Governor Lamont announces Government Bond Commission to approve $ 124 million to support small business growth, job creation and revitalization measures

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12/21/2021

Governor Lamont announces Government Bond Commission to approve $ 124 million to support small business growth, job creation and revitalization measures

(HARTFORD, CT) – Governor Ned Lamont announced today that he has invested more than $ 124 million in new investments in small business growth, workforce training and revitalization of the community on the agenda for approval at the next meeting of the Government Bonds Committee.

The governor, who chairs the State Bond Commission and determines which projects to put on the agenda, said the investments are expected to create thousands of jobs in the years to come.

“Investing in our communities through revitalization projects, workforce development training and small business support is a key part of our plan to accelerate the sustainable and equitable economic development of Connecticut.” Governor Lamont said. “These investments aim to create thousands of new jobs, improve the vibrancy and quality of life of our communities, and make every corner of the state even more attractive for investment and opportunity.”

“These are smart investments in our businesses, workers and communities that will create thousands of jobs and help create new economic dynamism statewide,” Connecticut Department of Economic and Community Development (DECD) commissioner David Lehman said. “This year we have seen steady progress on several economic fronts and these strategic investments are a good way to capitalize on this economic momentum in 2022 and beyond. “

Some of the economic development investments that are to be approved at the meeting include:

  • Connecticut Communities Challenge Grant Program: $ 25 million will be invested in the Connecticut Communities Challenge Grant Program. Launched in October, this program will fund a wide range of projects that improve livability, vibrancy and attractiveness of communities across Connecticut, while aiming to create approximately 3,000 new jobs. DECD will announce the first round of awards by mid-2022. The state agency’s goal is to allocate up to 50% of funds to eligible and competitive projects in struggling municipalities.
  • Revitalization of brownfields: $ 25 million will be devoted to cleaning up contaminated brownfields in order to return them to productive use. DECD will start accepting project applications in spring 2022.
  • Express Small Business Program: $ 21 million will be invested in DECD’s restructured Small Business Express program, which provides financial assistance to growing small businesses in Connecticut. DECD will work with local partner organizations on programs designed to stimulate private investment, maximize private sector expertise and share credit risk.
  • Hartford Downtown Crossing Project: $ 13.6 million will go to the Capital Region Development Authority for the Downtown Crossing project in Hartford, which includes the creation of a parking garage and 228 housing units adjacent to Dunkin ‘Donuts Park.
  • Redevelopment of the Hartford Hilton: $ 11 million will be invested for the redevelopment and renovation of the Hartford Hilton. A total of 166 hotel rooms will remain and be renovated, while the remaining part of the hotel will be converted to 147 residential units with approximately 20% of them designated as affordable units.
  • Remington Arms Facility Remediation in Bridgeport: $ 10 million will be provided to the City of Bridgeport for the redevelopment and remediation of the former Remington Arms facility.
  • DECD support to companies: $ 6 million will be invested to support DECD’s network of economic development partners across Connecticut, who provide essential support services to businesses.
  • CareerConnect Program: $ 5 million will be invested for the Connecticut Office of Workforce Strategy’s CareerConneCT program which will be used to improve and expand workforce training programs across the state and provide direct support for new workforce initiatives -work focused on diversity, equity and inclusion.
  • Minority Business Loan Program: $ 4 million will be invested in HEDCO’s minority business loan program.
  • Redevelopment of 101 College Street in New Haven: $ 2 million will be provided to the City of New Haven to help design and construct tunnels, driveways and sidewalk improvements in the city associated with the development of an office building at 101 , College Street.
  • Remediation of RM Keating Historic Company Park in Middletown: $ 2 million will be awarded to the City of Middletown for the RM Keating Corporate Historic Park. The building will be refurbished and modernized to support start-up businesses.

In addition, several new investments in arts and cultural attractions across Connecticut will be under consideration.

The meeting will be held via videoconference and will begin at 2:00 p.m. on Tuesday, December 21, 2021. It will be available to the public to watch live online and on demand after its conclusion via the Connecticut Network (CT-N) at ct-n.com.

**To download: Agenda for the December 21, 2021 meeting of the Government Bonds Committee

Twitter: @GovNedLamont
Facebook: Office of Governor Ned Lamont



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