Old Saybrook — The State Bond Commission on Monday approved $7.5 million for the dredging of North Cove on the Connecticut River, area legislators announced Wednesday.
The funding, from the state’s Grants-In-Aid program, will go toward improvements to ports and marinas, including dredging and navigational direction, the legislators said in a news release.
“This is a smart investment for our town,” said Rep. Devin Carney, R-Old Saybrook. “Dredging the North Cove will keep property values up and protect our natural resources. I was pleased to work with local and state officials to secure this grant for Old Saybrook. This is great news.”
Both state senators whose districts include a portion of Old Saybrook applauded the project. Sen. Art Linares, R-Westbrook, said the dredging project will create construction jobs and provide a lasting benefit to the region. Sen. Paul Formica, R-East Lyme, said the dredging should be done in a way that preserves ecological balance while also providing for safe recreational boating. CLICK TITLE TO CONTINUE
Private equity magnate gifts $150M to Yale
Yale University said it has received a $150 million gift from Stephen A. Schwarzman, a 1969 alum and chairman and CEO of the global investment firm Blackstone Group.
The school will use the money to establish a campus center in Schwarzman's name, which will include a grand main hall, lounges, gallery and performance spaces, restaurants and meeting rooms.
The Schwarzman Center will be created by renovating and restoring an 88,300-square-foot complex located at the center of the Yale campus that includes the Commons building and Memorial Hall.
Yale has retained Michael Kaiser, president of the Kennedy Center for the Performing Arts in Washington, D.C., to advise the school on the renovation, programming and staffing of the center, which would open in 2020.
By then, Yale expects its student body to have grown 15 percent, to more than 12,000, due to the addition of two new residential colleges.
Blackstone, co- founded by Schwarzman in 1985, managed $310 billion in assets as of March 31. CLICK TITLE TO CONTINUE
Downtown developer requesting $7M from city
BRISTOL — To move forward with its plans for the first building in the proposed Depot Square, Renaissance is seeking $7 million from the city.
If all goes well, the city could get almost $4 million back from future commercial space rents until all its investment, plus an 8 percent annual profit, is returned more than two decades from now.
“It’s an opportunity for us to kick start something that will be the heart of this city,” said Ryan Porter, the project manager.
The Long Island-based developer, chosen five years ago to spearhead the revitalization of the former mall site in the city center, detailed its plan Monday to a session of the Bristol Downtown Development Corp., which took no action on the proposal.
Andrea Adams, a Bristol Rising member, said it is time for the city to show the world that it believes in itself. She said the plan can transform downtown “into something fun and exciting” if the city is willing to take a chance. CLICK TITLE TO CONTINUE
$13M boathouse slipping into CT River
It's the culmination of a Glastonbury's long-standing plan to reclaim its picturesque frontage on the Connecticut River. The vision: to open the riverfront to residents and bring people in from across the state to generate income for the town.
Town Manager Richard Johnson says the boathouse was the final phase of development. It won widespread public support in a November 2012 referendum, where residents approved $12 million for the project. The state infused $4 million in grant money, and private donors provided about half-a-million dollars more.
Less than two years later, the ribbon was set to be cut on what turned out to be a $13 million showpiece when the project team noticed some structural movement: cracks and gaps in the sidewalks and ramps. The soil below the boathouse was shifting and the structure was starting to slide into the river.
The ribbon-cutting went forward, but the town suspended use of the boathouse and put the brakes on any rentals. CLICK TITLE TO CONTINUE
HARTFORD — Motorists can expect delays on Farmington Avenue this week as road work continues on various sections of the busy thoroughfare.
The MDC issued a three-day traffic advisory starting Wednesday for one of the projects, road restoration near the Woodland Street intersection, that is expected to affect commuters between 9 a.m. and 5 p.m. on those days.MDC contractor True Blue Environmental Services is patching the street pavement after water main improvements last year, an agency spokesperson said.