Bond Commission approves $856.8 million in new bonds today

A total of $856.8 million in new bonds were approved at today’s State Bond Commission meeting. These bonds bring the state’s total bonding this fiscal year up to $3.5 billion, said Gov. Ned Lamont who was present at today’s meeting.

“Overall, we’ve done about $3.5 billion in bonding this fiscal year, compared to years past, a big increase” said Gov. Lamont at the start of the meeting. “We have a full agenda.”

All 61 items on the agenda were passed by the Bond Commission, with $519.7 million being approved in general obligation bonds, and another $337.1 being approved in special tax obligation bonds. The three largest recipients of bonding money were the Department of Transportation (DOT), Office of Policy and Management (OPM) and the Department of Housing (DOH).

The DOT received a total of $337.1 million in STO bonds today. Nearly half of the funds ($154.3 million) allocated to the DOT were for the purpose of bus and rail facilities and equipment. The biggest earning projects associated with this funding are improvements to the Stamford Yard Catenary Leads and Car Wash Facility ($120 million), the Stamford Maintenance of Equipment Building ($62.5 million) and improvements to the Waterbury Branch Station in Naugatuck ($26 million). In addition to the influx of state bond money, these bus and rail projects received $204.6 million in federal funding.

The three largest DOT initiatives outside of bus and rail to receive bonds were money to improve department facilities ($36.7 million), the Local Transportation Capital Improvement Program ($26.5 million) and the Interstate Highway Program ($24.8 million). The remaining bonds were allocated to improve state transportation infrastructure such as roads and bridges, improvements to the State pier, environmental compliance projects at DOT properties, and the purchase and installation of advanced wrong-way driving technology.

The Office of Policy and Management (OPM) came in second in terms of bonding money received today, netting a total of $130.3 million in approved bonds. The largest line item for OPM was its Urban Act Grant Program, which was allocated $66 million. The program awards grants to “state municipalities designated as economically distressed, public investment communities or urban centers,” according to its website .

The second highest earner for the OPM was its Local Capital Improvement Fund ($30 million) which provides funds to state municipalities for local infrastructure projects. OPM also received $17.8 million for its Information Technology Capital Investment Program, which aims to improve the IT infrastructure of various state agencies such as the Department of Children and Families, Department of Developmental Services, Connecticut Technical Education and Career Systems, Department of Energy and Environmental Protection, and the Department of Social Services.

An additional $15 million of OPM’s bonds were allocated to grants-in-aid for the development of a new Manufacturing Technology and Innovation Center in East Hartford by the Connecticut Center for Advanced Technology (CCAT). This project has already secured $16.2 million in federal funding and is in the process of securing another $16 million in federal funding. CCAT itself is investing another $10 million in private funding into the project, bringing the total projected funding up to an approximate $57 million.

DOH was the third biggest winner in terms of bond allocations today, receiving $104 million in approved bonds. In addition to the $80 million allocated to the state’s Housing Trust Fund and Flexible Housing Program, the Commission also approved $15 million to its Time to Own Program. This program provides first-time home buyers interest free loans on up to 25 percent of the cost of their home. The Down Payment Assistance Program also received an additional $9 million in bonding. This program provides down payment and closing-cost assistance for low to moderate income households. $1 million of this funding will be set aside specifically for eligible teachers.

Other significant areas of allocation were the State’s Community Investment Fund ($73.7 million), managed by the Department of Economic and Community Development, the renovation and improvement of state prisons ($54.3 million) and the renovation and improvement of state parks and recreational facilities ($30 million).

The State’s Community Investment Fund 2030 (CIF), awards $175 million to eligible municipalities and non-profit groups each year for the purpose of economic revitalization in historically underserved communities. This bonding will fund initiatives awarded by the CIF’s fourth round of funding. A few of its larger awards are going to the development of 64 units of affordable housing, a Community Hub and pedestrian improvements in Hamden, the remediation of 20-acres worth of brownfields in Bridgeport, and the renovation of two historic properties in Hartford.

Of the $54.3 million in prison improvements, $25 million will go towards HVAC installation and electrical upgrades in the Hartford and Bridgeport Correctional Centers, with the other $27 million going to various smaller renovations at correctional and juvenile detention facilities across the state.

Gov. Lamont highlighted several other initiatives that were recipients of today’s approved bonding. Part of the $10 million in bonding allocated to the Capital Region Development Authority will be used to fund a construction loan for the conversion of an office space on Pratt Street into a UConn dormitory, capable of housing up to 200 students. Lamont also noted that part of this $10 million will go towards the state’s Minority Business Revolving Loan Fund, which provides loans and credit to minority and women-owned businesses in the state of Connecticut.

The post Bond Commission approves $856.8 million in new bonds today appeared first on Connecticut Inside Investigator .