State Bond Commission to consider $1.6B in funding for various projects, developments

The State Bond Commission on Friday is set to vote on $1.6 billion in funding for various projects, including major developments in Hartford, New Britain and Waterbury.

The 10-member commission is holding a special meeting Oct. 6 at 10:30 a.m. in the Legislative Office Building, room 1E. 

The Bond Commission agenda includes $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. 

CRDA is set to get an additional $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. Conversion anticipates 20% of the units will be affordable. 

The Trinity Street project is also set to receive an additional $6 million grant from the Bond Commission to cover structural and environmental problems at the property. 

Meantime, CRDA is asking permission to shift $16.6 million previously allocated for further development around Dunkin’ Park to help fund the redevelopment of the former Rensselaer Polytechnic Institute campus, at 275 Windsor St., into 269 housing units and a parking garage. 

There is also a $1.5 million grant request for the city of New Britain to convert a former Stanley Works building, at 480 Myrtle St., into 119 housing units. 

Funding for the city of Waterbury’s plan to acquire and renovate two large downtown buildings as part of its ongoing revitalization is also on the agenda. 

The city has proposed to 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.

City officials say they want to acquire the mostly empty building before it falls any further out of repair.

The city has requested $7 million in state funds for HVAC, mechanical, code compliance upgrades and renovations to prepare the site for mixed-use redevelopment, including potential housing on the upper floors.

The Board of Aldermen is expected to consider the proposed acquisition of the two properties during an Oct. 10 special meeting.

The city plans to purchase both parcels for $4.47 million. The properties have a condominium ownership structure and several owners.

The agenda also includes millions of dollars in bonds to fund transportation projects, including $6 million to study transit improvements of the Interstate 84 area in Hartford, and $15 million for improvements to New Haven’s Union Station.

Other items on the State Bond Commission’s agenda include:

• $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 in Woodbridge.
• $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
• $57.3 million for state Department of Transportation facilities