Winsted not shovel-ready

WINSTED — Although Winsted has been named one of the state’s targeted recovery zones, the town will most likely not take advantage of a new federal stimulus program to help boost economic development because it does not have any feasible shovel-ready construction projects.

The state is now accepting applications for $225 million in special bonding available through a new federal stimulus program for eligible shovel-ready construction projects.

The U.S. Treasury Department unveiled the Recovery Zone Bond program, which is funded through the American Recovery and Reinvestment Act of 2009, in June.

The program’s goal is to help jump-start economic development in the state’s 62 designated recovery zones — one of which is Winsted — by lowering the costs of financing for both public and private projects in those areas.

Recovery zones are areas that the state identifies as having significant levels of poverty, unemployment, foreclosures or general distress.

More than $4.4 million has been set aside specifically for projects in Litchfield County, according to Gov. M. Jodi Rell’s office.

But Town Manager Keith Robbins said without the town having “plans and specs in hand� for a project, it is uncertain if Winsted will receive any funds through the stimulus program.

“We are exploring what projects we have that might be available,� Robbins said. “The problem is they need to be shovel-ready and we do not have true shovel-ready projects.�

In addition, Robbins said since the program subsidizes the issuance of taxable bonds, the town would still hold the debt.

And since no housing projects qualify for the program, Robbins said, the only possibility for funding would be building a sewer on Torrington Road.

“Even then, it would have to be self-sustaining,â€�  he said. “So, we would have to project that we would generate enough commercial and industrial growth to cover the debt service, and for a project less than $3 to $4 million, it wouldn’t make any sense.â€�

According to Rell’s office, $90 million of the federal funding allocated to Connecticut is for tax credit bonding for governmental-purpose projects by cities and towns, with the remaining $135 million set aside for private-sector projects.

The Recovery Zone Bond program is jointly administered by the Connecticut Development Authority (CDA) and the Department of Economic and Community Development (DECD).

The Recovery Act allocates Recovery Zone bonding both directly to the state’s largest municipalities and on a county basis.

The awarding of bond allocations for projects will be made on a competitive, ongoing basis based on criteria established by the departments. The self-sustaining, tax-exempt bonds must be issued before Jan.1, 2011, for the projects selected.

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