Last month’s state Bond Commission meeting may have been canceled as the state keeps a closer eye on its debt, but Gov. M. Jodi Rell decided to call a special July 13 commission meeting to approve at least $10 million in loans and grants to keep three businesses in the state.
A $3 million grant will assist Frito-Lay North America to expand in Killingly, a $4 million loan will help make sure Nestle Waters North America Inc. remains in Fairfield County, and $3 million to help Oakleaf Waste Management relocate from East Hartford to Windsor.
“One focus of our economic development agenda is to create an environment that can help Connecticut companies remain and grow here. That is what these projects are about,” Rell said in a press release.
Frito-Lay North America’s plans to invest $66 million into the company’s Killingly plant to add more production and warehouse space and a larger wastewater treatment system for the facility. The project, which will add 100,000 square feet of space and require new machinery and equipment, ensures the company’s 500 employees remain in Connecticut. Nestle plans to invest $27.8 million into its new location in Stamford keeping 475 positions and creating 25 jobs in the state. Oakleaf’s relocation will help it add 40 positions to its Connecticut workforce of 387.
The Bond Commission agenda, which is controlled by the governor, also includes $10 million in funds for the state’s Housing Trust Fund program. The program provides grants or low-interest loans to help spur the construction of housing for low- and moderate-income families.
The agenda , which was posted July 6, includes dozens of other projects such as road and bridge repair and money for improvements to the Connecticut State Library Museum.
According to the last estimate done in May, the state’s total bonded indebtedness is $15.1 billion.