News Column

Bond Commission funds will boost several local projects

July 25, 2014

By Johanna Somers, The Day, New London, Conn.



July 25--HARTFORD -- The State Bond Commission approved Friday at least seven bond allocations that will directly affect southeastern Connecticut's towns and cities. In total, the commission approved $725 million in general obligation, revenue bonds and other transactions. The majority of the loans, grants and funds were for housing and transportation projects.

Threadmill Partners LLC located in Stonington was approved to receive a $5 million loan with a 1 percent interest rate over 42 years to help with the redevelopment of a former mill building at 12 River Road. The project is expected to result in 40 market-rate housing units and 18 affordable housing units. The entire project is anticipated to cost $25 million.

The commission approved a $2.7 million grant for the Connecticut Housing Finance Authority to give to the Eastern Shore Enterprise Limited Partnership or another eligible applicant to pay for the rehabilitation of the Faylor Apartments at 136 Boston Post Road in East Lyme.

New London is scheduled to receive grants or funds for a $4.9 million grant for improvements at Londonberry Gardens, an affordable housing complex owned by Vesta Corporation; $97,000 to replace an elevator cylinder at the New London Courthouse; and a $53,000 grant for the New London Homeless Hospitality Center to purchase a 15-passenger van with the help of the New London Community Meal Center.

Norwich'sUncas Elementary School, a Commissioner's Network school, was approved for $684,540 for improvements such as alterations, repairs, and technology and equipment. Commissioner's Network schools are low-performing schools that have additional supervision from the state.

The bond commission also approved $1 million to dredge the Mystic River Auxiliary Channel, which adds to $6.5 million that has already been spent to dredge the Mystic River Federal Navigation Channel and the Mystic River Auxiliary Ahannel.

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(c)2014 The Day (New London, Conn.)

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Source: Day, The (New London, CT)


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