Hartford Business Journal

www.HartfordBusiness.com • December 14, 2020 • Hartford Business Journal 5 Aging Hartford trash incinerator to close in 2022 With prospects for a costly redevelopment seemingly exhausted and energy revenues projected to keep falling, the quasi-public overseer of an aging Hartford waste-to-energy plant on the banks of the Connecticut River says the facility will close in mid-2022. Tom Kirk, president of the Materials Innovation and Recycling Authority, said the agency's plan, starting July 2022 after it shutters the Mid- Connecticut plant, is to begin trucking as much as 680 tons of waste per day to landfills as far west as Ohio. The change is significant for Connecticut, as the plant burns about one-third, or roughly 700,000 tons, of the state's waste each year. These CT employers got the maximum $10M in PPP funding New U.S. Small Business Administration data published by the Washington Post reveals that five Connecticut employers, two of which are in Hartford, received the $10 million maximum loan from the Paycheck Protection Program this year. They included: Hartford-based law firm Day Pitney; Hartford parking-lot operator Propark Inc.; Stamford- based Cenveo Worldwide Limited; and Monroe Staffing Services and Service Management Group, both based in Shelton. Of the 50 largest PPP loans in Connecticut, 16 went to Hartford County companies, according to the data. Other large recipients in the region included Hartford law firm Robinson & Cole ($8.96 million), Rocky Hill-based medical group Starling Physicians ($8.88 million), West Hartford-based accounting firm blumshapiro ($8.4 million) and Berlin Steel Construction in Berlin ($8.17 million). Foxwoods, DraftKings ink online sports betting deal The Mashantucket Pequot tribe and online sports betting giant DraftKings have inked a marketing deal that could better position Foxwoods Resort Casino for the potential approval next year of online sports betting by state lawmakers and regulators. The deal also partners DraftKings with Foxwoods on daily fantasy sports, with Foxwoods planning to launch the game on Sunday, December 13. The Pequots estimate that online gaming and sports betting will generate $175 million in new revenue for the state over five years. Gov. Ned Lamont said at his Dec. 7 daily briefing that he expects legislation on online gaming and sports betting to move forward in the next legislative session, which starts Jan. 6. However, it's not certain if the tribal operators of Foxwoods and Mohegan Sun will have exclusive rights to sports betting in the state, which has been a roadblock to legalizing online gaming here. West Hartford apartment complex approved Citing the need for zoning rules to change with the times, the West Hartford Town Council has approved plans for a 26-unit apartment complex on New Britain Avenue and Berkshire Road in a single-family neighborhood. Under the approved plan, two eight- unit buildings along Berkshire Road and a third 10-unit building on New Britain Avenue will be constructed on a 1.7-acre parcel. Two of the one- bedroom apartments will be deed- restricted to those earning under 80% of the area median income. Canton chamber dissolves, members can join Avon group The Avon Chamber of Commerce will rebrand as the Avon/Canton Chamber of Commerce, as the organization absorbs members of the recently dissolved business group in Canton. The Avon Chamber began welcoming Canton members at the beginning of this month, and will begin the process of changing logos and signage to reflect the rebranding in early 2021, Executive Director Lisa Bohman said. According to Lou Daniels, Canton Chamber of Commerce's final president, the board of directors voted to disband because of the organization's "inability to continue to provide value and meaningful services to our membership along with having a long-term vision and sustainability for our Chamber." Webster Bank to trim 27 branches Webster Financial Corp., the Waterbury-based parent of Webster Bank, said it plans to close 27 banking centers across Connecticut, Massachusetts and Rhode Island over the next six months. The bank, the second largest based in Connecticut by deposits, did not disclose any of the 27 specific locations, which amount to approximately 17% of its overall brick- and-mortar footprint. Webster said the closures are part of a broader plan to reduce its expense base by 8% to 10% by the fourth quarter of 2021. Hartford Courant to abandon longtime HQ The Hartford Courant will shut down its offices at 285 Broad Street in Hartford as of Dec. 27, the newspaper announced. The paper will stay in business but all employees will work remotely. Publisher and Editor-in-Chief Andrew Julien said the newspaper, owned by the Tribune Company, made the decision due to the pandemic and economic concerns. "This is a decision about real estate needs amid a difficult and challenging time on both the public health and economic fronts," Julien said. CT banks post higher earnings for first time this year Connecticut-based banks collectively booked $289 million in profits for the three months ended Sept. 30, which was the sector's best quarterly financial performance of 2020 so far. That's according to newly released data from the Federal Deposit Insurance Corp., which revealed that the 34 insured commercial and savings banks headquartered in Connecticut more than doubled their year-ago quarterly profits of $118 million. Goodwin receives initial approval for Univ. of Bridgeport purchase New England's regional higher education accreditation board approved Goodwin University's plan to buy the University of Bridgeport, putting the East Hartford school on track to create a new institution in Bridgeport by July 1. The New England Commission of Higher Education (NECHE) and Goodwin announced this week that NECHE approved "a substantive change proposal that will result in a change of ownership for University of Bridgeport." Under current plans, the University of Bridgeport will maintain its name and operate autonomously and have its own president and board [installed by Goodwin], but will fall under the umbrella of Goodwin, said Mark Scheinberg, Goodwin's president. NY consultancy CAPCO acquires Hartford's NEOS LLC Capco, a New York-based management and technology consulting firm, has acquired Hartford- based insurance consultancy NEOS LLC. Under the deal, NEOS' employees and leadership team will become employees of Capco. Financial terms were not disclosed. LATEST HEADLINES Mashantucket Pequot Tribal Nation Chair Rodney Butler. Workers at the Materials Innovation and Recycling Authority plant in Hartford. HBJ FILE PHOTO HBJ FILE PHOTO HBJ FILE PHOTO Hartford Courant's 285 Broad St. headquarters will close Dec. 27.

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