Hartford Business Journal

4 Hartford Business Journal • April 22, 2019 • www.HartfordBusiness.com Week in Review Briefs CT projected to pay $45.6M in Hartford debt aid in fiscal 2020 The state is projected to contribute $45.6 million to the Capital City in fiscal 2020 as part of its long-term commitment to pay off Hartford's general obligation (GO) debt, according to the mayor's proposed budget. The debt payment projected in Mayor Luke Bronin's 313-page 2019-2020 budget plan would be 5.4 percent less than the $48.2 million Connecticut taxpayers are expected to provide the city in the current fiscal year. In fiscal 2018, the state kicked in over $31.1 million for debt payments and municipal restructuring. Those payments are part of Connecticut's commitment to pay off approximately $550 million of Hartford's GO debt over the next 20 or so years. Bronin's $573.2 million proposed city budget for 2019-2020 does not include a tax increase or involve borrowed money. The plan keeps the mill rate at 74.29, and the maximum mill rate for motor vehicles at 45. Area March home sales sag, condos rise Greater Hartford house sales sagged in March, but condominium/townhome sales surged, Realtors say. Single-family house sales dropped 2.7 percent to 825 units last month from 803 in March 2018, the Greater Hartford Association of Realtors (GHAR) said. Area house sales rose the first two months of 2019. House prices also fell by 2.6 percent to $219,000 in March from $224,900 a year ago, GHAR said. New listings were flat, while inventory fell slightly last month, Realtors said. Among area condos and townhomes, their sales climbed 10.7 percent to 207 units — 20 more than sold in March 2018, GHAR said. Median condo prices last month jumped 8.2 percent, to $146,000 vs. $135,500 a year earlier. Their inventory, too, tightened, Realtors said. Geno says he'll take over Cavey's restaurant Geno Auriemma has told diners at Cavey's restaurant in Manchester that he plans to buy the 85-year-old landmark. While mingling with patrons recently, the University of Connecticut women's basketball head coach and restaurant owner said he plans to convert the historic eatery's lower level, which formerly featured classic French cuisine, into a banquet hall for events. If completed, the deal would see the Hall of Fame coach-turned-entrepreneur acquire one of the most storied fine- dining institutions in the state. It is not yet known whether Auriemma intends to keep the Cavey's name and signature style or bring the two-level building at 45 E. Center St. under his burgeoning "Geno's" brand. Zachary F. Vasile | Journal Inquirer Bradley Airport officials move forward with name-change study After pondering for months a name change to Bradley International Airport, the board that oversees the Windsor Locks-based airfield has ordered a study of what else to call it and whether a new name would be worth the investment. The Connecticut Airport Authority (CAA) unanimously voted in favor of the study during a recent meeting, which demonstrates a clear interest in updating the airport's name so that it clearly indicates where Bradley is located, said CAA Board Chairman Tony Sheridan. "Our various consultants over the last year or two have mentioned there's significant confusion about the name because it doesn't geographically identify the location," Sheridan said, adding that the success of Bradley's Aer Lingus route TOP STORY Bloomberg: CT has 4th most innovative economy B ased on its presence of science, technology, engineering and math jobs, density of tech companies, and research and development capabilities, Connecticut has the nation's fourth most innovative economy, according to a new study by Bloomberg. Bloomberg's latest U.S. State Innovation Index calculated Connecticut's innovation prowess based on several measures and only ranked California, Massachusetts and Washington ahead of the Nutmeg State. Connecticut moved up three spots compared to Bloomberg's last index study in 2016. Bloomberg ranked states based on: research and development intensity; clusters of companies in technology; STEM (science, technology, engineering and mathematics) jobs; patent activity; productivity; and the number of people with degrees in science and engineering. Bloomberg ranked Connecticut between seventh and 13th in each equally weighted metric. BY THE NUMBERS $219,000 The median price of a single-family home sold in Greater Hartford dur- ing the month of March, which was down 2.6 percent from a year earlier, according to the Greater Hartford As- sociation of Realtors. $573.2M The total spending proposed in Hartford Mayor Luke Bronin's 2019-2020 budget, which is up 0.6 percent from this year. 8% The percentage decline in slots revenues Foxwoods Resort Casino recorded during the month of April, which was the ninth consecutive month of lower revenues. 10.7% The increase in Greater Hartford con- do sales during the month of March, according to the Greater Hartford Association of Realtors. TOP 5 MOST READ On HartfordBusiness.com • 1. Stop & Shop workers bullish about reaching labor deal • 2. Geno says he'll take over Cavey's restaurant • 3. Bradley Airport officials move forward with name-change study • 4. Bed Bath & Beyond to close 40 stores • 5. CT projected to pay $45.6M in Hartford debt aid in fiscal 2020 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 Tech-company growth in Hartford is boosting the state's innovation ecosystem. PHOTO | CONTRIBUTED Bradley Airport is getting new signage and also possibly a new name. PHOTO | HBJ FILE

• Cover