Hartford Business Journal

4 Hartford Business Journal • June 25, 2018 • www.HartfordBusiness.com Week in Review Briefs Municipalities sue PURA over broadband decision The Connecticut Conference of Municipalities has filed a lawsuit challenging a recent regulatory decision that has implications for high-speed internet service in the state. CCM, as well as the individual communities of West Hartford, Manchester and New Haven, have filed suit in state superior court, asking a judge to reverse a May decision by the Public Utilities Regulatory Authority that was seen as a win for telecom companies. Specifically, PURA ruled that municipalities cannot use their legally reserved space on utility poles, or assign that right to third parties, to build high-speed internet networks for use by residents and businesses. The decision limited communities' use of pole space, called "municipal gain," to local governmental activities like building networks for schools and public buildings. The municipalities argue that PURA's decision was contrary to the "plain language" in state law. They alleged that PURA exceeded its authority by weighing in on the purpose of communities' use of the municipal gain space, rather than the location and relocation of that use. Inventory, pricing drag May area home sales Hartford area sales of existing dwellings — as well as inventory — dropped in May just as the peak summer sales season opens, Realtors say. There were 1,089 single-family houses sold last month, down 2.3 percent from 1,115 units closed on in May 2017, Greater Hartford Association of Realtors (GHAR) said. Median price for those sold homes fell 1.7 percent, to $225,000 vs. $228,900 a year earlier. The inventory of houses for sale plummeted 13 percent to 5,344 units available from 6,147 for sale a year ago, GHAR said. A lack of inventory — or too much — impacts sales and prices. "Low inventory levels are making it difficult for housing sales to progress," said GHAR CEO Holly Callanan. Among area condos and townhomes, their sales fell 4.4 percent last month to 258 units vs. 270 sold in May 2017. Their median price rose 3.8 percent to $150,950 from $145,500. Inventory, too, cascaded 13.7 percent to 1,178 unsold units available vs. 1,365 a year earlier. Simsbury pot growers to sprout new facility A Simsbury-based medical marijuana producer is growing its operations at a new facility in town. Curaleaf LLC, one of the state's four licensed cannabis growers, received a special exception from Simsbury's Planning and Zoning Commission June 19 to move into a production facility at 34 Hopmeadow St., a planned area development. The commission voted 5-1. Under the plans, Curaleaf will leave its 40,000-square-foot facility on Grist Mill Road and begin renovations this year at the Hopmeadow Street location for a targeted opening sometime in 2019, town officials said. The company must seek local building permits and approval from the state Department of Consumer Protection before its transition, officials said. "As the demand for medical cannabis in the state has grown, we have identified a larger processing facility in the same town that will allow us to expand our capacity," Curaleaf President Greg Schaan said. "We look forward to continuing to grow the Curaleaf business in Simsbury so we can better serve patients in Connecticut." TOP STORY CT's People's United to acquire Farmington Bank B ridgeport super-regional lender People's United Bank is acquiring community lender First Connecticut Bancorp Inc., the holding company of Farmington Bank, for approximately $544 million. People's United said both companies' boards of directors approved the agreement, which awaits approval from state and federal bank regulators and First Connecticut's shareholders. The deal is expected to close in the fourth quarter, officials said. Farmington Bank has 28 branches in Connecticut and western Massachusetts, along with $3.1 billion in assets vs. People's United's approximately 400 retail offices in six Northeast states and $44 billion in assets. Pending with what would be its fourth acquisition in two years, People's United CEO John P. "Jack" Barnes hinted that its buying-binge may not yet be over. "I would expect as we move forward,'' Barnes told HBJ, "there will be more opportunities before us." He did not elaborate. Barnes, who joined People's through its 2008 acquisition of former Vermont lender Chittenden Corp. and became its CEO in July 2010, said he had approached First Connecticut Bancorp and Farmington Bank CEO John Patrick Jr. various times over the years about a possible combination. Patrick rebuffed him each time, but a January call from Barnes started talks between the two institutions. Patrick will not have a role in the merged organization, Barnes said. Patrick confirmed that he will be "pursuing other interests" once the transaction closes. "We've always considered them a very good competitor,'' Barnes said, noting that several former People's United senior lenders are on Farmington Bank's staff. "We like the communities the bank is opening in.'' BY THE NUMBERS 18,000 The square footage that machine- tool manufacturer TRUMPF Inc. has added to its Farmington facility as part of a $3 million investment to grow its training center for customers and future workers. 105 The number of jobs that will be lost once San Francisco-based pharmaceutical giant McKesson Corp. closes its Rocky Hill distribution center in September. 1.7% The decline in Greater Hartford's May median home prices, which were $228,900 vs. $225,000 a year prior. 21,850 The number of people who rode the CTrail Hartford line during its launch weekend June 16 and 17, when rides were free of charge. TOP 5 MOST READ On HartfordBusiness.com • 1. CT's People's United to acquire Farmington Bank • 2. 54-unit W. Hartford apartment tower bows • 3. Foxwoods CEO Rappaport dies suddenly • 4. Municipalities sue PURA over broadband decision • 5. Simsbury pot growers to sprout new facility 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 Farmington Bank CEO John Patrick Jr. is leading his bank's sale to People's United. Curaleaf needs more room to grow pot. PHOTO | HBJ FILE PHOTO | CONTRIBUTED

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