Hartford Business Journal

4 Hartford Business Journal • April 30, 2018 • www.HartfordBusiness.com Briefs Hartford's CityPlace showcases bike-sharing program The owners of downtown Hartford's tallest office tower — CityPlace I — recently showcased a new bike-sharing service in downtown Hartford. Billed as CityPlace Cycles, Boston- based Paradigm Properties and the Hartford Business Improvement District (HBID) hosted an informational event on the bike-sharing program, which launched earlier this year, allowing CityPlace I tenants to sign out and ride bikes. The goal of the program, which just added two new bikes for a total of four to keep pace with demand, is to encourage people to ride into work, officials said. Sandy Fry, the bicycle and pedestrian coordinator for the city of Hartford, encouraged other Hartford entities to launch "bike-friendly" programs. "We wish that more property owners would follow the lead of Paradigm and the Hartford Business Improvement District in encouraging transportation by bicycle," Fry said. More CT hospitals in the black last year The financial performance of Connecticut hospitals improved last year, according to data released by the Office of Health Care Access. Of Connecticut's 28 acute-care hospitals, 22 posted surpluses in fiscal year 2017, up from 20 a year earlier, OHCA said. Hospitals that reported losses included Bristol, $2.6 million; Rockville General, $8.2 million; and Manchester Memorial, $4.4 million. Hartford Hospital reported a surplus of $89.4 million, up from $76.2 million in fiscal 2016. St. Francis Hospital and Medical Center reported a surplus of $52.2 million in fiscal 2017, up from $12.3 million a year earlier. Hospital of Central Connecticut's $23.5 million surplus was up from $19.2 million in fiscal 2016. Malloy nominates 72 'Opportunity Zones' Gov. Dannel P. Malloy's administration recently nominated 72 low-income zones in 27 municipalities across Connecticut for a federal community development program. The Opportunity Zone Program, unveiled in February, is meant to draw long-term investments in low-income communities and provides a federal tax incentive for investors. Nominations include areas in Hartford, East Hartford, Meriden, Middletown, West Hartford, among others. Investments could include transit- oriented development, affordable housing and mixed-use development, and energy efficient and renewable energy projects. Auditors find inaccuracies in incentive program data In its latest annual report, the Department of Economic and Community Development likely overstated by "thousands" the number of jobs its incentive and loan programs helped retain, state auditors said. In addition, the agency understated a variety of figures related to loans and grants, as well as tax credits earned and issued, the Auditors of Public Accounts wrote in the report, which was required by a law passed by the legislature last year. The findings cast doubt on how accurately DECD is measuring the success and impact of its economic programs. The agency pushed back at some of the findings, and said that while Week in Review TOP STORY Accrediting body rejects community college consolidation A pitch to consolidate administrative functions at the state's dozen community colleges to save millions of dollars has been rejected by a regional accrediting body, raising the possibility of higher tuition or closing a campus. Mark Ojakian, the president of the Board of Regents, said he is considering closing one or more campuses and further raising tuition as a result of his inability to implement consolidations intended to mitigate the fiscal emergency facing Connecticut's community colleges. The $28 million in promised savings, however, didn't guarantee the fiscally troubled colleges will avoid deficits in coming years. College officials estimated the plan would put the college's finances in the black for two fiscal years before heading back into deficit. The New England Association of Schools and Colleges, an accrediting agency known as NEASC, said the plan's call for shedding 200 administrative positions and aligning curricula for more than 200 degree programs at the 12 community colleges was too great an undertaking to do so quickly with such a reduced staff. Jacqueline Rabe Thomas | CT Mirror BY THE NUMBERS $15.2B United Technologies Corp.'s first- quarter revenues, which were up 10 percent from a year ago. 1,000s The estimated number of retained jobs that may have been overstated by the Department of Economic and Community Development in measur- ing the impact of its various economic incentive programs, according to state auditors. 200 The number of administrative posi- tions that would be shed at Connecti- cut's 12 community colleges under a consolidation plan that was rejected by an education accrediting agency called the New England Association of Schools and Colleges. TOP 5 MOST READ On HartfordBusiness.com • 1. Accrediting body rejects community college consolidation • 2. UTC 1Q profits flat, revenues up • 3. Malloy nominates 72 'Opportunity Zones' for development program • 4. Farmington biotech notches $37M in funding • 5. Travelers Championship taps Furyk, Johnson for 2018 tournament 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/ subscribe Weekly e-newsletters: CT Health Care Weekly www.HartfordBusiness.com/ subscribe PHOTO | HBJ FILE Board of Regents President Mark Ojakian says community colleges may close. CityPlace I's owners have started a bike-sharing program. PHOTO | CONTRIBUTED

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