Bond Commission approves more than $1.6B for transportation, economic development projects

The State Bond Commission on Friday voted to approve bonding to fund projects across the state, including more than $1.1 billion for transportation and more than $100 million for housing initiatives.

Gov. Ned Lamont, who sets the commission’s agenda, said the state will leverage about three times as much federal funding for every dollar spent.

During the special meeting, which began at 10:30 a.m. in the Legislative Office Building, the commission approved more than $1.6 billion in funding, including:

• $7 million for the Capital Region Development Authority (CRDA) to provide a loan to LAZ Investments and Lexington Partners to finance the conversion of a historic downtown Hartford office building, at 15 Lewis St., into 78 residential units and 5,000 square feet of restaurant space. Approximately 10% of the housing units will be affordable. 
• $6.5 million to provide a loan and grant to PennRose LLC for the conversion of two historic former Hartford state office buildings, at 18-20 and 30 Trinity St., into 108 residential units and additional retail space, plus $6 million to cover structural and environmental problems at the Trinity Street project property. Conversion anticipates 20% of the units will be affordable. 
• $16.6 million to help fund the redevelopment of the former Rensselaer Polytechnic Institute campus, at 275 Windsor St., into 269 housing units and a parking garage. 
• $1.5 million for the city of New Britain to convert a former Stanley Works building, at 480 Myrtle St., into 119 housing units. 
• $7 million for the city of Waterbury’s plan to acquire and renovate and purchase a 62,690-square-foot office building at 21 West Main St., known as Exchange Place, along with the adjacent Exchange Courtyard at 24-30 Bank St.
• $9.8 million for the SHW Metal Working Co./North End Economic Recovery Plan in Ansonia and to remediate the former Waterbury Button Factory in Waterbury.
• $6 million to study transit improvements of the Interstate 84 area in Hartford, and $15 million for improvements to New Haven’s Union Station.
• $5 million for the Department of Administrative Services to maximize existing office space by adapting current industry standards for a master space planning project for the Department of Public Health at 410 Capitol Ave. in Hartford. This project will be a case study in utilizing state buildings more efficiently, with the goal of reducing owned/leased property. 
• $6.6 million for the purchase of electric vehicles and construction and installation of electric vehicle charging infrastructure at state facilities.
• $30 million for UConn to finance the planning, design and construction of a new nursing program facility at its Storrs campus. Site identification and initial engineering still need to be conducted, with construction anticipated to begin in 2024 and complete in 2026.
• $15 million for the state’s Manufacturing Innovation Fund.
• $25 million for Time-To-Own, a first-time homebuyer assistance program that provides loans to eligible first-time homebuyers to fund up to 25% of the cost of a home, up to $50,000.
• $101 million for various development projects recently selected for funding by the Community Investment Fund, which has a mandate to approve up to $875 million for community-building projects in distressed municipalities over a five-year period.
• $50 million to finance the Build for Connecticut Program, which will provide subordinate financing that will offer better terms and more flexible underwriting to incentivize developers of market rate multifamily properties to create units that are affordable to middle income households. 
• $4 million to finance various alterations, improvements and renovations at the State Capitol complex.
• $600,000 for New England Brewing Co. to expand its craft brewing facilities.
• $2.5 million for the city of Ansonia to help demolish the Ansonia Copper & Brass factory.
• $2.1 million in grants for nonprofit historical and cultural organizations for capital investments to transform the visitor experience. The program requires a 25% cash match by the recipient. 
• $101.1 million for the Fix-It-First Program to repair the state’s roads.
• $120 million for bus and rail facilities and equipment, including rights-of-way and property acquisition.
• $398 million for the Northeast Corridor Modernization Match Program, which is for 13 projects aimed at upgrading outdated passenger rail infrastructure and improving transit efficiency, speed and capacity.
• $57.3 million for state Department of Transportation facilities.