Hartford Business Journal

www.HartfordBusiness.com • January 15, 2018 • Hartford Business Journal 5 leaving despite the city counsel's legal opinion confirming he is in compliance with city residency requirements. In December, the city's Internal Audit Commission received an anonymous tip as well as information in a "We the People" blog post by Kevin Brookman that Fitzpatrick lists his city residency at 22 Woodland St., the location of the social, members-only Town and County Club. He also has a home in Simsbury but told HBJ in late December that he had the documentation to support his residency at the social club. CT sees $900M in early income-tax receipts The governor says Connecticut's strained coffers are drawing an unexpected $900 million early windfall in income-tax collections as a result of federal tax reform. Gov. Dannel P. Malloy announced that collections of estimated personal income taxes in December and January will exceed his administration's projection by more than $900 million. This, he said in a statement, is the result of repatriation of foreign profits ahead of the Dec. 31, 2017 federal deadline. Also, some individual state taxpayers remitted their income-tax payments earlier than usual, Malloy said, to avoid the new federal cap on state and local tax deductions that began on Jan. 1. Connecticut in recent years, the governor said, has collected about $750 million in income taxes in December and January combined, and well over $1 billion in April. He attributed the unexpectedly large revenue sum to one-time payments required under Section 457A of the Internal Revenue Code, a federal law enacted in Oct. 2008 to require hedge fund managers to bring overseas profits back into the United States by the end of 2017. UConn's Pratt Additive Manufacturing Center adds new research capacity UConn's Pratt & Whitney Additive Manufacturing Center has added materials testing and simulations systems that researchers say will advance research and development capabilities at the facility. Produced by Poestenkill, N.Y.-based Dynamic Systems Inc., the so-called Gleeble 3500 system tests materials and conducts materials simulations in order to optimize manufacturing processes. The resulting data and insight can then be transferred to plant production lines, reducing the cost, risk and time in manufacturing, says Rainer Hebert, director of the center. Researchers at UConn say the system can simulate the additive manufacturing process and generate material performance data to better inform computer modeling simulations, which is critical when it comes to refining metallic 3-D-printing processes, alloy development and post-build material characterization. UConn and DSI have created a formal research collaboration that will provide UConn with advanced training opportunities, a funded research project, access to new components and features. Wheeler opens flagship Hartford location Wheeler has opened its Family Health & Wellness Center at 43 Woodland St. in Hartford, now its flagship Hartford location and home to its federally qualified health center. The cost to open and outfit the facility, part of the 54,476-square-foot Gothic Park office complex Wheeler purchased in 2015, approached $5 million. The center was formerly located at 999 Asylum Ave., which now houses staff for mostly in-home programs and is no longer used as an outpatient and health center site. Programs and services available at the new center include primary care, family dental, women's health, mental health and addiction treatment, complementary medicine, and prevention and outreach services. Bronin seeks favorable tax status for 37 Hartford neighborhoods Hartford Mayor Luke Bronin has asked the state to nominate most Hartford neighborhoods for designation as "Opportunity Zones" under a new provision in the federal tax law. The law included the bipartisan Investing in Opportunity Act, which allows governors to designate "Opportunity Zones" where private investment will receive preferential federal tax treatment. In a letter to Gov. Dannel P. Malloy, Bronin identified 37 of 40 Hartford census tracts eligible for such designation. The deadline for nomination is in March, he said. The act is aimed at revitalizing economically distressed communities by allowing investors to defer capital gains taxes if they invest in state-designated Opportunity Zones. West Coast wealth manager acquires Simsbury's Pinnacle investment firm Santa Barbara, Calif., wealth management firm Mercer Advisors said it has acquired Simsbury's Pinnacle Investment Management Inc. for an undisclosed sum. Pinnacle, an investment management and financial planning firm, has more than $180 million in assets under management. Manager's list of top wealth managers. Mercer said Pinnacle founder and CEO John Eckel and his entire team will join the Santa Barbara firm. Mercer CEO Dave Weller said the acquisition will help Mercer "deepen" its presence in Connecticut and the Northeast. The deal increases Mercer's client assets to approximately $11.6 billion, with 7,800 clients nationwide. PDS has been meeting the needs of the construction industry since 1965. Our dedicated team of design and construction professionals welcomes the challenge of serving its past and future customers on their most demanding projects. 107 Old Windsor Road, Bloomfi eld, CT 06002 (860) 242-8586 | Fax (860) 242-8587 www.pdsec.com DESIGN BUILDERS • GENERAL CONTRACTORS • CONSTRUCTION MANAGERS SPOTLIGHT ON: E Global Communications Academy | Hartford, Connecticut PDS served in the role as Construction Manager at Risk for this LEED Gold K-12 School. This project was a two story renovation and addition project. Demolition and remediation occurred to 110,000 square feet of the building. An addition of 23,000 square feet was also completed. The entire project included new classrooms, kitchen, cafeteria, gymnatorium, multipurpose rooms, exam rooms, and offi ces. Project Size: 133,000 SF PDS ENGINEERING & CONSTRUCTION, INC. THINK • PLAN • BUILD BECOME A SPONSOR Connect with your target market! CONTACT JAIME RUDY TODAY! JRUDY@HARTFORDBUSINESS.COM P: 860-236-9998 | WWW.HARTFORDBUSINESS.COM Sean Fitzpatrick, Hartford's director of development services. PHOTO | HBJ FILE

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