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July 23, 2021

Bond Commission OKs millions for manufacturing fund, State Pier project

Photo | Contributed Lyco Inc. employee Larry Wallace operates an edgebander machine, which strips and re-edges countertops, that was purchased with the help of a matching grant through the Connecticut Manufacturing Innovation Fund.
By Zachary Vasile

The state Bond Commission on Friday signed off on renewed financial support for the Manufacturing Innovation Fund and grants to dredge and build up State Pier in New London, among numerous other initiatives.

In opening remarks, Gov. Ned Lamont said the commission’s agenda amounted to around $1.1 billion — about $600 million from general obligation bonds and $500 million in transportation investments expected to be paid for through the gas tax and some sales taxes. Now is the right time to allocate the money, Lamont said, because interest rates are low, Connecticut has improved its bond rating and the state’s economy is still recovering from the COVID-19 pandemic and could benefit from some added momentum.

The commission voted unanimously to channel $20 million in bond funding to the Manufacturing Innovation Fund over the 2022 and 2023 fiscal years. The resource helps to pay for apprenticeship and training programs for Connecticut’s manufacturing sector, which has struggled to recruit a sufficient number of workers in recent years.

The fund also provides matching grants to support companies’ equipment purchases and other investments.

Commissioners voted in favor of committing $50 million to efforts to upgrade State Pier in New London, which will serve as the staging area for an off-shore wind farm being built by Eversource Energy and Danish power giant Orsted. Rep. Holly Cheeseman, R-East Lyme, was the sole “no” vote; she cited increasing evaluations of the project’s cost while discussing her opposition.

Votes on other major items, including rail transport improvements, were not completed by press time.
 

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