Hartford Business Journal

3 HARTFORDBUSINESS.COM | June 20, 2022 Biz Briefs Mass. cannabis-focused credit union plans Greater Hartford expansion Freedom Credit Union, based in Springfield, Mass., plans to open its first Connecticut branch in an Enfield office building. It plans to lease the space at 115 Elm St., unit 214. The credit union, which offers cannabis banking, currently has 10 locations in western Massachusetts and $651.8 million in assets. While the credit union stands ready to offer cannabis banking services in Connecticut, the focus of its Enfield location will be on mortgage and business lending. "We will be generating loan production from this office but will not be doing traditional branch banking activities such as taking deposits, cashing checks," said Glenn S. Welch, president and CEO. "There will not be an ATM on-site." Welch said the credit union already has members from Connecticut and Massachusetts who go back and forth across the state line for work and other activities. Thomaston manufacturer expected to more than triple CT employee count A Thomaston-based advanced coatings manufacturer is expected to more than triple its employee base in the state, according to the company and governor's office. Element 119 LLC's planned expansion includes improvements to its Cheshire facility and a new bottling line and lab technology equipment at its Thomaston plant, according to company founder and President Andrew Zeppa. Gov. Ned Lamont made the announcement that Element 119 was expanding in Connecticut, and the projects are supported by a state Department of Economic and Community Development grant of up to $242,000. Element 119, which was founded in 2010, currently has 14 employees but the expansion would include the hiring of an additional 36 workers over the next two years. The DECD grant is contingent upon the firm creating and retaining those 36 new full-time jobs. Element 119 manufactures coatings for the aerospace, marine, and auto industries with its System X product line. The company has sales in more than 40 countries worldwide, according to company officials. Pratt & Whitney parent Raytheon relocating HQ to Virginia Raytheon Technologies announced that it will move its global headquarters to Arlington, Virginia, two years after merging with Farmington-based United Technologies Corp. and relocating from Connecticut. The defense and aerospace company Raytheon Technologies was formed through the $180-billion merger between UTC and Raytheon in 2020. The company is now based in Waltham, Massachusetts, and comprises four major businesses: Collins Aerospace, East Hartford- based Pratt & Whitney, Raytheon Intelligence & Space and Raytheon Missiles & Defense. All four businesses currently have operations in Virginia. The move "increases agility in supporting U.S. government and commercial aerospace customers and serves to reinforce partnerships that will progress innovative technologies to advance the industry," the company said in a statement. "Washington, D.C. serves as a convenient travel hub for the company's global customers and employees." Centerplan, city of Hartford head back to court June 24, amid yearslong battle A lawsuit against the original developer of Dunkin' Donuts Park will go back before a trial judge June 24, following a decision by the Connecticut Supreme Court. In the suit, filed by Centerplan Construction against the city of Hartford, the North Haven-based The Hartford's Windsor office complex at 1 Griffin Road North. PHOTO | COSTAR The Hartford to leave Windsor office building, consolidate to Capital City The Hartford plans to withdraw staff from its massive Windsor office building and reassign them to its Hartford headquarters. The giant insurer also confirmed it plans to either lease out the newly free space or sell the Windsor property, which is currently appraised at $63.3 million by the town assessor. Matthew Sturdevant, spokesman for the property and casualty insurer, said the decision came about as part of a regular assessment of property needs. "As part of that process, and to optimize the use of our Connecticut office buildings, we are transitioning our Windsor-based employees to Hartford," Sturdevant wrote in an email response to questions. "We will be exploring opportunities to further lease or sell the Windsor building." Less than 500 Hartford staff are currently assigned to the Windsor location. That doesn't mean a flood of new office workers into the city, however. Most employees assigned to the office at 1 Griffin Road North in Windsor are working remotely, Sturdevant wrote. The Hartford's 457,396-square- foot Windsor office building was built in 2007 and sits on 72.9 acres. About a third of the property is currently leased to other companies, including insurance risk partner Talcott Resolution, Waste Management and Aflac. Some is taken up with common areas and amenities. About 250,000 square feet will be freed for lease by the pending transition. contractor accused the city of breaching its contract and sought more than $90 million in damages. The city terminated Centerplan from the project in May 2016, amid contractual disputes and construction delays. The city's performance bond insurer, Arch Insurance Co., hired a new contractor to complete the stadium, which opened in April 2017 as the home to Colorado Rockies' minor league affiliate, the Yard Goats. The city filed a counterclaim against Centerplan, blaming the contractor for alleged construction delays. A jury found the plaintiffs responsible for cost overruns and delays, and ordered them to pay the city $335,000 in damages. Superior Court Judge Thomas Moukawsher ruled that the contract gave the plaintiffs "the power to direct the design" of the ballpark in addition to "the responsibility for the architect's errors and omissions." However, in a 5-0 decision last month, the Supreme Court overturned the lower-court ruling, holding that the trial court's decision improperly took questions of fact from the jury's consideration. The case has been remanded to Superior Court for a new trial, which begins June 24. The case will be heard by Superior Court Judge Cesar A. Noble. DECD commissioner Lehman calls for cutbacks to film tax credit Department of Economic and Community Development Commissioner David Lehman called on state lawmakers Thursday to consider capping or reducing Connecticut's tax incentives for film, television and digital media production — programs that have drawn criticism for years from advocates who say the money would be better spent elsewhere. Speaking at a joint hearing of three legislative committees to discuss his department's 2021 Annual Report, Lehman highlighted pros and cons of several of the state's business incentive programs. But he called specific attention to the film and digital media tax credits, saying they were among the incentives he believes are ripe for overhaul. Established in 2006, the industry incentive programs have gone a long way toward establishing a thriving production ecosystem in Connecticut Pallets of Element 119's System X ceramic coatings displayed in a warehouse. PHOTO | CONTRIBUTED A Pratt & Whitney engine. PHOTO | CONTRIBUTED Dunkin' Donuts Park in Hartford. HBJ FILE PHOTO

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