Location:
ADRIAEN'S LANDING; AUTHORITIES;
Scope:
Connecticut laws/regulations; Background;

OLR Research Report


January 24, 2011

 

2011-R-0011

CAPITAL CITY ECONOMIC DEVELOPMENT AUTHORITY — SIX PILLARS OF ECONOMIC DEVELOPMENT

By: James Orlando, Office of Legislative Research

Kerry Kelley, Office of Fiscal Analysis

Linda Miller, Office of Fiscal Analysis

You asked for a progress report on the Capital City Economic Development Authority's (CCEDA) “six pillars” economic development projects in Hartford. You also asked how much state and private funding has been spent on the six pillars projects. This report updates in part OFA/OLR Report 2008-R-0592, which includes more information on CCEDA's background and the history of the six pillars projects.

SUMMARY

The legislature established CCEDA in 1998 (PA 98-179) to plan, manage, and oversee six Hartford redevelopment projects. The projects included a convention center and sports megaplex (Adriaen's Landing), a downtown higher education center, up to 1,000 newly constructed or rehabilitated housing units, Civic Center and coliseum renovations, expanded downtown parking, and riverfront infrastructure and improvements.

Several of the development projects within the six pillars have been completed for some time, while others are still in development. Progress on the Adriaen's Landing project has included completion of the Connecticut Convention Center, Hartford Marriott Downtown, and Connecticut Science Center. Construction recently completed on Phase I of the Front Street District, another component of Adriaen's Landing. Phase II of the Front Street District is still in development.

The Capital Community College campus is completed and has been in use for several years. Three CCEDA-funded residential developments have been completed, totaling over 400 housing units, and more residential housing is in development. The former Hartford Civic Center site has been converted into both residential and commercial property. Over 7,800 CCEDA-funded parking spaces have been created. CCEDA provided funding for three projects to improve riverfront access—the Columbus Boulevard Bridge, Riverwalk Downtown, and State Street Landing Dock Improvements. Another project to improve riverfront access is still in development—the Riverwalk South and Gateway.

Tables below show CCEDA's state operating grants since FY 99 and state bond authorizations and allocations through July 1, 2010. Private investment for six pillars projects has included over $242 million for Adriaen's Landing and $112 million for Hartford 21 (Civic Center).

STATUS OF CCEDA'S SIX PILLARS

For more information on the background and history of the six pillars projects, please see OFA/OLR Report 2008-R-0592.

Convention Center and Sports Megaplex (Adriaen's Landing)

The centerpiece of the Adriaen's Landing District is the Connecticut Convention Center, which opened in 2005. The center includes 140,000 square feet of exhibit space; a 40,000 square foot ballroom; 25,000 square feet of meeting space; and over 2,300 parking spaces. The master developer for the Adriaen's Landing project is Waterford Group.

Other components of the Adrien's Landing District projects include:

1. the Hartford Marriott Downtown, a 22 story, 409 room hotel (completed in 2005);

2. the Connecticut Science Center, with 10 galleries and over 200 exhibits (completed in 2009); and

3. the Front Street District, a retail and entertainment development. Phase I of the Front Street project was completed in July 2010. Phase I includes two buildings with approximately 65,000 gross square feet of commercial space. In November 2010, Governor M. Jodi Rell announced that Cinema Grill, a combination movie theater and dining complex expected to open by mid-2011, would be the first tenant for the Front Street development. Phase II of the Front Street project, which will contain additional commercial space as well as residential housing, is in development by the H.B. Nitkin Group.

Sources and more information:

CCEDA 2009-2010 Annual Report, pg. 11-12, 15-16, 20, available at http://www.cceda.net/data/Unsorted/2010CCEDA-AnnualReport-FINAL-63375-1.pdf

City of Hartford Comprehensive Annual Report for the Fiscal Year

July 1, 2008 to June 30, 2009 (Hartford FY 2009 Annual Report), pg. iii, available at http://www.hartford.gov/Finance/financial_report_2009.pdf

State of Connecticut Executive Chambers, Press Release: Governor Rell Announces First Tenant for Front Street Project: Cinema Grill, Nov. 9, 2010, available at http://www.cceda.net/data/Unsorted/FRONTSTREET-CINEMA-RELL-1110-63386-1.pdf

The Landing, Adriaen's Landing Quarterly Newsletter, May 2009, available at http://www.cceda.net/data/Unsorted/THE_LANDING_0509-63208-1.pdf

CCEDA descriptions of projects, available at

http://www.cceda.net/projects/adriaens_landing.html

http://www.cceda.net/projects/hartford_marriott_downtown.html

http://www.cceda.net/projects/connecticut_science_center.html

http://www.cceda.net/convention_center.html

Downtown Higher Education Center

The Capital Community College campus was completed in September 2002, at the site of the former G. Fox department store building on Main Street. The project, developed by the Connecticut Department of Public Works in consultation with Capital Community College's Board of Trustees, consolidated the college's Flatbush Avenue and Woodland Street campuses.

Sources and more information:

CCEDA 2009-2010 Annual Report, pg. 16-17

Hartford FY 2009 Annual Report, pg. iii

http://www.cceda.net/projects/capital_community_college.html

Up to 1,000 Newly Constructed or Rehabilitated Housing Units

CCEDA provided funded for three completed residential developments: Trumbull on the Park (completed in late 2005), Hartford 21 apartments (2006), and Main and Temple Street apartments (2007). As of June 30, 2010, the three buildings collectively had 440 housing units. More residential housing at Front Street is currently in design.

Sources and more information:

CCEDA 2009-2010 Annual Report, pg. 22

Hartford FY 2009 Annual Report, pg. iii

Civic Center and Coliseum Renovations

Northland Investment Corporation, in partnership with CCEDA and the Connecticut Development Authority, developed the site of the former Hartford Civic Center Mall into both residential and commercial rental property, completed in 2006. The residential properties are the Hartford 21 apartments (see above). Commercial tenants include the YMCA of Greater Hartford and St. Joseph College School of Pharmacy. The retail space now opens to Trumbull Street and includes an entrance for the XL Center.

Sources and more information:

CCEDA 2009-2010 Annual Report, pg. 17

Hartford FY 2009 Annual Report, pg. iv

Expanded Downtown Parking

CCEDA provided funding for over 7,800 parking spaces, as detailed in Table 1.

Table 1: CCEDA-Funded Parking Developments

Site

Number of Spaces

CT Convention Center

2,339

Morgan Street

2,300

Hartford 21

884

Front Street North

657

Trumbull on the Park

600

CT Science Center

468

Main and Temple Street

343

Front Street South

261

(under construction)

Sources and more information:

CCEDA 2009-2010 Annual Report, pg. 22.

Riverfront Infrastructure and Improvements

CCEDA, in partnership with Riverfront Recapture, Inc. (RRI), completed three projects to improve riverfront access and is working on a fourth project:

1. Columbus Boulevard Bridge—a pedestrian bridge connecting Mortensen Riverfront Plaza with Phoenix Plaza (completed in May 2001);

2. Riverwalk Downtown—a landscaped pedestrian path between the Founders' Bridge and Bulkeley Bridge (completed in May 2003);

3. State Street Landing Dock Improvements—upgrades to the existing floating dock facility, including increasing the available electrical power for excursion boat services, among other improvements (completed in June 2010); and

4. Riverwalk South and Gateway—project to connect downtown Hartford with Charter Oak Landing and create a new entrance at Coltsville (ongoing).

Sources and more information:

CCEDA 2009-2010 Annual Report, pg. 17-18

Hartford FY 2009 Annual Report, pg. iv

CCEDA FINANCING

State Operating Funds

Table 2 shows state operating grants for CCEDA, from FY 99 through FY 11.

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Table 2: CCEDA's State Operating Grants

 

FY 99

FY 00

FY 01

FY 02

FY 03

FY 04

FY 05

FY 06

FY 07

FY 08

FY 09

FY 10

FY 11 Estimated

Occupancy Tax Receipts (1)

1,060,000

1,321,000

1,583,500

1,258,534

1,076,278

0

0

0

0

0

0

0

0

State Operating Grant to CCEDA

750,000

750,000

750,000

750,000

712,500

712,500

712,500

712,500

1,000,000

1,000,000

1,000,000

1,000,000

1,000,000

Convention Center Grants: Marketing & Management Expenses (2)

0

0

0

0

0

4,200,000

2,805,813

5,500,000

6,900,000

6,900,000

6,900,000

5,050,000

3,139,353

Special Program Grant (3)

0

0

0

0

140,000

17,000

0

0

0

0

0

0

0

Notes:

(1) PA 03-1 June Special Session redirected proceeds of the room occupancy tax on Hartford hotel rooms from CCEDA to the General Fund

(2) FY 11 funds include an FAC transfer of $1.4 million and no release of the $2,050,647 in holdbacks

(3) In FY 03 and FY 04, $50,000 and $17,000 was provided respectively from the Department of Economic and Community Development (DECD) to CCEDA which made grants to the Metro Hartford Alliance for the Hartford Image Project. Additionally, $90,000 was provided to DECD in FY 03 for a grant to the Civic Center for an environmental impact evaluation

State Bond Funds

Table 3 shows authorizations and allocations through July 1, 2010 for general obligation bonds and CCEDA revenue bonds for Hartford projects.

Table 3: CCEDA Bond Authorizations and Allocations

Bond Authorizations and Allocations for CCEDA Projects

Project

Total

Authorized

Total allocated
as of 7/01/10

Total

Remaining as of 7/01/10

 

($ mil.)

($ mil.)

($ mil.)

CCEDA Revenue Bonds

122.5

122.5

0.0

General Obligation (GO) bonds: Convention Center

190.0

190.0

0.0

Downtown Higher Education Center

30.0

30.0

0.0

Demolition/Rehabilitation

25.0

25.0

0.0

Parking

12.0

12.0

0.0

Riverfront

19.88

19.88

0.0

Civic Center

15.0

15.0

0.0

Downtown Housing

35.0

35.0

0.0

Total

449.38

449.38

0.0

Private Funding

According to CCEDA's most recent annual report, over $900 million of private investment has been pledged or committed to CCEDA projects. Private investment in six pillars projects includes (1) $242.35 million for Adriaen's Landing, out of a project budget of $770 million, and (2) $112 million for Hartford 21 (Civic Center), out of a project budget of $165 million.

Attached to this report is the complete list of private investments in CCEDA's 2009-2010 Annual Report. Please note that the Annual Report states that additional private investments other than those listed likely occurred.