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Message: [QUOTE="Drew, post: 2246657, member: 3723"] [URL="http://www.courant.com/g00/business/hc-xl-center-private-bids-20170628-story.html?i10c.referrer=http%3A%2F%2Fwww.courant.com%2Fg00%2F%3Fi10c.referrer%3D#nt=oft12aH-1gp2"]XL Center Attracts Just One Suitor In Bid For Private Investment[/URL] [I]The agency that oversees the operation of the city's XL Center drew just one response after seeking out private investors willing to take on a portion of the $250 million makeover of the aging arena, easing the burden on state taxpayers. The Capital Region Development Authority said it garnered three inquiries from investor groups and one "expression of interest" from XLR Partners, led by Washington, D.C.-based Savage Funding, a firm that specializes in assembling groups to pursue public-private partnerships. Michael W. Freimuth, CRDA's executive director, said drawing one response was not unexpected. "Is it disappointing? No. Would I have liked more? Yes," Freimuth said. CRDA sought the proposals after some legislators said the state could not afford to foot the entire bill for the makeover when the state was in the midst of a budget crisis. The response from XLR does not include a specific proposal, just a willingness to explore options. CRDA will interview XLR in the next few weeks and determine if it is feasible to move forward, Freimuth said. In reaching out to the private sector, CRDA must balance the desire to cut public funding with how much control over the project it is willing to give up to investors. Freimuth attributed the single response to the uncertainty that swirls around the project. It isn't yet known how much, if any, state funds will be set aside for the project in the next two years. The legislature's finance, revenue and bonding committee backed $75 million over the next two fiscal years, half of the $125 million recommended by Gov. Dannel P. Malloy. But whether those funds will be included in the state's capital plan for the next two years won't be known until legislators adopt a budget. It is expected a budget won't be adopted until after the start of the next fiscal year, beginning July 1. In addition, the legislature might be required to pass a special statute because the XL Center project isn't likely to fit into the existing 2011 state law setting out the requirements for public-private partnerships.[/I] [/QUOTE]

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