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State Bond Commission to inject millions into brownfields, small business and other development priorities

The State Bond Commission is set Friday to borrow $25 million to fund the state’s brownfield remediation grant program, and another $25 million for a rebooted version of the Small Business Express program.

These are among a laundry list of economic development initiatives poised to receive tens-of-millions of dollars in funding on the state’s credit card.

The brownfield program allows communities to apply for grants of up to $2 million each to clean up polluted sites for reuse.

The new version of Small Business Express, called the Small Business Boost Program, will have a revolving loan fund, a separate revolving fund dedicated to minority business, as well as input from Connecticut-based bankers and Connecticut Innovations Inc. Loans from the minority revolving fund can range from $10,000 to $500,000 with a maximum interest of 4%, with terms of no more than 10 years.

Gov. Ned Lamont, on Monday, announced plans to pump $75 million into the small business program.

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Traditionally, items on the bond commission agenda are almost always successful.

Friday’s agenda also includes $10 million for the Connecticut Manufacturing Innovation Fund. This is a loan and grant program meant to encourage joint research and development efforts between private business and universities; vouchers to assist with business development; job skills training, as well as matching funds for federal grants.

The Office of Policy and Management is in-line for $6 million for grants to towns to support transit-oriented development.

The Capital Region Development Authority is slated to receive millions of dollars for a laundry list of projects, including:

  • $5.5 million for a low-interest loan to help with the $36.2 million redevelopment of the former Fuller Brush factory at 3580 Main St. in Hartford. This project, by major Hartford developer/landlord Shelbourne, will add 153 market-rate apartments.
  • $258,612 to help East Hartford demolish the former McCartin Elementary School. This will make room for single-family housing.
  • $3 million for a low-interest loan for the $18.7 million redevelopment of the former Travelers training center at 200 Constitution Plaza in Hartford into 101 apartments, 10% of which will be affordable. Biagio Barone of Stratford-based Barone Properties has teamed with John Guedes, president of Bridgeport builder Primrose Cos. for the redevelopment of the roughly 125,000-square-foot, five-story concrete building on the northeastern edge of downtown Hartford.
  • $1 million for improvements at the Connecticut Convention Center and Rentschler Field. Work will include repairs to stadium concrete, caulking and painting, along with replacement of damaged bathroom fixtures, flooring and ceiling sections. It will pay for new food and beverage equipment, LED lighting, sound system upgrades and various other repairs.

The bond agenda also includes $53.5 million in earmarks through OPM for specific community projects, including some that include direct or tangential benefits to economic development, including:  

  • $2 million to help Hartford with brownfield remediation.
  • $1 million for improvements to the Elizabeth Park Conservancy in Hartford.
  • $2.1 million to Waterbury to upgrade electric and water capacity at its Captain Neville Industrial Park.
  • $415,000 for renovation at the Noah Webster House Museum in West Hartford. 

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