A total of 40 items on the agenda were approved by the State Bond Commission.
By Jamil Ragland, CTNewsJunkie.com
The state Bond Commission approved borrowing for dozens of projects and expenditures during a brisk meeting that concluded in under an hour, pausing only to discuss several agenda items totaling $118 million to renovate the aging XL Center in downtown Hartford.
Mike Freimuth, executive director of the Capital Region Development Authority (CRDA), spoke at length about the challenges facing the XL Center and how new money would be used to improve the aging structure. He began by saying that replacing the XL Center outright is unfeasible, as constructing a similar building today would cost between $750 million to $1 billion, and that the market couldn’t justify that kind of investment. Instead, it would be necessary to reboot the business model of the current XL Center.
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