Goodwin College’s relocation to East Hartford’s riverfront got a big cash infusion last week as the state’s development arm approved a $3 million grant for the project, already underway.
But before the college gets the grant, it must be approved by a budget referendum in the town, which is expected some time next month. That’s because the town must agree to pay the money back to the state with taxes collected from the college later on.
When done, Goodwin will sit on roughly 30 acres of shoreline along the Connecticut River on a piece of land that was once home to a petroleum tank farm. The state money will be used to clean up contamination from spilled petroleum products that seeped into the soil.
Todd Andrews, director of institutional advancement at the college, said the money was important in securing loans from commercial banks for later phases of the project.
“Bankers are reluctant to loan money for a project where there’s contamination,” he said.
But once the contamination is cleaned up, Andrews said he already has commitments from lenders to loan money for the building.
Plans Underway
The college has spent in excess of $6 million to buy the land, complete preliminary site work and draft architectural plans for the project. The first phase of the plans call for a 92,000-square-foot building that will house the college’s main campus building. Four other buildings, to be built in later stages, will include a science center, a dormitory, a student center and other classroom space.
The total cost of the project is expected to be more than $100 million. The first phase, which includes the cleanup and first building, will cost around $33 million.
Town as well as college officials said they are anxious to see construction move forward, believing that the redevelopment of the former industrial park will be a catalyst for economic growth in East Hatford.
“This riverfront is absolutely critical to our success,” said Development Director Jeanne Webb.
