MERIDEN — The Maynard Road Corp. board of commissioners voted Monday to authorize Director Robert Cappelletti to negotiate a $23 million loan to construct senior housing in Bristol.
Cappelletti told board members the project to convert two former grammar schools is eligible for tax credits valued at $14 million, putting the permanent loan value on the project at $9.3 million.
Maynard Road Corp. is the development arm of the Meriden Housing Authority and shares the same executive director and board of commissioners. Maynard Road is in partnership on the Bristol project with Litchfield developer Ted Lazarus, doing business as Bristol Enterprises LLC. Cappelletti is negotiating with Citibank on behalf of Maynard Road Corp. and Bristol Enterprises.
Cappelletti said the MHA has no involvement in the loan and not responsible in the event of a default. Commissioner Lawrence Kendzior, who joined the board last fall, abstained from Monday’s vote. Kendzior is the former Meriden city manager, and questioned Maynard Road’s involvement in Bristol several months ago.
“I think you know how I feel about this,” Kendzior said Monday.
Resident Commissioner Emely Morales Varona also abstained from Monday’s vote, saying Maynard Road Corp. and the housing authority are carrying enough debt.
But other commissioners, including Chairman Neil Ivers, have defended the Bristol school project as an opportunity for Maynard Road to secure work for its geothermal and solar employees, while earning a profit on the development that can be used to build and manage other city projects.
In March, the state agreed to give Maynard Road a $3.5 million state assistance agreement to ready the two former schools for senior housing. CLICK TITLE TO CONTINUE
HARTFORD — The agency that oversees the operation of the city's XL Center drew just one response after seeking out private investors willing to take on a portion of the $250 million makeover of the aging arena, easing the burden on state taxpayers.
The Capital Region Development Authority said it garnered three inquiries from investor groups and one "expression of interest" from XLR Partners, led by Washington, D.C.-based Savage Funding, a firm that specializes in assembling groups to pursue public-private partnerships. Michael W. Freimuth, CRDA's executive director, said drawing one response was not unexpected.
"Is it disappointing? No. Would I have liked more? Yes," Freimuth said. CLICK TITLE TO CONTINUE
Stonington to save almost $5 million on elementary school project
Stonington — K-12 School Building Committee Chairman Rob Marseglia had some good news for taxpayers Wednesday night.
He told the Board of Selectmen that updated cost estimates show that the Deans Mill and West Vine Street elementary school renovation and expansion project will cost $4.8 million less than the $67 million in borrowing approved by voters.
There will be $2.8 million in savings at Deans Mill and $2 million at West Vine. The savings will result in the town not only having to borrow less money but not having to pay interest on that money. Work began this month at both schools and is slated for completion in December of 2018.
First Selectmen Rob Simmons commended the committee on its work.
“There’s plenty of work to be done but we’re making a good start here,” he said, adding that residents have confidence in the committee.
In response to questions from the selectmen, Marseglia said that some large flowering trees planted at Deans Mill in memory of some teachers had to be taken down because they were too big to move. But he said the plaques have been saved and will be rededicated with new trees when the project is completed.
With the $4.8 million in savings, selectmen agreed to accept a bid to spend $121,000 not originally approved for the project to restore the sensory garden at West Vine Street School. Acknowledging the garden was a want and not a need, Selectman Mike Spellman said there has been significant community involvement in the garden, which is heavily used.
“We’re not just building buildings here but building communities,” he said.
Pointing to the town being the only municipality in the state with more than 1 percent population growth, Spellman said the two new schools are another step the town is taking to preserve its excellent quality of life and make it an attractive place to raise a family and live.