$100M OK’d to spur more Hartford development

Lawmakers recently approved a $100 million bonding authorization to the Capital Region Development Authority to expand its downtown Hartford development initiatives into city neighborhoods.

CRDA Executive Director Michael Freimuth said Tuesday the total authorization was $40 million more than the quasi-public redevelopment agency originally had sought.

Half that authorization — $50 million — is allocated by the state legislature for fiscal 2016, which began July 1, with the rest accruing in fiscal 2017, CRDA and city officials said.

About $30 million in each fiscal year, Freimuth said, can be earmarked for traditional CRDA projects such as housing within downtown Hartford. Another $20 million can be allocated each fiscal year for city projects that are outside CRDA core downtown-district boundaries, with at least $10 million going to the North Hartford Promise Zone. 

This represents the first significant financial investment made to the Promise Zone since North Hartford received its designation in April. The Promise Zone is a White House initiative designed to support high need/high capacity communities across the country with implementing neighborhood revitalization strategies focused on job creation, increased access to quality, affordable housing, expanded educational opportunities, improved public safety and improved health outcomes.

With CRDA’s board of directors on summer hiatus, Freimuth said he and his staff will assess and analyze which downtown and neighborhood projects and sectors could benefit most from state investment in time for the board’s September return. He noted that bonding authorization can be used to build structures, infrastructure, or to invest in economic development. 

“It’s good news to the city,” Freimuth said. “It expands CRDA’s role. This new pot (of bonding) is a wider definition of what is eligible for development.”

CRDA’s board must review and approve city redevelopment projects and funding requests within its jurisdiction.  The State Bond Commission, which the governor chairs, also must ratify all bonding requests.