The state Bond Commission on Tuesday is scheduled to vote on $124 million in economic development funding that will support major apartment developments in Hartford and replenish a small business lending pool.
Gov. Ned Lamont, who chairs the Bond Commission, said he has placed on the agenda more than $124 million in new investments in small business growth, workforce training, and community revitalization. The commission is scheduled to convene at 2 p.m., for its last meeting of 2021.
Once items are placed on the Bond Commission agenda, they are rarely rejected.
“These investments are aimed at creating thousands of new jobs, improving the vibrancy and quality of life in our communities, and making all corners of the state even more attractive for investment and opportunity,” Lamont said.
Some of the economic development investments set to be approved at the meeting include:
- $25 million will be invested into the Connecticut Communities Challenge Grant Program, funding a wide range of projects that improve the livability, vibrancy, and appeal of communities throughout Connecticut, while aiming to create approximately 3,000 new jobs. DECD will announce the first round of awards by mid-2022. It is the state agency’s goal to allocate up to 50% of the funds to eligible and competitive projects in distressed municipalities.
- $25 million will be used for the remediation of contaminated brownfield sites to bring them back to productive use. DECD will begin accepting project applications in spring 2022.
- $21 million will be invested into DECD’s restructured Small Business Express Program, which provides financial assistance to Connecticut’s growing small businesses. DECD will collaborate with local partner organizations on programs designed to spur private investment, maximize private-sector expertise, and share credit risk.
- $13.6 million will be granted to the Capital Region Development Authority for the North Crossing project in Hartford, which includes creation of a parking garage and 228 units of housing adjacent to Dunkin’ Donuts Park.$11 million will be invested for the redevelopment and renovation of the Hartford Hilton. A total of 166 hotel rooms will remain and will be renovated, while the remaining portion of the hotel will be converted into 147 residential units with approximately 20% of them designated as affordable units.
- $10 million will be granted to the city of Bridgeport for redevelopment and remediation of the former Remington Arms Facility.$6 million will be invested to support DECD’s network of economic development partners throughout Connecticut that provide critical support services to businesses.
- $5 million will be invested for the Connecticut Office of Workforce Strategy’s CareerConneCT program that will be used to enhance and expand workforce training programs across the state and provide direct support for new workforce initiatives focused on diversity, equity, and inclusion.
- $4 million will be invested into HEDCO’s minority business loan program.
- $2 million will be granted to the city of New Haven to assist with design and construction of tunnels, driveways, and city sidewalk improvements associated with the development of an office building at 101 College Street.
- $2 million will be granted to the city of Middletown for the RM Keating Historical Enterprise Park. The building will be remediated and upgraded to support start-up businesses.
