Bond Commission Approves $400 Million In Borrowing

HARTFORD, CT – The State Bond Commission approved over $400 million in new state borrowing at its final meeting of the year Friday before saying goodbye to two of its members, who were attending their final meeting. 

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“I think you’ll see on this agenda today that we’re making our biggest commitment to school construction we’ve had since I’ve been around, and continuing our major commitment to housing,” Gov. Ned Lamont said at the top of the meeting.

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The commission worked through its 28-item agenda at a brisk pace, concluding the meeting in less than 20 minutes. All bonding motions passed unanimously, with only Rep. Holly Cheeseman, R-East Lyme, asking for clarifications on a couple of items.

The state Department of Housing will get $70 million, dispersed in two different bonds: $20 million to support the Flexible Housing program by providing for the construction or rehabilitation of 186 housing units, and $50 million to finance loans under the Housing Trust Fund for the Build for CT program, which constructs middle income and workforce housing.

Other investments in housing include over $69 million for the Capital Region Development Authority to build 127 apartments at 65 Elm Street, and 112 apartments at 100 Capitol Avenue, both in Hartford. 

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Other noteworthy projects include $33 million for the University of Connecticut to renovate and improve its library, Gampel Pavilion, and the UConn Health Center in Farmington. The Office of Policy Management will receive $108 million to support grant-in-aid programs to municipalities, as well as $45 million to reimburse municipalities under its Capital Improvement Fund.

Friday’s was the last bond commission meeting for state Rep. Holly Cheeseman, R-East Lyme, and state Sen. Henri Martin, R-Bristol. At the end of the meeting, Rep. Cheeseman took a moment to say a few words about her time on the commission.

“I just wanted to thank the governor and this commission,” Cheeseman said. “It’s been a privilege to serve here. I want to thank you and the agencies and other commissioners for their patience in responding to my questions. I believe as we sit here on this commission and with everything we do in this building, that we are stewards of taxpayer dollars and it behooves us to look carefully at how we’re spending them to make sure not only are we achieving the goals desired but are we doing it in the best possible way. So I want to thank you. As I say, it’s been a privilege and a pleasure and I look forward to watching with interest my successor on this commission and encourage everyone to stay tuned.”

Lamont praised both outgoing members, telling Martin to make sure his replacement was prepared to take over and thanking Cheeseman for keeping him on his toes with her inquiries.