Governor Malloy & DECD Commissioner Smith Announce Funding to Support Development Projects
June 21, 2011
Governor Dannel P. Malloy and Department of Economic and Community Development Commissioner Catherine Smith today announced the state will help fund various development projects by redirecting $4.6 million in previously allocated bonding to the Regional Brownfield and Economic Development Program. The State Bond Commission is expected to approve the measure at its next meeting June 24.
“It is imperative that we continue to invest in our communities and in economic development projects that will create jobs and boost revitalization efforts at the local level,” said Governor Malloy. “This reallocation of funds is an example of optimizing resources and at the same time supporting projects that will create jobs, bring investment to the state, and put Connecticut on the fast track to recovery.”
Municipalities and regional economic development organizations are eligible to apply for grants through the Regional Brownfield and Economic Development Program, which will be administered by the Department of Economic and Community Development. The program will support regional economic development, brownfield development, and business development projects statewide.
“This is another signal to developers and municipalities that the state is serious about economic and brownfield redevelopment,” said Commissioner Smith. “In good times, and especially in tough times, we must make these types of investments that create the right environment for economic growth and will eventually put Connecticut back to work.”
Eligible activities include brownfield assessment and remediation, demolition, abatement, construction, renovation, acquisition, infrastructure improvements, and planning and engineering. Bond commission approval, however, is needed to commit these funds to new projects.