Connecticut Senate Bill SB00787

Connecticut 2019 Regular Session

• Introduced: 1/29/19
• Refer: 1/29/19

Caption

An Act Authorizing Bonds Of The State For The Bassett Street Community Development Incubator Project In New Haven.

Impact

If enacted, SB00787 will facilitate financial support towards projects that promote community development and economic opportunities in New Haven. This measure is expected to boost local investment, assist small business development, and foster an environment conducive to innovation and growth. The involvement of the Department of Economic and Community Development implicit in the bill suggests a collaborative approach aimed at maximizing the economic impact of these funds within the local community.

Summary

SB00787 is an Act authorizing the issuance of state bonds for the Bassett Street Community Development Incubator Project located in New Haven. The bill empowers the State Bond Commission to issue bonds not exceeding three million dollars, which are intended to provide funding for the growth and development of this community incubator project. The proposed funding aims to support initiatives that encourage economic development in the area and enhance local entrepreneurship efforts.

Contention

While the bill has supporters who argue it will greatly benefit the local economy by providing critical support to emerging businesses, there may be concerns regarding the allocation of state funds and the effectiveness of such incubator projects. Critics could raise questions about the long-term sustainability of these initiatives and whether the use of bonds will impose future financial obligations on the state. Additionally, the reliance on state funding for local development projects may prompt discussions about fiscal responsibility and budget prioritization.