Hartford Business Journal

4 Hartford Business Journal • July 16, 2018 • www.HartfordBusiness.com Week in Review Briefs Hartford receives $10M insurer donations Hartford officials confirmed receipt of a $10 million donation from the city's largest insurers, which pledged to financially support Hartford if it got its fiscal house in order. Mayor Luke Bronin says the city received the combined $10 million payment from Aetna, The Hartford and Travelers Cos. The funds will support the Hartford Public Library, law enforcement and recreation. In March 2017, the leaders of the insurance giants offered $50 million to Hartford over five years if the city, which faced years of mounting debt, improved its fiscal status. That happened after lawmakers approved a long-term bailout plan for the city, in which the state has agreed to pay off approximately $550 million in Hartford's debt over the next two to three decades. Edible Arrangements founder Farid leaving CEO post Tariq Farid, founder and longtime CEO of Wallingford-based Edible Arrangements, is giving up his day-to-day duties after the company named a fast- food industry veteran as its new CEO. The franchisor of fresh-cut fruit arrangements, snacks and treats says former Tropical Smoothie Cafe CEO Mike Rotondo will serve as chief executive at Edible's second headquarters in Atlanta, which the company recently opened. Rotondo will oversee all franchise operations. Farid, who founded Edible in East Haven in 1999, will focus on growing Edible Brands, the franchisor's parent company that includes technology, supply-chain and several other businesses. Rotondo has spent three decades growing brands in the quick-service industry including five years as CEO of Tropical Smoothie and more than two decades in key leadership roles at Wendy's International, HoneyBaked Ham and Arby's Restaurant Group. CNBC: CT business climate ranked No. 37 in U.S. High costs and a slow-growing economy rank Connecticut's business climate among the 15 worst in the nation, according to a new study. A "Top States for Business 2018" study by CNBC ranked Connecticut No. 37 among the 50 states. Connecticut's overall ranking fell in the annual survey by four spots from No. 33 in 2017. The study measured the performance of U.S. states through 64 metrics across 10 categories. CNBC says it weighed grades for states based on the qualities businesses and lawmakers deem most important to luring business. Connecticut received poor rankings for its infrastructure (47th), business costs (46th), economy (45th) and cost of living (43rd). Better rankings were recorded for education (ninth), workforce (16th), technology and innovation (17th) and access to capital (18th). Hartford's The Russell on the go Thirteen years after debuting his eponymous downtown Hartford eatery, restaurateur-caterer Hugh Russell is expanding his footprint and Caribbean menu to feature to-go fare. The Russell Grab & Go-Authentic Caribbean Experience recently opened its 1,900-square-foot shop next door to The Russell restaurant at 103 Pratt St., at the corner of Trumbull Street, opposite the XL Center. The former Blimpie's restaurant space was gutted and redesigned to mirror some of the architectural features of The Russell's flagship space. The Russell Grab & Go will feature a full menu, including "large-plate" entrees such as oxtails, jerk chicken, curry goat, as well as some vegan options. CT diesel fuel users face tax hike Connecticut's truck drivers and other motorists that use diesel fuel faced their first tax hike this month in five years, paying an extra 2.2 cents per gallon. The Department of Revenue Services set the new rate on July 1 at 43.9 cents per gallon, up from 41.7 cents in each of the past two fiscal years. This is down 11 cents, or 20 percent, from the peak diesel tax rate of 54.9 percent imposed in 2013. Connecticut's diesel tax generated about $106 million in the 2016-17 fiscal year. Keith Phaneuf | CT Mirror TOP STORY Developer plots $200M mega- sports complex in W. Locks A Long Island developer has announced plans to build and operate a $150 million to $200 million multi-sport complex in Windsor Locks featuring two roughly 6,000-seat stadiums, turf fields, retail space and hotels. JABS Sports Management LLC said it filed a general plan of development with the town's planning and zoning commission to construct a sports complex across a 76- acre lot on Route 20 between Interstate I-91 and Old County Road, which is currently used as a tobacco farm. The complex would be known as All Sports Village (ASV). JABS, which acquired an option to purchase the property, says the project will create 400 full-time jobs and 100 part-time jobs with at least 25 percent of those jobs going to Windsor Locks residents. Under the plans, JABS wants to construct an indoor arena and outdoor stadium (between 5,000 to 7,000 seats), and 16 indoor basketball courts that can be converted into 32 volleyball courts. The sports venue would also house eight synthetic turf fields for soccer, lacrosse, flag football, softball and field hockey. The plans also feature dormitories to house teams participating in ASV events, a 70,000-square-foot convention room, a fitness center, an entertainment center, sports- related medical offices, restaurants, two hotels, a movie theater and retail venues. The first facility of its kind in the U.S., the developers say the complex will host major tournaments for teams across the country in addition to local leagues and others on the East Coast. BY THE NUMBERS 17.4% The percentage decline in new hous- ing permits approved in Connecti- cut last year, according to the state Department of Labor. 2.2 cents The per-gallon increase in the state's diesel fuel tax, which went into effect July 1. 1,000 The number of fans who have already purchased season tickets for the Hartford Athletic, which will make its 2019 debut as part of the professional United Soccer League. $100M The amount Stanley Black & Decker has agreed to pay to cleanup a dioxin-contaminated Superfund site in Rhode Island. TOP 5 MOST READ On HartfordBusiness.com • 1. Developer plots $200M mega-sports complex in W. Locks • 2. Edible Arrangements founder Farid leaving CEO post • 3. Hartford's new pro soccer team named entering 2019 • 4. CT to reopen the nation's oldest surviving prison and copper mine • 5. Hartford receives $10M insurer donations; budgets for '18-'19 STAY CONNECTED For breaking and daily Greater Hartford business news go to www.HartfordBusiness.com HBJ on Twitter: @HartfordBiz HBJ on Facebook: www.facebook.com/HartfordBiz HBJ on Linkedln: www.linkedin.com/company/ the-Hartford-Business-Journal Daily e-newsletters: HBJ Today, CT Morning Blend www.HartfordBusiness.com/ subscribe Weekly e-newsletters: CT Health Care Weekly www.HartfordBusiness.com/ subscribe A rendering of All Sports Village in Windsor Locks across a 76-acre lot on Route 20. Tariq Farid, Founder, Edible Arrangements RENDERING | CONTRIBUTED

• Cover