Hartford Business Journal

4 Hartford Business Journal • August 6, 2018 • www.HartfordBusiness.com Briefs Bradley Airport scores $13.2M infrastructure grant Bradley International Airport will receive a $13.2 million federal aviation grant for taxiway enhancements, according to the U.S. Department of Transportation. The Federal Aviation Administration (FAA) will award Bradley the grant, part of a $3.18 billion funding package for airport improvements at runways, taxiways and terminals across the country. FAA says airports in all 50 states and five U.S. territories receive annual funding based on activity levels and infrastructure needs. Bangor International Airport in Maine, receiving $6.4 million under the grant, is the only other New England airport to receive a chunk of the federal funds. The funding comes after Bradley officials unveiled a $1.4 billion master plan that would allow the airport to serve millions of additional passengers. CT's median home price hits 5-yr. high Connecticut home sales fell in June but the median price for those that sold hit a five-year high, a new sampling shows. Single-family home sales dropped 4.4 percent last month to 3,753 units vs. 3,927 sold in June 2017, according to the latest report from The Warren Group. Meanwhile, the median price for those dwellings rose nearly 3 percent to $280,000, the highest June median price since 2013. Median price means half the dwellings sold for more, the rest for less. "Hitting a five-year high is encouraging, but we need to keep in mind that the market has still not hit its pre-recession peaks,'' said Warren Group CEO Timothy Warren. W. Hartford-bound Seven Stars Cloud raises $26M The New York global fintech moving its technology and innovation headquarters to West Hartford's former UConn campus has raised $26 million from two Chinese investors, it said. Seven Stars Cloud Group Inc. (SSC) announced it notched investments from Star Thrive Group Ltd., part of Changan Investment Group, and Sun Seven Stars Entertainment & Media Group (SSS), an affiliate company also led by SSC CEO Bruno Wu. SSC says it will receive common stock investments of $23 million from Changan Investment Group, and $3 million from SSS, one of China's largest private media and investment companies. The investors are already backing a $1.5 billion SSS operations center in Xian, China, which will also house an SSC operations hub. SSC says the center will foster new technological advances and investments for their planned $283 million innovation hub in West Hartford, to which the state has pledged a $10 million forgivable loan tied to a 330-job hiring target. S&P: Expanding casinos, sports betting unlikely long-term revenue driver Developing new casinos and expanding sports betting in New England may provide a short-term revenue boost to states, but it's doubtful those economic gains will improve their long- term financial outlook, according to a major debt-rating agency. In a new report, S&P Global Ratings said new casinos and expanded gaming in New England and the Mid-Atlantic may boost state gaming tax revenue, but those gains are unlikely to be sustained. One-time revenues from new gaming licenses offer only a short-term boost, while the added competition will drain market share from existing casinos. "In the Northeast's saturated casino market, offering new gaming options may provide a comparative advantage to competition in neighboring states, but it's unlikely to have a significant effect on state tax revenues derived from gaming," S&P Credit Analyst Timothy Little said. Week in Review TOP STORY DEEP paves way for Millstone's power bid A potential hiccup in controversial competition for long-term electricity contracts that involves Connecticut's sole nuclear power plant appears to have been averted, after state regulators tweaked the terms of its bidding process. The Department of Energy and Environmental Protection (DEEP) has released a final version of its request for proposals for "zero carbon" electricity, which could include nuclear, as well as solar, wind, hydropower and energy storage. Millstone Power Station has been pursuing the state's blessing to sell its electricity to utilities — similar to the way the state uses the contracts to spur investment in solar energy and other technology — since at least last year, when plant owner Dominion warned lawmakers and regulators that its Waterford plant could be at risk of closing. The company has had successes along the way, despite fierce opposition from fossil fuel plants and environmental groups who characterize the contracts as an unneeded handout. Last fall, lawmakers authorized DEEP to conduct the RFP, and to move forward with the contracting process if the agency deems any bids to be in ratepayers' best interests. However, as part of the bidding process, which is largely based on price, Millstone would get favorable treatment if it's deemed to be at risk. After DEEP released a draft version of the RFP in June, Dominion said the language may delay it from winning at-risk status until 2023. The final version of the document instead specifies 2022, though an at-risk designation could come sooner if regulators are convinced Millstone's financial condition puts it at risk of closure. If Millstone is successful and regulators find its proposal favorable, it could sell as much as 12 million megawatt hours of electricity a year to Connecticut utilities through state-approved contracts. That equates to roughly 70 percent of the plant's 2015 output. BY THE NUMBERS $280,000 The median home sales price in June in Connecticut, which was up 3 percent from a year earlier, according to the Warren Group. 76% The percentage of the 505 Connecticut residents recently surveyed by InformCT who said they believe the business environment in the state will improve by year-end. 7th Hartford's U.S. ranking for fastest- growing tech talent markets in 2018, according to a new analysis by com- mercial realty firm CBRE. 5,000 The number of jobs Connecticut's econ- omy will shed as a result of the Trump administration's tariffs on Canadian steel and aluminum, according to Phyllis Yaffe, the Canadian consul general in New York, who was recently in Hartford. TOP 5 MOST READ On HartfordBusiness.com • 1. Malloy's lawyer departs; deputy named successor • 2. W. Hartford-bound Seven Stars Cloud raises $26M • 3. Klee decries slow progress on $229M waste-system overhaul • 4. Ethics hearing for ex-UConn diversity officer • 5. Joey Garlic's bows in Manchester 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 Millstone Power Station. PHOTO | HBJ FILE

• Cover