Time is running out! Visit CDA’s Website @ www.ctcda.com

The deadline is quickly approaching on two Recovery Zone Bond programs established by the American Recovery and Reinvestment Act.

The Recovery Zone Facility Bond program has allocated $135 million to Connecticut in self-sustaining, tax exempt revenue bonds intended for private activity projects. To be eligible, projects must be in line with the state’s economic development goals, and will be reviewed based on project readiness, projected job creation and tax generation as well as benefits to the community. This program currently remains unutilized due to a lack of projects large enough to benefit.

The Recovery Zone Economic Development Bonds allocated $90 million to finance shovel-ready, governmental-purpose construction projects. Over $50 million has already been used for projects across the state, including the Reed-Putnam project in Norwalk, Harbor Point in Stamford, a new Police Headquarters in New Britain, and several urban renewal projects in downtown Waterbury.

Both of these Recovery Zone Bond programs require that the Bonds go to market by December 31st of this year, so time has nearly run out. The Recovery Zone Bond Programs are jointly administered by the CDA and the Department of Economic and Community Development. For more information on CDA and the Recovery Zone Bond programs please visit www.ctcda.com.