Hartford Business Journal

4 Hartford Business Journal • July 23, 2018 • www.HartfordBusiness.com Briefs Hartford selects lone bidder for $200M DoNo development City leaders announced the selection of a Stamford-based landlord-developer to redevelop four vacant lots in downtown Hartford's northern section flanking Dunkin' Donuts Park. RMS Cos., the owner and operator of the Goodwin Hotel in downtown Hartford, was the sole bidder for transforming the mostly commuter parking acreage adjacent to the baseball stadium — an area known to many as Downtown North, or DoNo — into a mix of residential and commercial spaces. The $200 million project will be funded mostly with private funds, officials said. RMS Principal Randy Salvatore will lead the development. A contract agreement has not been inked between the city and developer as the city council will continue reviewing the plans over the coming months. Suffield, Holyoke lenders pose $60M merger The First National Bank of Suffield is merging with western Massachusetts lender PeoplesBancorp MHC, which is using the $60 million cash deal to cement its push into Connecticut's banking market. Under the definitive pact set to close sometime later this year or early next, First National will retain its name, its four banking offices and its 48-person staff, and operate as a Connecticut division for PeoplesBancorp, parent of Holyoke- based PeoplesBank. The transaction requires review and approval from bank overseers. PeoplesBancorp has about $2.4 billion in assets vs. First National's approximately $225 million in assets. First National CEO Joseph Greco said his 154-year-old bank, while profitable, has had difficulty keeping pace with tightened bank regulations in the wake of the 2008 Great Recession. Malloy orders $10 million tolling study Gov. Dannel P. Malloy ordered state agencies to develop a comprehensive, $10 million study of electronic tolling that would examine pricing, locations and the potential to capture revenue from out-of- state motorists. The governor cannot implement tolls without legislative approval. Nonetheless his order resurrects many elements of a tolling measure that died on the House of Representatives' calendar when lawmakers adjourned on May 9. Malloy says the study would be financed with $10 million in bonding. The State Bond Commission, which is chaired by the governor, is scheduled to consider that funding at its July 25 meeting. The governor has been pressing lawmakers throughout his second term to commit to a two-to-three-decade-long rebuild of the state's aging, overcrowded transportation infrastructure — something the governor says cannot be accomplished without a major new funding source. Keith Phaneuf | CT Mirror Suffield rejects housing plan along CT River putting proposed winery in doubt The Suffield Planning and Zoning Commission unanimously rejected a developer's request for a zone change to allow a housing development along the Connecticut River, putting in doubt a proposal for an accompanying winery and vineyard. Developer Mark O'Neill of Hamlet Homes LLC had proposed the winery and vineyard at the same location on East Street South along the river. But he said after the vote that he feels the PZC doesn't want the winery there either, and so he isn't sure if he'll move forward to develop plans for it. The proposal was to build a "cluster development of single detached and conjoined single-family homes," according to O'Neill. Matthew P. Knox | Journal Inquirer Report: CT solar has grown 53% per year Connecticut's solar energy generation has grown at a fast clip since 2010, according to new data in a report from an environmental advocacy nonprofit. Solar generation here totaled 463 gigawatt hours in 2017, according to a report from Environment America and Frontier Group. That's up from 344 gigawatt hours in 2016, and just 30 gigawatt hours in 2010. Over those seven years, solar generation has grown at an average annual clip of 53 percent, according to data included in the report, sourced from the U.S. Energy Information Administration. Meantime, electric vehicle sales in Connecticut also reached their highest point last year. There were 993 electric vehicles sold in 2017, up from 585 the year prior, and 511 in 2016. The report said the United States is generating nearly six times as much solar and wind energy as it did in 2008. Week in Review TOP STORY Stanley names 10 startups for downtown Hartford accelerator N ew Britain manufacturer Stanley Black & Decker and a Colorado-based venture capital firm announced 10 startups will participate in their new advanced manufacturing accelerator program in downtown Hartford. Stanley Black & Decker and Techstars say the 10 companies — from the U.S., Canada, Israel and Ireland — will begin relocating to Stanley's new advanced manufacturing center in Hartford before it opens in October. Companies were selected out of a pool of applicants from 11 countries, with about half from outside the U.S. The accelerator will focus on technologies that build 3D objects with materials layering such as plastics, metals and concrete, among others. Technologies include 3D printing, layered manufacturing and additive fabrication and rapid prototyping, among others. Marty Guay, Stanley's vice president of business development, said additive manufacturing is a key area of technological transformation. "We're also proud to do this in Hartford, CT, and are confident that programs like this will create a robust entrepreneurial community right here in our Capital City," Guay said. BY THE NUMBERS $10M The amount Gov. Dannel P. Malloy wants to pay for a "comprehensive assessment" of highway tolls and other transportation funding options. $60M The price Massachusetts lender PeoplesBank has agreed to pay to acquire Connecticut-based First Na- tional Bank of Suffield. 25 The number of homes that were destroyed during the violent storm in May, which produced four tornadoes and $13 million in statewide damage. $89.4M The combined June slot revenues for Foxwoods and Mohegan Sun, up slightly from $87.2 million last June. TOP 5 MOST READ On HartfordBusiness.com • 1. After HBJ inquiry, W. Locks pulls plug on $200M mega-sports complex • 2. Stanley inks 10 startups for downtown Hartford accelerator • 3. Foxwoods names chairman Butler as interim CEO • 4. CT joins lawsuit vs. Trump tax breaks • 5. 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