|Program||# of Grants||EDA Funds|
During Fiscal Year 2013, EDA invested $1,598,417 in six projects in the State of Connecticut. These projects are expected to create or retain 4,358 jobs and leverage $32,000,000 in private investment, according to grantee estimates. EDA’s investments help Connecticut communities achieve bottom-up, locally-defined economic development goals and strategies.
EDA offers a complementary, balanced portfolio of grant programs designed to help rural and urban communities grow their private sectors and create jobs.
Investment Spotlight: Stamford Hurricane Barrier
Historically, the south end of Stamford was home to some of the country’s best known manufacturing operations, including Yale and Towne manufacturing and Pitney Bowes. Like many cities in the Northeast, the aftermath of World War II through the 1980's saw the departure of this manufacturing base and many neighborhoods fell into decline. In recent years, this area has benefitted from substantial redevelopment efforts through the $3.5 billion Harbor Point development project, one of the largest redevelopment projects in the nation.
However, obsolete and vulnerable pumping stations that are part of the Stamford Hurricane Protection Barrier threatened the progress of this important redevelopment. In 2011, Tropical Storm Irene taught an important lesson: without upgrades to this infrastructure, Stamford’s downtown and South End redevelopment areas faced substantial risk to lives and billions of dollars in existing and planned economic development due to flooding.
In May 2013, EDA invested $800,000 to support the rehabilitation and replacement of infrastructure at the Dyke Lane Pumping Station, which was weakened, deteriorated, and stressed by flooding from Tropical Storm Irene. This critical infrastructure will enhance the economic resiliency of one of the most active and growing commercial business districts in New England.
Grantees expect that this investment will ensure that 2,705 jobs are retained in the area. Long-term, the EDA investment will create 1,653 new jobs in the expansion of businesses currently located in the South End and generate an anticipated $32 million in private investment.