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I don't think he will slash the capital budget. He may raise tuition, look for operational cost savings, etc. The state of CT has very few effective economic developer levers. The of the few tools is to bring UConn to a P5 conference so that the region has big time sports entertain and even more prestige in the world of higher ed. If you happen to rub elbows with major biz owners, you will hear that young talent continues to flock to i) good weather cities, ii) cities with pro sports or iii) select university cities. Pushing UConn to a P5 is frankly essential for the state's economic health.
Warm weather is nice, but young talent comes from all over the world to live and work in NYC.