Boatyard group opposes Connecticut development - Trade Only Today

Boatyard group opposes Connecticut development

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The coalition that was formed to save a Connecticut boatyard is calling on the public to write letters to local news organizations in support of a "working boatyard."

“[It] seems as though our Connecticut governor is on the move regarding destroying the boatyard with this investment company that wants to come here,” wrote Maureen Boylan of Save Our Boatyard.

Gov. Dannel P. Malloy appeared on Bloomberg Television’s “Money Moves” last week to talk about the state’s deal to provide hedge fund giant Bridgewater Associates with as much as $115 million in financial incentives to build a new headquarters in Stamford, according to a blog in The Stamford Advocate.

Providing such a generous subsidy to the world’s largest hedge fund amid budget and pension deficits has raised eyebrows, but Malloy defended the decision. The company had already made the decision to expand and could have possibly fled the state entirely for Westchester or New York City, he said.

Malloy also said the high-income salaries of Bridgewater’s employees means a relatively quick return for the state.

But the governor did not take the time to point out that the plan is yet to be approved by the city. The embattled 14-acre waterfront parcel in the South End being targeted for redevelopment is currently zoned for a boatyard.

City zoning board members, who were not told about the Bridgewater negotiations, have spent months battling with developer Building and Land Technology to rebuild a boatyard on the site. After the announcement, zoning board chairman Thomas Mills criticized Malloy for making the plan sound like “a done deal.”

Click here for the full interview.

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