The Department of Economic and Community Development was cited by state auditors for forgiving or modifying state loans to companies totaling $23.6 million and awarding $16 million in excess assistance through the First Five Plus program, according to a new state audit. The audit comes as DECD Commissioner David Lehman ...
Connecticut received a “B” rating in a new report that ranks states based on the transparency of economic development incentives given to businesses to either move into, or remain, in the state. It was the third highest grade in the United States. The report issued by Frontier Group and U.S. ...
A whistleblower complaint filed by a former employee with the Department of Economic and Community Development alleges the department is keeping delinquent and unpaid loans on the books through loan modifications and additional loans in order to boost their success rate. The 2018 complaint highlights a number of delinquent loans ...
Since 2011, Connecticut has bonded nearly $1.8 billion for economic development, but the effort has produced little effect on the state’s economy. During the seven year period from 2011 through 2017, Connecticut’s gross domestic product declined 1.6 percent when adjusted for inflation, according to figures from the Bureau of Economic Analysis.
Since it began in 2011 Gov. Dannel Malloy’s controversial First Five program has awarded $381.6 million in grants and tax credits to major Connecticut companies and it has done so with virtually no public oversight. But that might change if a bill backed by state Comptroller Kevin Lembo is able to jump the legislative hurdles and get Malloy’s signature.
A former resident of Vernon was indicted Thursday by a federal grand jury for using a fake pita company to fraudulently obtain $3 million, including $400,000 from the state of Connecticut.