Hartford Business Journal

2 HARTFORDBUSINESS.COM | March 28, 2022 Biz Briefs Editorial Greg Bordonaro | Editor, ext. 139 gbordonaro@hartfordbusiness.com Zachary Vasile | Web Editor, ext. 128 zvasile@hartfordbusiness.com Beat: Energy Michael Puffer | Staff Writer, ext. 145 mpuffer@hartfordbusiness.com Beats: Real Estate, Economic Development, Banking & Finance Robert Storace | Staff Writer, ext. 127 rstorace@hartfordbusiness.com Beats: Health Care, Higher Education, Arts & Culture Skyler Frazer | Staff Writer, ext. 145 sfrazer@hartfordbusiness.com Beats: Manufacturing, Cannabis, Technology, Transportation Tim Doyle | Lead Researcher Heide Martin | Research Assistant Steve Laschever | Photographer Business Tom Curtin | Publisher, ext. 124, tcurtin@hartfordbusiness.com David Hartley | Senior Accounts Manager, ext. 130, dhartley@HartfordBusiness.com Daniel Schilke | Senior Accounts Manager, ext. 135, dschilke@HartfordBusiness.com Emily Paskind | Senior Accounts Manager, ext. 133, epaskind@hartfordbusiness.com Valerie Clark | Director of Audience Development, ext. 332 vclark@nebusinessmedia.com Jill Coran | Human Resources Manager jcoran@nebusinessmedia.com Megan Mason | Events Manager, mmason@hartfordbusiness.com Production Christie Novotny | Production Director, ext. 147 cnovotny@hartfordbusiness.com Peter Stanton | CEO, pstanton@nebusinessmedia.com Tom Curtin | President, ext. 124, tcurtin@hartfordbusiness.com Mary Rogers | COO/CFO, mrogers@nebusinessmedia.com Subscriptions Annual subscriptions are $110.00. 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Postmaster: Please send address changes to: Hartford Business Journal P.O Box 330 Congers, NY 10920-9894 Bronin to propose cut to Hartford's exorbitant mill rate H artford Mayor Luke Bronin has pledged to cut the city's property tax rate, a move that could help lessen the cost of doing business in the notoriously expensive capital. "When I submit my budget next month, it will include a mill rate reduction," Bronin said during his March 14 state of the city address. "It won't be as big a reduction as I wish that it could be. But it will help at least a little. It'll get our mill rate down below 70 for the first time in more than 15 years. And it will be the largest reduction in our property tax rate in more than 30 years." The mayor did not say how much the tax cut could be, or what number below 70 mills he is aiming for. The announcement underscores the extent to which Hartford's once chaotic financial situation has been reordered. Hartford's current 74.29 mill rate is among the highest in the state. When Bronin took office in 2016, the city, facing years of population decline, was saddled with debt and considering declaring bankruptcy. The state eventually stepped in with a controversial financial bailout. Since then, however, Hartford has built up its reserves and had its credit rating raised. Federal stimulus funding in the wake of the pandemic has also helped the city's budget situation. Mayor Luke Bronin HBJ FILE PHOTO Shelbourne seeks CRDA backing for 159-apartment, mixed-use conversion in Hartford's North End The Fuller Brush complex in Hartford's North End. PHOTO | CONTRIBUTED Shelbourne Global Solutions has asked for an $8 million loan from the Capital Region Development Authority for a mixed-use conversion of the former Fuller Brush industrial complex in Hartford's North End. Shelbourne – one of Hartford's most prominent developers – estimates it will cost $31 million to develop the residential portion of the project on the 12.5-acre property it purchased in late 2020 for $4.3 million. The property hosts 10 buildings with a combined 326,000 square feet. In January, Shelbourne presented CRDA with a plan for 133 one-bedroom apartments, 26 two- bedroom units, 7,000 square feet of amenity space and room for office and manufacturing uses. City leaders are generally supportive of the project, although CRDA Executive Director Michael Freimuth said the agency has questions about Shelbourne's budget proposal and is not quite ready to put it to a board vote. CRDA staff aren't certain if the proposed construction budget is adequate, or if the rents Shelbourne proposes to charge will cover development costs. "We think it would be an interesting and fun project, but we are in the number-crunch phase," Freimuth said. Stanley Black & Decker, Otis cease new business in Russia Stanley Black & Decker's New Britain headquarters. PHOTO | CONTRIBUTED) Two Greater Hartford publicly- traded companies announced they are not taking new business in Russia, as a result of the country's invasion of Ukraine. New Britain-based Stanley Black & Decker and Farmington-based Otis Worldwide Corp., said they will not accept any new orders in Russia, or make any new investments there. Otis officials said the company would continue to fulfill existing agreements and provide essential equipment maintenance services "while remaining in full compliance with all sanctions." Otis also said it is making contributions to Global Giving's Ukraine Crisis Relief Fund and the United Nations Refugee Agency and, where available, matching employees' financial contributions. Stanley President and CFO Donald Allan recently said the company has about 100 employees in Russia and 10 in Ukraine. He also noted that Stanley's operations in Russia and Ukraine are commercial in nature, not manufacturing. Stanley's Russian business produces about $150 million in annual revenue, he estimated, while the Ukrainian business has around $5 million or $6 million in annual revenue. Stanley also said it is donating $1 million to the United Nations' refugee agency, UNICEF and the Red Cross, and doubling matches for employee donations to approved charities. Hartford wants to turn scrapyard into ground-up manufacturing innovation hub A photo collage of rundown buildings on a 33-acre scrapyard in Hartford, at 500 Flatbush Ave. and 173/201 Bartholomew Ave., that is being eyed for redevelopment. PHOTO | CITY OF HARTFORD The city of Hartford wants to transform a former scrapyard in the Parkville neighborhood — which currently serves as the largest undeveloped and underutilized land parcel in the Capital City — into a major ground-up development that would serve the advanced manufacturing industry. The plan is part of a much broader $242 million public-private redevelopment vision to create a Parkville Arts & Innovation District. The ultimate goal is to transform the 33-acre scrapyard at 500 Flatbush Ave. and 173/201 Bartholomew Ave., into at least 325,000 square feet of advanced manufacturing flexible space along with additional amenities. The envisioned industrial flex buildings would accommodate small manufacturing businesses, or be combined for larger operations. The city of Hartford actually acquired the land last summer through foreclosure. However, before development can occur, the site must be remediated, the city said. The site has PCB contamination and contains multiple blighted buildings that must be demolished. CT companies to lawmakers: Fund child care Connecticut's top companies are calling on lawmakers to boost social safety net spending as pandemic- induced challenges in finding and securing child care have sapped their workforces and complicated recruitment.

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