The state Bond Commission approved $1.43 billion in funding for projects during its meeting Thursday.
Among those projects is an ambitious mixed-use development in the Parkville section of Hartford proposed by prominent developer Carlos Mouta.
The state will provide an $8.5 million loan to help finance the plan to convert the vacant Whitney Manufacturing site at 235-237 Hamilton St. into 235 apartments and 45,000 square feet of commercial space.
The Capital Region Development Authority’s Housing and Neighborhood Development committee unanimously endorsed the $8.5 million loan in March.
The loan will be provided as an interest-only 3% loan for the first five years, converting to a 3% principal and interest loan for years six through 30.
The allocation represents less than 10% of the total cost of the $91.65 million project. The project has also received funding from a mix of state and federal sources, along with $4 million from the City of Hartford and $17 million in bank financing.
Mouta said Thursday the $8.5 million allocation is “huge” and he expects the final piece of funding, a Webster Bank loan, to be finalized within the next 30 days. He hopes to begin construction within 60 to 90 days.
In addition, the Bond Commission on Thursday approved CRDA’s $7 million request to finance the design of future renovation work at the XL Center, to repair the stadium’s retractable seating and for other repairs and improvements.
Recently, CRDA estimated that a full upgrade to the aging XL Center would cost $107.2 million.
The Bond Commission also approved $98.52 million requested by the Department of Economic and Community Development, which includes:
- $1.6 million for the Boys & Girls Clubs of Hartford to renovate an 18,000-square-foot facility, including classroom space, a technology lab, gym, art space and indoor hydroponic garden;
- $4.57 million for the city of Hartford to fund pre-development and design of homeownership units for income-eligible buyers at Marty Shepard Place in the Clay-Arsenal neighborhood;
- $921,564 for Grace Congregate Housing Corp. to renovate and retain 40 units of low-to-moderate income elderly housing in Waterbury;
- $522,500 for Riverfront Recapture to complete a 825-foot trail section and build a bridge spanning Decker’s Brook, closing the gap in the trail system between Hartford and Windsor;
- $7.5 million to the town of Manchester for a portion of the downtown streetscape project;
- $1.5 million to The Prosperity Foundation toward the acquisition of the Salvation Army facility at 333 Homestead Ave. The agency is exploring several potential uses for the final development including senior housing, intergenerational programming and a fresh produce retail market.
Also, the commission approved $2.5 million requested by the CRDA to finance the MLK Housing project, managed by Shelden Oaks Central Inc. The project includes demolition of a 64-unit apartment built in 1970 to be replaced with 155 mixed-income units.
The commission further approved a $1.36 million request from DECD to extend the partnership with Aer Lingus to reestablish service between Dublin and Bradley Airport in 2023. The state will provide declining annual grants in arrears through 2024 should the airline fail to reach certain revenue targets. In return, Aer Lingus will maintain regular service in the state through October 2024.
