Governor M. Jodi Rell today announced that the Connecticut Development Authority Board of Directors has approved $6 million in Recovery Zone Economic Development bonds for the Reed Putnam Urban Renewal Project in Norwalk.
“This project is another great example of our state’s strategic focus on sustainable growth and development,” Governor Rell said. “By helping Norwalk make these important infrastructure upgrades we will redevelop the city’s urban core and – when the project is complete – create up to 3,000 jobs.”
The Reed Putnam project area is close to the South Norwalk train station, located on an existing Norwalk Transit District bus line and sits at the junction of two major expressways: Interstate 95 and Route 7. The construction project will include a rail underpass and an extension to Reed Street that will connect to North Water Street, allowing vehicular and pedestrian traffic to easily cross the rail road line. This will improve access to and from various area landmarks, including the Maritime Aquarium, Heritage Park and the city’s South Norwalk Historic District.
Financing through Recovery Zone Economic Development bonds will help lower the costs of infrastructure work, including roadway design and construction, new public utilities and streetscape work. These necessary infrastructure improvements will support significant private development in the area.
The plan for this former industrial spot anticipates a 1.1 million square-foot, mixed-use development with a private investment of approximately $500 million. The first phase of the Reed Putnam project has received approvals by both the city and the state, including all zoning, redevelopment, environmental and State Traffic Commission approvals.
The Recovery Zone Bond Program provides $90 million in self-sustaining bonding allocation through the federal stimulus to designated “Recovery Zones” throughout the state and allows for lowered financing costs for shovel-ready, governmental purpose construction projects that meet the criteria. The $6 million approved for Reed Putnam will come out of Fairfield County’s allocation of $26.8 million.
The Recovery Zone Bond program is jointly administered by the CDA and the Department of Economic and Community Development. To learn more about CDA and the Recovery Zone Bond Program, please visit www.ctcda.com.
