Rell releases blueprint for state economy

Two months overdue as her administration attempted to negotiate a budget while apportioning federal stimulus money, Gov. M. Jodi Rell released a 550-page strategic economic plan for the state of Connecticut, while calling for more forums to hash out the recession”™s impact on the plan.

Rell said she hoped the document would encourage cities and towns to work together rather than compete with one another in economic development activities.

“The plan outlines the smart, targeted investments we need to make in housing, our transportation system and work force development,” Rell said, in a prepared statement. “It spells out the commitments needed from government leaders in both the executive and legislative branches to work together to eliminate roadblocks to growth and build on a climate for success, and it makes clear that these steps must be taken with the principle of responsible growth foremost in mind ”“ preserving the charm and character of our state for our children and for generations to come.”

The Connecticut Department of Economic and Community Development held public meetings 10 cities and towns in late 2007 and early 2008 to gather input from residents, business leaders and lawmakers. DECD is planning a second round of hearings to get further input based on business and resident experiences over the past year.

“The collapse and restructuring of Wall Street, for example, will have a lasting effect on Connecticut,” Rell said. “Tens of thousands of our residents work in insurance, financial services and banking ”“ and the job losses in these businesses have been excruciating. The final shape of the financial industry is still unknown, but any economic plan for the future must anticipate and reflect these dramatic changes.”

Recommendations in the initial document include creating:

• a $100 million, public-private student loan partnership offering loan forgiveness in most-needed occupations such as science and engineering and depending on the length of career spent in Connecticut after graduation;
• a $25 million International Opportunities Program to encourage global technology companies to locate their North American headquarters in Connecticut;
• an angel investor tax credit, giving a tax break to individuals, corporations or institutions that invest in qualified start-up enterprises in areas such as biotechnology, digital media and green technology;
• a Connecticut Port Authority consisting of the ports of Bridgeport, New Haven and New London; Bradley International Airport; Tweed New Haven Regional Airport; Waterbury/Oxford Airport; and Sikorsky Memorial Airport in Bridgeport; and
• a New Haven-Hartford-Springfield, Mass., commuter rail line with a spur to Bradley International Airport in Windsor Locks.