Malloy meets with transportation investors
HARTFORD -- Public-private partnerships with large investors might be one of the ways that the state could pay for his 30-year, $100 billion transportation-infrastructure plan, Gov. Dannel P. Malloy said.
Malloy attended a Wednesday morning meeting in the White House where he and several other governors met with potential investors who might be interested in long-term opportunities as Connecticut rolls out big plans for wider highways and a rebuilt rail system. He later discussed the meeting on a conference call with reporters.
In particular, Malloy said he thought investors could help the state build a string of new train stations along the Metro-North line as well as the planned New Haven-to-Springfield route.
The morning event focused on alternative ways to fund infrastructure improvements. A lot of it depends on the proposed $478 billion transportation reauthorization bill.
The group discussed potential changes in the tax code that could convince corporations with profits currently kept overseas to repatriate money for transit use.
"There was $7 trillion of investment in the room today, including sovereign wealth funds, pension funds," Malloy said. "There are many ways to pay for transportation infrastructure. I think we're getting to the conclusion that people in Connecticut want to do that."
He said that with 10-year Treasury notes paying less than 2 percent, there's an opportunity to attract major investment with a slightly competitive rate over 30 years. "Return on investment is what they want," Malloy said. "A dedicated source of repayment makes a lot of sense."
Malloy said with the next few days he plans to release the names of members of his planned Transportation Strategy Board, which will be tasked with coming up with funding schemes.
The governor called himself an "agnostic" when it comes to tolls, but acknowledged that they are part of the statewide conversation. CLICK TITLE TO CONTINUE
East Hampton council creates police station building committee
EAST HAMPTON >> The Town Council has established a police station building committee to “design, build and/or renovate a police facility.” The council voted 6-1 Tuesday to establish the seven-member committee. The lone “no” vote was cast by Councilor Ted Hintz Jr.
Last month, the council said finding a new home for the police department is the town’s Number One infrastructure priority. The police currently occupy a meager 2,800-square-feet in the basement of Town Hall. A 2008 report concluded the station was “lacking space and was in disrepair, impacting the efficiency and effectiveness of the services and safety delivered to the residents of East Hampton.” Since then, there has been little or no improvement in the situation, councilors said.
A review of the station by a Facilities Evaluation Committee last year concluded that, among other things, the building was not in compliance with the Americans with Disabilities Act.
During a public meeting on the town’s municipal facilities in early January, Police Chief Sean Cox said the outmoded station is like a runaway train labelled “Liability” hurtling down the tracks toward the town. Now, the council has taken steps that could lead to the construction of a new facility or the modification of an existing building to house the police. CLICK TITLE TO CONTINUE