Hartford Business Journal

April 20, 2020 — Power 50

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4 Hartford Business Journal • April 20, 2020 • www.HartfordBusiness.com SUBSCRIPTIONS Annual subscriptions are $84.95. To subscribe, visit HartfordBusiness.com, email hartfordbusiness@cambeywest.com, or call (845) 267-3008. ADVERTISING For advertising information, please call (860) 236-9998.Please address all correspondence to: Hartford Business Journal, 15 Lewis Street, Suite 200, Hart ford CT 06103. 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/enewsletters Tel: (860) 236-9998 Fax (860) 570-2493 Copyright 2020. All rights reserved. Postmaster: Please send address changes to: Hartford Business Journal P.O. Box 330 Congers, NY 10920-9894 www.copyright.com HartfordBusiness.com (860) 236-9998 Hartford Business Journal (ISSN 1083-5245) is published weekly, 28x per year — including two special issues in November and December — by new England Business Media, LLC, 15 Lewis Street, Suite 200, Hartford, CT 06103. Periodicals postage paid at Hartford, CT and at additional entry points. Peter Stanton | CEO, pstanton@nebusinessmedia.com Joseph Zwiebel | President, ext. 132, jzwiebel@hartfordbusiness.com Mary Rogers | COO/CFO, mrogers@nebusinessmedia.com EDITORIAL Greg Bordonaro | Editor, ext. 139, gbordonaro@hartfordbusiness.com Matt Pilon | News Editor, ext. 143, mpilon@hartfordbusiness.com Beats: Health Care, Energy, Startups & Entrepreneurs, Banking & Finance, Government, Bioscience Joe Cooper | Web Editor, ext. 127, jcooper@hartfordbusiness.com Beats: Real Estate, Economic Development, Construction Sean Teehan | Staff Writer, ext. 145, steehan@hartfordbusiness.com Beats: Manufacturing, Technology, Higher Education, Transportation, Nonprofits Tim Doyle | Lead Researcher Heide Martin | Research Assistant Steve Laschever | Photographer BUSINESS Joe Zwiebel | Publisher, ext. 132, jzwiebel@HartfordBusiness.com Donna Collins | Associate Publisher, ext. 121, dcollins@HartfordBusiness.com Tom Curtin | Chief Revenue Officer, ext. 124, tcurtin@hartfordbusiness.com Lauren Stroud | Events & Project Manager, ext. 137, lstroud@HartfordBusiness.com Christina Zuraw | Events Coordinator, ext. 134, czuraw@hartfordbusiness.com Shannon Vincelette | HBJ Office and Events Coordinator, ext. 122, svincelette@hartfordbusiness.com David Hartley | Sr. Accounts Manager, ext. 130, dhartley@HartfordBusiness.com Kristen P. Nickerson | Sr. Accounts Manager, ext. 133, knickerson@HartfordBusiness.com Daniel Schilke | Senior Accounts Manager, ext. 135, dschilke@HartfordBusiness.com Sue Lavin | Accounts Manager, ext. 128, slavin@HartfordBusiness.com Raki Zwiebel | Credit and Collections Manager Valerie Clark | Director of Audience Development, ext. 332 Jill Coran | Human Resources Manager PRODUCTION Christopher Wallace | Art Director, ext. 147, cwallace@HartfordBusiness.com Liz Cornish | Freelance Designer, ext. 140, lcornish@HartfordBusiness.com "I think [Gov. Ned Lamont's] administration is drinking from the firehose like everyone else and their No. 1 priority is health and safety," DeLong said, noting that Lamont's Chief of Staff Paul Mounds assured him state officials will meet with municipal leaders about aid. "This conver- sation [about municipal aid] has to take place, but at the same time I'm not being critical." The COVID-19 pandemic hasn't interfered with some of Wallingford's larg- est capital projects like construction of a $72-mil- lion proton beam cancer treatment facility in which Yale New Haven Health and Hartford HealthCare are co-investing, said Wall- ingford Economic Devel- opment Specialist Tim Ryan. Like town governments, businesses are also struggling to figure out what aid they qualify for, and what loans or grants they should ap- ply for, Ryan said. "It's been a scatter," Ryan said. "The CARES Act was signed into law … and now everyone's like, 'OK, how's this going to work?' " When it comes to the pandemic's pos- sible long-term effects on the local economy, Wallingford has a few things to worry about, Dickinson said. Wallingford's main source of revenue is property taxes. But an economic downturn could result in lower property values, meaning less tax revenue for services, Dickinson said. "[Lower property tax revenue is] endemic of lower economic activity … and unfortunately those are the times when there's more need for services," he said. "It's a terrible conflict that does not have easy solutions." Since all of Connecticut's 169 cities and towns rely on property tax dollars as a main source of income, CCM's priority is keeping businesses and landlords from defaulting on leases and mortgages, DeLong said. That's why CCM is pushing for relief for commercial landlords, DeLong said. "We wanted to create an opportunity where the landlords wouldn't have to pay property taxes for a while in exchange for not collecting rent from [strug- gling] tenants," DeLong said, adding that it's critical for towns that as many busi- nesses as possible remain viable. "We want to make sure that those tenants are able to stay in business and get through this." CCM also wrote a letter to Connecticut's Congres- sional delegation calling for a broadening of federal stimulus so that municipalities with fewer than 500,000 residents can receive direct funding. "The CARES Act provided federal funds to assist only cities with populations over 500,000," DeLong wrote. "Therefore, Connecticut mu- nicipalities received no direct funding as they struggle to protect and serve residents during a deadly pandemic." While stimulus funding is in a holding pattern for Wallingford, Dickinson said he is optimistic that local, state and federal officials will success- fully work together on aid distribution, and that Wallingford will weather the economic storm. "We need to have a glimmer of light at the end of this tunnel that this pandemic is coming to an end," Dickinson said. "I think that will help a lot of people think ahead and plan for the future." >> Town Profile continued Wallingford General Land area (sq. miles) 39 Median age 47 Population 44,964 Median household income $77,128 Unemployment rate 3.7% Major Employers Town of Wallingford Masonicare Community Health Network of CT Anthem Blue Cross/Blue Shield Gaylord Hospital Housing stock Median price $266,100 Median rent $1,081 Government Total revenue (2017) $172,273,000 Per capita tax $2,639 Actual mill rate 29.19 Grand List $4,463,567,785 Economy Top employment industries Units Jobs Health care and social assistance 143 4,590 Manufacturing 106 3,300 Retail trade 154 2,842 Top taxpayers (2018) 5 Research Parkway Wallingford LLC $32,200,000 Leigus TEI Equities LLC $30,245,300 Connecticut Light and Power $28,318,330 Source: Connecticut Economic Resource Center William Dickinson, Mayor, Wallingford Joe DeLong, Executive Director, Connecticut Conference of Municipalities

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