$20 Million Dedicated to Cities, Towns for Qualified Energy Conservation Bonds
Governor M. Jodi Rell today announced the state is now accepting applications for approximately $20 million in special bonding available through a federal stimulus program for energy conservation projects throughout the state. The bonds can be used to fund portions of larger projects, which include green energy components, as well as stand alone “green” improvement projects deemed to be a qualified energy conservation project. Click here for more details, about the guidelines for the money.
The Governor said the state received just over $36 million of the $3.2 billion in stimulus bonding available nationally for the “green” financing program under the American Recovery and Reinvestment Act of 2009 (ARRA). That is just 1.1% of the total of the $3.2 billion.
“The conservation bonding program will serve as a critical resource, lowering the costs of financing projects that will stimulate economic activity, grow jobs, cut our dependence on fossil fuels and preserve our environment,” Governor Rell said.
The Governor said $20 million in Qualified Energy Conservation Bonds (QECBs) will be available to towns for energy projects. Of that, the U.S. Treasury Department, which is providing the stimulus funds, has allocated about $6.3 million in bonding directly to the state’s largest municipalities. They are:
Bridgeport – $1.41 million
Hartford – $1.29 million
New Haven – $1.28 million
Stamford – $1.22 million
Waterbury – $1.11 million
Approximately $16 million will be dedicated to alternative and renewable energy projects on state property.
The energy bonds were first established under the Energy Improvement and Extension Act of 2008 and later amended by the American Recovery and Reinvestment Tax Act of 2009. Although these bonds are a new category of tax credit bonds designed to go directly to governments, up to 30 percent of the total may be issued as private activity bonds.
Issuers will repay principal, but not interest. Instead of interest, holders of QECBs will receive federal tax credits, which then can be applied against their tax liability.
The conservation bond program is administered by the Connecticut Development Authority (CDA) and applications are now being accepted. Projects will be selected jointly by CDA and the Department of Economic and Community Development (DECD). Qualified projects could include:
Capital expenditures related to reducing consumption of energy in public buildings, renewable energy production in rural areas, or green community programs;
Research expenditures that support the development of non-fossil fuels or reduce dependence on fossil fuels;
Mass transit projects that will reduce energy consumption and pollution;
Demonstration projects that promote commercialization of technologies to help conserve energy, advance alternative energy and reduce pollution; and
Public education campaigns that promote energy efficiency.
Governor M. Jodi Rell today announced that the state is investing a total of $700,000 to help LiQuifix Inc., a Stamford-based maker of a non-toxic, environmentally friendly spray lubricant keep and grow 56 jobs over the next three years.
LiQuifix expects to invest $1 million to expand its headquarters, building out its research and development facility. The company makes a “green,” non-aerosol spray lubricant that protects and extends the life of industrial equipment. The long-lasting lubricant helps industrial customers such as Ford Motor Co. and the U.S. military keep equipment in top form.
LiQuifix is also rated safe by the USDA for use around food and kitchen equipment and can be used on boats, garden tools, recreational equipment and in many other applications.
“Our assistance to this company creates jobs here and ensuring that a small company continues to invest and grow in Connecticut,” Governor Rell said. “The national economy remains uncertain at best and projects such as this keep small businesses – the real heart of the state’s economic engine – running smoothly.”
Under the state’s assistance package, the Department of Economic and Community Development (DECD) is providing a $200,000 loan at 3.5 percent interest for 10 years. The funds will be used for the purchase of machinery and equipment, inventory and leasehold improvements.
Connecticut Innovations (CI), the state’s quasi-public authority responsible for technology investing and innovation development, is making a $500,000 equity investment in the company through the Connecticut Clean Tech Fund. A partnership between CI, DECD and the Connecticut Clean Energy Fund, the Connecticut Clean Tech Fund makes investments in seed- and early stage companies focused on innovations that conserve energy and resources, protect the environment or eliminate harmful waste.
“Investments in the area of clean technology are key to the new economy,” said Joan McDonald, chair of CI and commissioner of DECD. “LiQuifix and companies like it that are making strides in clean tech development will help lead the state out of this difficult economic period.”
John R. Cullinane, President and CEO of LiQuifix, welcomed the state’s backing.
“State support will help accelerate the growth of LiQuifix and ensure our ability to meet increased demand for our patented product,” Cullinane said. “This is a terrific shot in the arm and comes at an optimal time as we evolve from a start-up stage to steady growth and sustainability. We are very grateful to Governor Rell and to DECD and CI for their confidence in our business.”
Attn Nerds: Kaufman and Cringely join to name the best startups - nominate your fave startup now: http://ping.fm/7Vf8p
About Robert X. Cringely For eight years from 1987-95, Robert X. Cringely wrote the Notes From the Field column in InfoWorld, a weekly computer trade newspaper. He is also the author of the best-selling book Accidental Empires: How the Boys of Silicon Valley Make Their Millions, Battle Foreign Competition, and Still Can’t Get a Date. His work has appeared, well, everywhere, and his PBS documentaries have aired in more than 60 countries.
Most recently, Cringely was the host and writer of the Maryland Public Television documentary “The Tranformation Age: Surviving a Technology Revolution with Robert X. Cringely.” Cringely’s work has appeared in The New York Times, Newsweek, Forbes, Upside, Success, Worth, and many other magazines and newspapers. More online at: http://www.cringely.com/about/
About the Kauffman Foundation: The Ewing Marion Kauffman Foundation was established in the mid-1960s by the late entrepreneur and philanthropist Ewing Marion Kauffman. Based in Kansas City, Missouri, the Kauffman Foundation is among the thirty largest foundations in the United States with an asset base of approximately $2 billion.
Our vision is to foster “a society of economically independent individuals who are engaged citizens, contributing to the improvement of their communities.” In service of this vision, and in keeping with our founder’s wishes, we focus our grant making and operations on two areas: advancing entrepreneurship and improving the education of children and youth. We carry out our mission through four programmatic areas: Entrepreneurship, Advancing Innovation, Education, and Research and Policy. More at: http://www.kauffman.org/about-foundation/foundation-overview.aspx
$395 for 3 Days (Includes Meals) until the beginning of April $495 beginning April 2, 2010 -- and at the door. This event will offer opportunities to:
schedule appointments with all 11 federal SBIR agencies and potential industry partners;
feature your company/technology during the Poster Show;
meet Program Managers and representatives from participating agencies;
spend time investors, large companies, secondary market and traditional lenders, university and federal laboratory representatives and other experts who provide assistance or are interested in doing business with early-stage ventures, and more.
Be prepared for three energy-filled days of success stories, workshops, presentations, exhibits, and new SBIR developments.
March 2010 Report: In February, The IT job market in Connecticut and nationwide improved! Demand jumped 28.2% in February as employers piled on new job openings in expectation of an improving economy. While this is good news questions remain how many posted openings will get filled or whether this is a peek at available talent in the land.
Industries driving the increased demand in Connecticut are Financial Services and Healthcare. Other industries are still holding back.
Good news here for IT, but even with new jobs like this, CT Unemployment Rates Rise: The state Department of Labor says in January, Connecticut added 2,300 new jobs to its total employment. That’s cause for optimism that the recovery may have legs, but at the same time, the state’s unemployment rate rose – to 9%, the highest level it’s seen since the 1970s. Peter Gioia, chief economist with the CBIA says this is a fairly common phenomenon at the start of a recovery. Audio and more from WNPR, Harriet JonesPublished: 03/15/2010 at: http://bit.ly/9MncXq
CTC Membership Help us build a vibrant culture of innovation in Connecticut today! Join Connecticut's largest technology trade association today! To become a member please contact email@example.com or enroll online.