maintain its Bradley-Dublin route.

  • $5 million for a loan to support Gartner Inc. creating 400 new jobs.

  • $5 million to support Stamford's Synchrony Branch allowed under a job creation initiative called the First Five Program.

  • $5 million to support grants and loans for the Connecticut Manufacturing Innovation Fund.

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