Hartford Business Journal

August 5, 2019 — 40 Under Forty Awards

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4 Hartford Business Journal • August 5, 2019 • www.HartfordBusiness.com Week in Review Briefs Planned New Britain data center secures $55M tax break The developer of a $1 billion fuel-cell powered data center in New Britain, slated to begin first-phase construction this fall, has secured a state tax break worth up to $55.2 million. The quasi-public Connecticut Innovations (CI) has approved the 10- year sales-and-use tax exemption for EIP Investment LLC's capital-equipment purchase for its data center, to be housed in redeveloped buildings on the historic Stanley Works manufacturing campus. It's the largest benefit of its kind ever granted under the CI-administered relief program, which dates back well over a decade. The benefit will technically flow to EIP's eventual tenant or tenants who would be purchasing the computer servers, though the exemption also benefits EIP by making its project more attractive to lessees. The data center would be the second phase of the project, costing an estimated $300 million, according to EIP. The $100 million first phase, to begin by early fall and wrap up next year, is the installation of 44 fuel cells manufactured by Doosan in South Windsor. The state gave the project its first public boost when it selected EIP, after a competitive bidding process, for a 20-year contract to sell the fuel cell power to utilities. CT June home sales lag Connecticut home sales in June continued their nearly year-long slide, new data shows. There were 3,516 home closings recorded statewide last month vs. 3,786 sold the same month a year ago — a 7.1 percent decline, according to the latest survey from Boston business publisher The Warren Group. June posted the 11th consecutive month of declining year-over-year single- family homes sales, Warren Group CEO Tim Warren said. The median June home sale price dipped 0.5 percent, to $280,000. Through the first half of 2019, there have been 14,746 homes sold statewide — a 5.5 percent decrease from the first six months of 2018, Warren said. Year-to- date, the median sale price hit $256,000, or a 0.4 percent increase. Exhaustive 'prosperity index' ranks CT 2nd among states A London-based think tank known for its annual prosperity ranking of countries has produced its first-ever assessment of each U.S. state, and it views Connecticut favorably. Connecticut ranked second, behind Massachusetts, in the Legatum Institute's United States Prosperity Index. The Northeast region scored well in general. The recently released index makes use of more than 200 state-level indicators to assess three broad categories for each state: "open economies," "inclusive societies" and "empowered people." Connecticut was strongest in water quality, anti-discrimination laws, life expectancy and low adult death rate, and pre-primary school enrollment levels. Areas where Connecticut lost the most points included "economic quality" and "social capital." Within the economic-quality category, the state ranked particularly low in metrics such as state pension underfunding, underemployment and youth unemployment, and employee engagement. Regulators OK Liberty-SBT merger SBT Bancorp., parent of Simsbury Bank & Trust Co., says state and federal bank regulators have given final blessing to its $71 million all-cash combination with Middletown's Liberty Bank. SBT said the state Department of Banking, which regulates state-chartered lenders, and Federal Deposit Insurance Corp. have approved their merger. Stockholders in each have already approved it. The merger announced March 21 is set to close in October. TOP STORY Lawmakers reach deal to legalize sports betting, add Bridgeport casino A bipartisan group of state lawmakers has proposed legislation that would legalize sports betting and authorize the state's two casino-operating tribes to open gaming facilities in Bridgeport and East Windsor. With no 2019 legislative special session in sight, the lawmakers, who hail from districts mostly tied to existing or proposed casino sites, unveiled a bill July 31 that seeks to resolve in one fell swoop a number of stalled gambling initiatives. However, the bill may not check all the boxes for Gov. Ned Lamont, who has expressed concerns about the potential for prolonged litigation if the state awarded a Bridgeport casino license to the Mashantucket Pequots and Mohegan tribes rather than opening it up for competitive bidding. The proposed measure would allow the tribes to build the state's third tribal gaming operation in Bridgeport. It would also allow them to move forward with an already approved plan to build a $300 million Tribal Winds casino in East Windsor. Meantime, the bill taxes sports wagering at 8 percent and internet gaming would be taxed at 10 percent, state officials said. Also, the sweeping legislation would allow the tribes and Connecticut Lottery to offer online and app-based lottery ticket sales. BY THE NUMBERS 962 The number of condos that traded hands in the state during the month of June, which was up 2.3 percent from a year earlier. 675.3 The number of oxycodone and hy- drocodone pills that were shipped to Connecticut pharmacies and medical providers during the run-up to the opioid crisis, from 2006 to 2012. $282B The total value of Connecticut's econ- omy, or Gross State Product, at the end of the second quarter, which was up 2.2 percent from the first quarter of 2019, according to the U.S. Bureau of Economic Analysis. 1,500 The total number of nonunion state employees who will be receiving a 3.5 percent raise this year, which will cost taxpayers an extra $4.4 million. TOP 5 MOST READ On HartfordBusiness.com • 1. CT grocers to nix plastic bags ahead of law change • 2. Ideanomics sues W. Hartford over property tax assessment • 3. New Aer Lingus plane to debut at Bradley Friday • 4. Planned New Britain data center secures $55M tax break • 5. Exhaustive 'prosperity index' ranks CT 2nd among states 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 RENDERING | CONTRIBUTED The East Windsor Tribal Winds casino could be one of two new gaming facilities in the state. Simsbury Bank branch in West Hartford. PHOTO | CONTRIBUTED

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