January 30, 2019

Lamont: New London to reap profits from redeveloped State Pier

PHOTO | Contributed
PHOTO | Contributed
State Pier in New London.

New London's coffers will receive a cut of the profits from the rehabilitated State Pier in New London, according to the governor's office.

Gov. Ned Lamont on Wednesday said the coastal city is slated to receive 10 percent of the quasi-public Connecticut Port Authority's share of revenue from State Pier in addition to $75,000 a year to offset costs for police, fire and other services it provides.

The terms are promised through a new partnership -- arranged by Lamont -- between the port authority, which oversees the state's three deepwater ports, New Haven terminal operator Gateway Terminal and the city.

Under the partnership, the port authority said it will also work to name New London Mayor Michael Passero to its board of directors to ensure the city's input on future investments at the State Pier, which is being repaired through a $15 million pledge from the State Bond Commission.

State Pier, spanning over 30 acres, is the port authority's largest asset. State officials are looking to leverage the New London port to create jobs and maximize offshore wind projects.

Connecticut has pumped over $30 million into renovating the State Pier in recent years, state officials said Wednesday.

Gov. Lamont said the overhaul will help revitalize downtown New London and further the state's green energy footprint.

"The redevelopment of the State Pier is an investment in the future of New London, the surrounding region, and our state," the governor said. "That's why everyone needed to be at the table to work hand-in-hand with our private sector partners to bring good jobs to southeastern Connecticut."

The new partnership surfaces as other maritime developments are ongoing in New London.

Global offshore wind energy producer ěrsted is currently developing a 300-megawatt revolution wind farm in New London. The project is expected to generate almost $32 million in local investments, in addition to over $4.5 million in grants supporting workforce and supply chain studies, research and science, technology, engineering and mathematics (STEM) education at regional institutions.

Denmark-based ěrsted is also providing a $3 million grant to improve the city's maritime facilities used by the local commercial fishing industry and has awarded $1.5 million in "host community" payments to New London.

The wind farm, located 40 miles from Connecticut's coast, will be completed by 2023 and is expected to create 300-plus development and construction jobs.

The state established the port authority in 2014 in an effort to better bolster new public-private partnerships, and to market and develop Connecticut's deepwater ports, harbors and maritime economy.

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