CT eyes borrowing hundreds of millions for housing, marina upgrades, trans-Atlantic flight and other economic development efforts
Pixabay | https://pixabay.com/photos/excavator-construction-site-vehicle-800996/
An excavator on a construction site.
The state Bond Commission, on Friday, will consider borrowing $680.7 million for a laundry list of economic development and other initiatives.
Housing is a leading theme, with officials set to borrow $192 million for various development and maintenance programs.
The state Department of Housing is up for $135 million for its “flexible housing program,” a key initiative to partner with developers, municipalities and nonprofits for the creation of affordable housing.
Another $5 million is being requested for forgivable loans to repair properties purchased through the state’s “Time to Own” program. Another $50 million would be funneled through the state’s “Build for Connecticut program,” which aids development of middle-income and “workforce” housing.
Friday’s agenda includes funding for a host of economic development efforts.
Hartford, for instance, is up for $5.4 million for a cleanup of a roughly 33-acre abandoned junkyard along Bartholemew and Flatbush avenues. This “Danny Corp.” site is owned by the city and has attracted tentative interest from possible users, but no private entity has been willing to tackle the deep expense of environmental cleanup, according to Hartford Economic Development Director Patrick Pentalow.
While the proposed state funding is unlikely to be enough to fully remediate the site, it would help move development efforts forward, Pentalow said.
“We are hoping we can clean it to industrial or commercial standards, and that would get us some interest (from developers),” Pentalow said.
There’s also $1.36 million in revenue guarantees for Aer Lingus to ensure the airline continues its direct flight out of Bradley International Airport to Dublin, Ireland through 2026.
Some additional proposals on the agenda include:
- $5 million to subsidize “business and industrial development corporations,” which are small, private lenders that serve minority and women-owned businesses in underserved areas.
- $19 million for building, safety and grounds repairs and upgrades at 12 community colleges, Charter Oak College and central offices.
- $11 million for building and grounds upgrades at state college and university campuses, with most funding targeted at Eastern Connecticut State University and Western Connecticut State University.
- $10.35 million for upgrades to various marina, dock and boat launch facilities in coastal communities.
- $77.39 million to fund various obligations made by the state Community Investment Fund program, including redevelopment of the Enfield mall site.
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