
HARTFORD, CT — The state Bond Commission approved $70 million Friday for investments in a handful of projects and businesses, including a parking garage, a soccer stadium, and a hydroponic vegetable farm in Torrington.
Friday’s agenda, which didn’t include $30 million for local road improvements, took Connecticut another step forward in making the state “a better place to live, work and raise a family,” according to Gov. Dannel P. Malloy.
Department of Economic and Community Development Commissioner Catherine Smith said the $1 million loan for New Opportunities Inc. to create 18 jobs at its aquaponic fish farm and hydroponic vegetable farm may not have been something the state would have invested in today, had the process started today. However, she defended the spending saying it was “a decent investment for us, even though, again, if it had come in today we would have underwritten it slightly different.”
Rep. Chris Davis, one of two Republican members of the Bond Commission, said, “but this is the day it’s being approved.”
Davis said he understands it’s 18 jobs, but bonding $1 million for a company that’s taking the excrement from fish to fertilize its vegetables?
“I don’t know if we’re going to get that kind of return on investment on fish excrement to the tune of $1 million,” Davis said.
The state Bond Commission also approved a second forgivable loan to the world’s largest hedge fund, AQR Capital Management, to assist in its expansion.
Davis said he doesn’t want to see the state spending money to furnish the offices of one of the largest hedge fund managers in the world.
AQR Capital Management has already received money from the state. This was the second $5 million installment of $35.5 million already approved for the Greenwich company.
The loan will be forgiven if the company retains 797 jobs and creates another 189 jobs within five years and then retains that total for two years. The company is eligible for an additional $7 million in grants if it creates and retains another 140 jobs for a total of 1,126 jobs.
The Bond Commission also approved funds for the town of Waterford to acquire and demolish the structures across the river from the U.S. Navy Submarine Base.
In addition:
• Another $1 million was allocated to Viiv Healthcare Company to move from Wallingford to Branford;
• $2 million went to Polamer Precision Inc. in New Britain to help purchase equipment
• $4 million was provided to Morgan Truck Body to help establish a new manufacturing facility in Plainfield;
• $2.5 million went to Okay Industries to help them expand their facilities in New Britain;
• $14 million was allocated to ASML US, LLC, of Wilton to help them expand and create 524 jobs within the next seven years, and;
• $1 million was provided for Global Atlantic Financial Company to help them relocate from Simsbury to Hartford and to create 59 new jobs.
There was also $5 million on Friday’s agenda for the Capital Region Development Authority to help repair the parking garage across the street from the XL Center.
The state of Connecticut purchased the parking garage from the city of Hartford in 2015. The money will be used to help with waterproofing and to finance other structural repairs.
The garage generates more than $1 million a year, according to Office of Policy and Management Secretary Ben Barnes, and helps offset the losses from the XL Center.
“This is the largest source of positive cash flow for the XL Center,” Barnes said. It’s still unclear whether the garage would be considered as part of the sale of the XL Center.
Malloy has sought funding to make improvements to the XL Center in order to get it ready for a buyer.
Davis and Sen. Michael McLachlan, R-Danbury, voted against the item.
The Capital Region Development Authority also received $10 million from the Bond Commission on Friday to make improvements to Dillon Stadium and the area surrounding Colt Park.
Asked if this was the same stadium involved in a federal investigation, Malloy said it was. He said the stadium is “bordering on dangerous.”
Support authentic, locally owned and operated public service journalism!
“Either we appropriate money to put it in good shape, or we appropriate money to take it down,” Malloy added.
The commission also approved the first $350,000 for the Connecticut Foundations Solutions Indemnity Company, which will provide the initial capital and professional services to begin administering the Crumbling Foundations Assistance Fund.
The state Bond Commission can only borrow up to $1.9 billion in general obligation bonds this year based on the new bonding cap that was adopted as part of the two-year budget signed into law on Oct. 31, 2017.
More State Budget news

Stefanowski Talks Abortion, Employee Raises & Budget In First Press Conference
For a half-hour Wednesday, Bob Stefanowski stood outside the state Capitol and fielded questions on abortion rights and state employee raises in a sign the Republican candidate plans to run a more conventional campaign in this year’s rematch with Gov. Ned Lamont.
Keep reading
Lamont Signs The Budget
Alongside Democratic legislative leaders, Gov. Ned Lamont signed the $24 billion budget adjustment Monday that includes $600 million in tax relief. That’s more than they anticipated they would be able to offer Connecticut residents this Election year because revenue came in higher than expected, but it still creates about an $800 million deficit in 2024. …
Keep reading
ANALYSIS | It’s A Wrap: The Winners and Losers of the 2022 Session
It was a short legislative session, but the House and the Senate were able to move a lot of business this year, including the passage of a $24-billion budget with around $600 million in tax cuts.
Keep reading
Connecticut Acts To Help Its Lead-Poisoned Children
After decades of inertia, Connecticut is finally moving to help its thousands of lead-poisoned children and prevent thousands of other young children from being damaged by the widespread neurotoxin.
Keep reading
Bill Bolstering Contracting Oversight Board In Jeopardy After Lamont Administration Raises Concerns
It passed unanimously in the Senate, but a bill that would give the State Contracting Standards Board greater oversight over state contracting appeared stalled in the House Wednesday on the last day of session. “The governor and I have not talked about the bill,” House Speaker Matt Ritter said. “The commissioners have sent us a…
Keep reading
Senate Approves Tax Cuts, Sends $24B Budget to the Governor
The state Senate gave final approval late Tuesday to a $24 billion election year budget plan that includes around $600 million in tax relief while enabling the state to make an $3.5 billion payment on its unfunded pension debt. Senators voted 24-12 at around 10:30 p.m. to send the midterm budget adjustment to the desk…
Keep reading
House Green-Lights $24B Budget
On a party-line vote early Tuesday, the House passed a $24 billion budget adjustment package containing more than $600 million in tax cuts which Democrats heralded as “historic” and Republicans derided as temporary. Lawmakers voted 95 – 52 at around 12:20 a.m. to send the 673-page budget document to the Senate for consideration before the…
Keep reading
Budget Materials
The General Assembly is preparing to debate adjustments to the $24 billion state budget. Below are a few of the documents we’ve been provided as back-up materials. The budget, HB 5506. Town runs. Car tax impact on municipalities. Finance Committee Power Point.
Keep reading
Lawmakers May Vote for First Pay Increase in 20 Years
With legislative retirements mounting, lawmakers on both sides of the aisle were considering Monday raising the salaries of General Assembly members for the first time in more than two decades and indexing their pay in the future. During a morning press briefing, House Speaker Matt Ritter told reporters that funding for pay raises had been…
Keep reading
Amid Surging Revenue, House Prepares to Vote on Budget Adjustments
Connecticut’s House of Representatives was expected to vote Monday on a $24 billion budget adjustment package, buoyed by revised revenue predictions that exceeded expectations by more than $350 million. The revised consensus figures released Monday confirm the surge in revenues that enabled Gov. Ned Lamont and legislative Democrats to reach an agreement last week on…
Keep reading
Dems Detail Budget Deal With $500 Mil in Tax Cuts, Extension of Gas Tax Holiday
Legislative Democrats and Gov. Ned Lamont’s administration announced Wednesday the details of a $24.2 billion budget adjustment package, which they say provides around $500 million in tax relief including extending a gas tax holiday until December. Lamont and legislative leaders outlined the agreement during an afternoon press conference in the state Capitol building. Both chambers…
Keep reading
Health Care Workers Call for New Hires
After a record number of health care workers are expected to retire this year, health care staff called on Gov. Ned Lamont to commit to filling 1,000 vacant positions by August 1 of this year. A record 1,137 state workers who notified the state that they will retire this year comes at a moment of…
Keep reading
Senate Joins House And Votes To Give Raises, Bonuses To State Employees
The Senate gave final approval by a 22-13 vote on a plan to give unionized state workers a set of raises and bonuses. The plan, negotiated by Gov. Ned Lamont’s administration and a coalition of public sector labor unions, provides three years of 2.5% raises and step increases as well as a total of $3,500…
Keep reading
House Advances Labor Deal In Historic Vote
Lawmakers in Connecticut’s House of Representatives signed off on a plan to give state workers a set of raises and bonuses Thursday in a mostly partisan vote on a negotiated labor agreement. The House voted 96 to 52 in support of the deal with 1 Republican, Rep. Tom Delnicki of South Windsor, joining all Democrats…
Keep reading
Republicans Propose Last-Minute Tax Package
Legislative Republicans pitched a $1.2 billion tax relief plan Thursday which reduces state income, sales and gas taxes and proposes to join other states in suing the federal government to challenge restrictions on spending pandemic relief funds. House and Senate Republicans announced the plan during a state Capitol press conference Thursday morning. It cuts the…
Keep reading
The Budget Battle Begins To Take Shape
Tax collections have improved and pushed Connecticut’s budget surplus to $4 billion, but the state budget still relies heavily on federal funding and without it the state would end up running a “sizeable operating deficit.” The Office of Policy and Management told state Comptroller Natalie Braswell Wednesday that if not for the use of the…
Keep reading