May 12, 2017 1 COMMENTS

Bond commission approves $30M for 10 companies

The state Bond Commission Friday approved nearly $30 million in funding for 10 companies that, combined, agree to create 851 new jobs and retain 986 jobs.

The proposed bond funding, which will come through the Manufacturing Assistance Act, is part of a total $351.7 million the commission approved for 41 different categories of requests.

The $30 million funding included an $8.5 million loan for SCA Pharmaceuticals, which is building a new 90,000-square-foot production facility in Windsor that is projected to create 361 jobs in five years. The company will receive $4.5 million in loan forgiveness if it creates those jobs.

Other funding requests that received approval include:

  • $2.5 million, Alpha Q, for a plant expansion in Colchester,
  • $4.5 million, Logic Source Inc., for equipment for expansion in Norwalk;
  • $4 million, Amgraph Packaging of Versailles, for equipment for an additional facility in Watertown;
  • $3.5 million, Hobson and Motzer, of Durham, for equipment associated with purchase of a facility in Wallingford;
  • $543,000, Industrial Heater Corp., for equipment and building improvements in Cheshire;
  • $500,000, Inspira Marketing Group in Norwalk, for equipment and leasehold improvements; and
  • $678,600, Norwalk Wilbert Vault Company in Bridgeport, for relocation and consolidation of facilities in Watertown.

Additionally, the bond commission approved $4.85 million to continue funding CTNext programs through Connecticut Innovations.

Comments

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fred.carstensen@att.net

05/15/17 AT 08:34 AM
Permitting use or even sale of stranded tax credits does not involve a PENNY of bonding and NO LOSS in net state revenue. It is the most powerful tool available to the state--and it isn't used! A billion in stranded tax credits to fund major capital projects results in 30-45,000 net new permanent jobs, depending on the sector. But we leave this credits to rot while we commit millions in bonding. Makes no sense.
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