Headlines
As reported by the Hartford Business Journal, July 1, 2011.
Malloy Gives Nod to Major Economic Development Initiatives
Gov. Dannel P. Malloy has signed into law two hallmark initiatives that will serve as the backbone of his economic development efforts in the state.
The newly signed measures include Malloy's "Bioscience Connecticut" initiative, which calls for a more than $800 million investment in the UConn Health Center in Farmington, as well as the "First Five" initiative, which essentially offers all incentives possible to the first five companies bringing 200 jobs or more to the state.
Malloy signed both proposals into law July 1.
The $864 million "Bioscience Connecticut" project calls for a major renovation of the John Dempsey hospital and adding a patient care tower at the University of Connecticut Health Center.
It also greatly expands bioscience research and training facilities, increases student enrollment in the medical and dental schools and creates a new student loan forgiveness program for graduates who set up practice in Connecticut.
The "First Five" initiative seeks in-state and out-of-state companies creating 200 jobs in Connecticut in the next two years. Alternatively, the companies could create 200 jobs in five years, as long as they invest $25 million as well.
In exchange, Malloy personally will approve every business incentive the state has to offer without restriction. The new commissioner of the Department of Economic and Community Development - who has yet to be appointed - can remove the statutory requirements on tax credits and other incentives; eliminate caps on direct state financial assistance; and override the limits on tax credit programs.