2003 Section 108 Project Summary - Connecticut

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Economic Development

Neighborhood Mall Development
BORROWER: HARTFORD
STATE: CT
COMMITMENT AMOUNT: $1,500,000

The City of Hartford, Connecticut (the "City"), will utilize Section 108 loan guarantee funds for development of a neighborhood shopping mall in Clay Arsenal, one of the City's most distressed neighborhoods. The Main and Pavillion Shopping Center project will consist of 40,000 square feet of newly-constructed retail space, which will include a 15,000 square foot Midland's grocery store, an 8,000 sq. ft. Family Dollar store, and an additional 17,000 sq. feet of retail space for smaller tenants. The City will lend the funds to Public Housing Residents Going Places, Inc. ("PHRGP"), which will serve as the project's developer, owner, and property manager. The City, which owns the project site, will donate the property to PHRGP via title transfer. The Section 108 amount will be used in conjunction with a HUD Economic Development Initiative (EDI) grant of $300,000, which the City will grant to PHRGP for various construction-related costs. Along with providing needed goods and services to Clay Arsenal's residents, the project will create 36 new job opportunities to be available to low- to moderate income persons.

Business Loan Program
BORROWER: BRIDGEPORT
STATE: CT
COMMITMENT AMOUNT: $3,100,000

The City of Bridgeport will complete the Marin-Garfield Open Space project by utilizing $3,100,000 in Section 108 loan guarantee assistance. The funds will be used for acquisition and demolition of 45 residential parcels to carry out the construction of a fire station and open space improvements including a park, playground, ball fields and lighting. The project activities will benefit low and moderate-income persons through area benefit.