Prepared by: The Meriden Housing Authority (MHA) With Support from: The City of Meriden, CT The Meriden Economic Development Corporation MERIDEN, CONNECTICUT: (MEDCO)

The Midstate Chamber of Opportunity Zone Prospectus Commerce Introducing Meriden, CT Meriden, CT is a multicultural, entrepreneurial, Since the Transit Center opened in 2018, ridership has city of 60,000, in the very center of CT’s reached its 5-year goal in – 18 months. The city is also a prosperous population belt. It’s been the hub of a key stop on Amtrak’s future high-speed NY-Boston line. region with over 2 million people for a century. The city’s diversifying economy is based on its Meriden was once an industrial powerhouse known being a regional hub of: as America’s “Silver City”. (Your grandmother’s silver- • Rail, Road and Bus Transportation ware or tea service was likely made here.) But after a • CT’s Transit Oriented Development (TOD) Plan generation of stagnation, in the last 5 years over $300M • Arts Oriented Development (AOD) and has been invested in private or public development. Its associated Retail Opportunities. Transit Center was rebuilt. Downtown housing is now • A still relevant Industrial era infrastructure full. And the city’s new HUB Park (Meriden Green) was • Expanding Regional Hospital built as a City Center that also eliminates prior flooding. • Significant Investments in low-cost Renewable During the post-industrial decline, Meriden Housing “Green” Energy Systems. Authority (MHA) worked with the city to buy failed Meriden is halfway between Hartford and New buildings, razing some, preserving some for high quality Haven; halfway between Manhattan and Boston. affordable housing for a family-oriented community. Amtrak and Metro North have already made New That investment led to a “turn around“, and the city’s Haven (20 min. away) a NY bedroom community; well-preserved historic downtown is now a major asset. and Meriden is now just 75 minutes from NYC. MHA effectively helped mitigate 5 decades of post- In the 1800’s nearby Middletown rejected the rail industrial decline, saved many beautiful buildings line. Meriden’s accepting it brought International created high-quality affordable or market rate housing, Silver and GM to the city. Now the “rail revival” is and is a state leader in sustainable energy development. once again bringing new traffic, residents, . workers and customers to a modern Meriden. Meriden’s 3 Opportunity Zones connect the city’s City rail traffic has grown from 5 to 32 trains/day, major interstate highways and railways to: 3 major retail aided by $150M in federal and state investment centers; a regional hospital; reborn classic downtown in the city’s rapidly growing TOD infrastructure; businesses; and with MHA, new downtown TOD-based resulting in $300 Million in recent investment. housing, as well as new commercial and retail buildings. 2 Opportunity Zone Tax Incentives The Opportunity Zone offers 3 tax incentives for investing in low income communities through a qualified Opportunity Fund.

Temporary Deferral Step-Up In Basis Permanent Exclusion

A temporary deferral on taxable A step-up in basis for capital gains A permanent exclusion from taxable income for capital gains reinvested in the Opportunity Fund is income of capital gains from the sale reinvested into an Opportunity increased by 10% if the investment in or exchange of an investment in the Fund. The deferred gain must be this is held by the taxpayer for at Opportunity Fund if the investment recognized on the earlier date at least 5 years, and by an additional 5% is held for at least 10 years. This which the opportunity zone if held at least 7 years, thereby exclusion only applies to the gains investment is disposed of or excluding up to 15 % of the original accrued after an investment in an December 31, 2026. gain from taxation. Opportunity Fund.

Opportunity Zone Tax Incentive Structures The 2017 Tax Cuts and Jobs Act Established New Internal Revenue Code Section 1400Z – Opportunity Zones

Four Parties are Involved: The Difference from Other Tax Credits: TAXPAYER: with Capital Gains (Taxed @ 20%)  More Market-Oriented. No Benefit Cap QUALIFIED ZONE: Established by States and IRS  Covers Residential, commercial, real estate or business investments. OPPORTUNITY FUND: Formed by Developers  Investments in Businesses can also shield the Capital PROJECTS: Property Development & Businesses Gains from those investments.

3 Federal Agencies Aid Opportunity Zones: HUD, SBA, USDA, EDA & More Federal agencies are coordinating to prioritize their financial and programmatic resources to projects in Opportunity Zones. Through an Executive Order, the agencies have a mandate to explore all ways they can support the Opportunity Zone incentive.

Reduction of regulatory burdens Assistance of Opportunity Zone Implementing inter-agency for Opportunity Zone loan & applicants in identifying & applying strategies to support planning & grant applicants. for federal assistance. regional collaboration.

Ways existing loan and grant Ways state and local governments can programs can be used to leverage partner with federal agencies to support investments into OZs. OZ communities.

AND Opportunity Zone regulations do not limit an investor’s ability to also benefit from the other substantial available federal and state incentives and subsidies.

Federal Incentives, Credits & Subsidies State Incentives, Credits Utility Company Incentives, - 20% Federal Historic Tax Credit (HTC)* & Subsidies Credits & Subsidies - 9% & 4% Low Income Housing Tax Credits - 25% State HTC: Most of - Renewable Energy Credits (REC) for (LIHTC) downtown Meriden is in the Solar (can pay 40% of Costs). - 30% Solar Investment Tax Credit (ITC) State Historic District. - $25/MWh Co-gen REC (pays ~35% of - 20% Wind ITC - CT Housing Finance Authority the cost). - 10% Geothermal & Co-Generation ITC (CHFA) SSHP, HTCC, Flex, Sharp, - $500/Ton Geo-thermal Heat Pump * If combining the HTC with other credits, the HTC Champ and Catalyst grants and Rebate. is deducted from the basis of the others. forgivable loans. - Energy Efficient Appliances.

Finally, Opportunity Zone investments were designed to work very well with New Market Tax Credits. 4 The Added Benefits of the CT Green Bank (GB) to Expand Opportunity Zone Benefits CT’s unique funding source is its Green Bank. Established in 2011, it supports clean, less expensive, reliable energy sources while creating jobs and supporting economic development. The GB has a multitude of financing programs for multifamily and commercial energy projects.

Pre-Development Loans Construction Loans (Purchasing Equipment and Installation) The GB has 2 pre-development loans: • Low Income Multifamily Energy (LIME) loans for affordable multi- Navigator & Sherpa. Navigator’s interest family projects, provides unsecured financing at 6 – 6.75% over 5 – 20 rate is 1.99% for Affordable Housing and yrs. Requires 1.3+:1 project energy service coverage ratio.

3.99% for Market Rate. Developers • Commercial Property Assessed Clean Energy (C-PACE) financing, for match 25% of their pre-development Market Rate or Commercial projects, is secured financing at 5.75-7% budget. It funds energy-related audits or for 5–25 years. Requires 1+:1 savings to investment ratio. assessments, design, architecture and engineering. The loans are forgivable if a • Catalyst Financing is used as “gap” financing for affordable project does not go forward. multifamily energy projects that are close to 1.3:1 for LIME (1:1 for C- PACE). Rates are ~3% for up to 20 years. Its focus is health and safety Using “Passive House” design, resulting remediation that prevents energy projects from happening (such as in buildings that require little energy for roof replacement, cutting of trees that block solar panels, asbestos HVAC and reduce a building's ecological removal, etc.). Health & safety budgets are removed from LIME/C- footprint, the GB can fund more PACE and paid for by Catalyst to achieve a better savings ratio. architectural costs. Navigator allows developers to select their own energy • Solar Power Purchase Agreement (PPA), allows property owners to professionals. Sherpa is virtually install solar with no money down. Using a pre-approved local installer, identical; except that it funds technical the GB oversees installation and asset management. Owner buys the assistance by a 3rd party organization to electricity generated by the system at a significantly discounted rate. help property owners select energy • Note: With high CT kWh costs and Renewable Energy Credits (paying professionals for the project. ~40% of cost), a normal CT solar investment can pay-back in 5 years.

5 The OZ Urban Investment Prospectus: Table of Contents

Section A: The City, MHA & Economics Economic context for the City and Meriden Housing Authority (MHA), identifying key drivers and assets

Section B: Meriden by the Numbers Essential data showing a city on the move, and what needs to be done to re-knit spatial & social fabric

Section C: Meriden by the Assets & Capacities Current/Recent Community Assets & Recommendations on institution-building options to expedite growth & inclusion

Section D: Meriden by the Opportunity Zones Focus on human capital, job connections, and wealth creation

Section E: OZ Projects & Investments Investment projects and propositions within each Opportunity Zone in 5 Sub-sections: Part 1) MHA & Downtown Historic District Sites Part 2) Other City/Local Developer – OZ Projects Part 3) MHA and Other Projects In and Out of the OZ Part 4) Investments in Energy Businesses Part 5) Summary Project Financials

6 Section A. Meriden Housing Authority (MHA) & the City

7 The Meriden Housing Authority (MHA) & the City of Meriden Energy & Economic Development

President Roosevelt created Public Housing Authorities Since 2011, MHA has also invested in improving the (PHAs) as part of the WPA during the Depression, first to renewable energy technologies it uses to lower costs, create jobs (while providing affordable housing), and to increase savings, and provide a sustainable future. aid city economic development efforts in times of crisis. First, in 2011, MHA installed Co-generation for heat, hot In the 1960s, other agencies took on some former PHA water and electricity at Community Towers. In 2013, it economic development work, but their missions still began working with Energy Services provider, Advanced include community development and job creation. Energy Group (AEG), installing Geothermal HVAC, 100- After years preserving city assets, in 2011, Meriden year Solar Integrated Steel Roofs and Solar Thermal. Housing Authority (MHA) began to lead in redeveloping They formed New England Renewable Energy (NERE) to downtown housing and retail; and in renewable energy train crews and install renewable energy systems. investment – to overcome CT’s very high utility rates, In 2015, MHA began installing standard rooftop solar which make even “affordable housing” unaffordable. on downtown buildings, and in 2019, AEG and MHA In the last 8 years, MHA brought in major investors on 9 are combining these technologies and proprietary projects worth over $150 Million: using Historic, Energy control systems to improve renewable energy returns. Investment; Low-Income Housing and New Market Tax NERE trained its crews in energy system installation and Credits; and significant Renewable Energy Credits. The maintenance, invested in solar and geothermal City has also received DECD Brownfields Cleanup funds improvements, and was awarded a US. DOE grant in for MHA’s Mills demolition, and abatement of the city’s 2017 for its work providing solar PV to low and two largest brownfields: 1 King Place and 11 Crown St. moderate income (LMI) and other affordable housing. The City and MHA have won major federal funds for The Northeast has very high utility costs, but CT has the TOD infrastructure and Choice Neighborhood planning highest of any state except Hawaii. This helped make its (used to “reprogram” the city for continued growth), “affordable housing” unaffordable. But MHA and NERE and have built a strong partnership. They are now tackled this problem early and its experience now makes prepared to also maximize Opportunity Zone success. it a leader again – in low cost renewable energy systems.

8 MHA’s 2012 to 2016 Successful Rehabilitation Projects

In 2009, MHA created Maynard Rd. Corp. (MRC), a wholly-owned non-profit development and maintenance company. MRC partners with for-profit developers to build a new era of affordable and some Market-Rate homes. MRC and AEG formed NERE (New England Renewable Energy) in 2013, to assure that all new and rehab projects also had the advantage of low energy costs.

Community Towers 16 Colony St. Chamberlain Heights

261-unit low-income, senior hi-rise 12,000 SF historic bank was retrofitted In 2012, 148 abandoned units were with very high utility bills. Retro-fitted for use as a banquet hall by a lighting gutted and rebuilt, and won USGBC’s with 2 Co-gen units, which provide company; also used for demonstration best LEED multi-family housing most of its electricity, some heat and use. $900K in further energy and rehab development in CT. It’s been 100% all domestic hot water. The “Towers” work is still needed in 2019. It can use occupied since opening, helped by will get further upgrades in 2020. the 45% Historic Tax Credit (HTC). MHA’s 10-year waiting list.

Since 2011, under Executive Director Rob Cappelletti, MHA has completed 7 major redevelopment projects and is currently building 2 others, shown on these 3 pages. All have significant renewable energy elements implemented to mitigate CT’s high utility costs. In some cases, such as Yale Acres, 24 Colony St. and Meriden Commons 1 & 2, they have been in planning for over 5 years, and have literally helped transform Meriden. Among other benefits, these projects allowed MHA to plan the demolition of “the Mills”, a 1950’s-era, low-income housing project that was years passed its lifespan, and an eyesore in the center of the city. Its 140 units have now been demolished, and the residents moved to the projects on these next pages. They and hundreds of new residents have now been drawn to a newly beautified TOD area.

9 2016-19 Successful Completed MHA Development Projects Meriden Commons 1 More recently, MHA completed a period of intense new downtown mixed-use (housing & retail), mixed- Stage 2 is replacing 140 units from rate (affordable & market-rate) housing that was in “the Mills”, the dilapidated 1950s planning for 5 years; the result of the City’s Transit housing in the city center. A $30M Oriented Development (TOD) as well as its Choice LIHTC project, it created 75 units Neighborhood planning. Each building’s housing is of mixed-rate housing, and 14,000 fully occupied as soon as completed. Retail units SF of retail. Completed in 2018, it have not been as quickly occupied, but the retail was features 90 kW of rooftop solar to designed and financed based on longer range eliminate common area electric expectations, as part of the TOD 5-year plan. bills. With its completion, MHA was able to finally demolish “the 24 Colony St. Mills”, which along with Meriden Green has remade the look of the central downtown area.

Meriden Commons 2

MC Phase 2 is nearly complete, and will be finished by the end of 2019. This $32M LIHTC project has 76 new mixed-rate units & separate town-houses.

MHA demolished “the Mills”; trading property with the city to At $30 Million, it has 63 units of mixed market-rate & extend Meriden Green, with more affordable housing and 11,000 SF of retail. Finished of the creek “daylighted” for the in 2017 (and 100% occupied), it features Geothermal public’s enjoyment. HVAC. It was able to absorb many Mills residents.

MHA has a 10,000-family waiting list from around New England for its new units.

10 2019/20 MHA Projects Now in Progress Yale Acres Model: 2014 Hanover Place: 2019

Construction of 9 units of new Veteran’s housing, and a In 2013, Yale Acres’ $1.4M Model Energy Star 4-unit building 10th unit offering support services for all Meriden was retrofitted with Solar PV & Thermal (hot water), Geo- Veterans was initially planned in 2012. It took 6 years of thermal HVAC and Energy Star appliances and insulation. It repeated, determined grant and support requests to bring reduced energy use by 82% and energy costs by 72%. With 4 it to fruition. Now, with $3Million in state funds and years of proven significant energy savings, MHA was able to $600,000 in energy services financing, it is finally starting get CT Housing Finance Authority (CHFA) to finally include in 2019. MHA is still seeking partners to help maximize the Renewable Energy in Yale Acres 2019 LIHTC award. already awarded state grant funds.

Full Yale Acres Project: 2019-20 163 units of sustainable workforce housing on 27 acres; has $38M in LIHTC Funds and $3M in bank financing, and also adds 10 new units on 1 acre (for a total of 173). Construction will be completed in late 2020. It has geothermal HVAC, co- gen produced hot water, and over 1,200kW of solar. It will be “net zero” (producing more renewable energy than it uses). A micro-grid will “keep the lights on” even in a blackout. Funds are still being sought for the 28,000 SF Yale Acres Community Center, and to complete the micro-grid.

11 Now, Meriden’s Opportunity Zones are Redevelopment Ready

City of Meriden & Its Opportunity Zones Population 2010 2017 (Est.) Change Sq. Mi. • NH County 862,477 860,435 -2,042 604.5 • Meriden 60,868 60,241 -627 23.8 • OZs 6,533 4,866 -1,678 0.7 Meriden OZ Leadership: MHA began working with the City to form the below OZ Fund Team in early 2019. Meriden Housing Authority: Rob Cappelletti, Executive Director Contact: [email protected] City of Meriden: Joseph Feest, Economic Development Director Contact: [email protected] Meriden Economic Development Corporation (MEDCO): Thomas Welsh, President Contact: [email protected] Midstate Chamber of Commerce: Meriden’s Opportunity Zones were established at a key Rosanne Ford time in the city’s redevelopment. Many new construction Contact: [email protected] projects are already underway. New England Renewable Energy (NERE):

The city’s very successful Transit Oriented District (TOD) Jim Moran and Renewable Energy District strategies have already Contact: [email protected] changed the face of the city. Almost all downtown housing YMCA: is full. Retail is still below expectations, but Opportunity Zone investment in downtown, will help complete its John Benigni, CEO resurgence. Contact: [email protected]

12 MEDCO, the Midstate Chamber & Retail Development MHA & the City have several other key local & regional partners working with them on the Opportunity Fund The Midstate Chamber of Commerce serves & promotes its member businesses in Meriden, Wallingford, Southington, Berlin, Cheshire and throughout central Connecticut (CT). An independent not-for-profit 501(c)(6) organization, the Chamber is a growing membership organization dedicated to supporting and improving the business climate in the region. It is the mission of the Meriden Economic Development Corporation ("MEDCO"), a private 501(c)3 corporation founded in in 1979, to implement programs to increase business activity in Meriden, particularly in Meriden’s Transit Oriented Development (TOD) District. Guided by a 25-member board of directors representing Meriden’s leading business, governmental and nonprofit organizations, MEDCO recently launched the “Making Meriden Business Center (MMBC)” to spark new business development, community engagement, and improve quality of life in downtown Meriden. The MMBC is a cooperative effort between MEDCO; the Midstate CoC; the City & several private supporters, including Liberty Bank, TD Bank, & Eversource, that recognizes the need for an active business engagement program specially focused on downtown and access to the new Hartford Line commuter rail service.

MEDCO along with the Midstate COC will contribute in managing Opportunity Fund business, and commit special assistance to retail development, especially targeting three significant areas of the Historic Downtown. 1. The continuation of Arts Oriented Development (AOD) surrounding the City’s Catalyst Project 143 W. Main. (See Pgs. 41/42). 2. Development of retail at 24 Colony St., Meriden Commons & the city’s unique Colony St./Railroad Ave. (Below & pgs. 47/48). 3. Bringing a University Extension – especially 1 of 11 institutions along the railroad line – into downtown Meriden (Pgs. 41).

24 Colony, MC1, Meriden Commons & Railroad Ave Retail 24 Colony St. Across from the Transit Center; eating/drinking establishments with their own appeal, per the TOD plan. MEDCO is working with MHA’s partners at 24 Colony & Meriden Commons to bring in these businesses, which OZ investment can support. Railroad Ave. is a truly unique business opportunity. A steep slope from Colony St. to the Transit Center, gives buildings 2 floors of commercial; 1 on Colony & 1 on Railroad Ave. MEDCO & the City have special tools for investors helping develop Railroad Ave. 13-16 Colony St. is one where MEDCO will “renovate to suit” and sell to such a business. 24 Colony St. Railroad Ave 13-16 Colony St.

Colony St. Fronts

13 Meriden’s Schools Maloney High School This city of 65,000 has 3 outstanding high schools. Its 2 public high schools, Francis T. Maloney and Orville H. Platt were recently renovated.

The $107.5 million renovation of Maloney High School was completed in 2016 and the $111.8 million renovation of Platt wrapped up in 2017.

The Platt High School renovation won the 2018 Engineering News Record magazine’s outstanding “large renovation” project in the Build Connecticut Construction Management/ Contractor Award; and won the 2018 CT Building Congress Project Team Award of Merit, the 2017 Associated Construction General Contractors of Connecticut (AGC-CT) Build CT Award in the Large Renovation category, and a 2017 Construction Management Association of America (CMAA) Award. Platt High School Platt High School Project Superintendent Steve Baranello was named as the 2017 Associated Construction General Contractors of Connecticut (AGC-CT) Construction Supervisor of the Year for his work on Platt.

Solar: In addition to renovations, both schools had significant rooftop solar arrays installed, helping them reduce their typically high CT utility costs, and setting an example for the move to renewable energy.

Wilcox Technical High School has been central CT’s outstanding regional technical training school for over 70 years. Its 7 decade-old building was renovated and greatly expanded, and reopened in the Fall of Wilcox Technical High School 2014. The cost of the project was $77.5 million. It also has the region’s most significant adult education training programs.

Meriden’s Extension of Middlesex Community College (Meriden is in Middlesex Co.) was located downtown until 2018, when it moved to share space with the newly rebuilt and expanded Platt High School.

2019 POCD recommends that the City should continue to look for ways to attract families and young people to live in Meriden. It states that: “The City shall continue to work with the School District to provide the highest level of educational services to the children of Meriden.” 14 Other Assets – The YMCA, its Non-Profit Infrastructure & Airport During its post-industrial era, the City of Meriden, a regional industrial center, was maintained by a strong and committed non-profit sector. Now, this mature non-profit infrastructure is assuring resident involvement in the city’s growth. The Bradley Home – This Senior Residential Care Home also has a Skilled Nursing Pavilion for senior citizens. CT Junior Republic - CJR's LYNC program in Meriden is designed to help at-risk youth, ages 12-17, to make sustainable behavioral changes that will reduce court involvement and establish meaningful community connections. Institute of Professional Practice, Inc. – A human service and educational Meriden YMCA is dedicated to building organization serving people with developmental and other disabilities. healthy, confident, connected and secure children, adults, families & communities. Kiwanis Club of Meriden – Serves the community by helping children, elderly, and “Every day our impact is felt when an disabled populations. individual makes a healthy choice, when a Construction Workforce Initiative 2 (CWI2): Besides job training, it also has its child gains confidence though learning trainees volunteer for community projects that require construction services. something new from a teacher or coach, Women & Families Center is committed to & when neighbors come together for the promoting equity & improving quality of life through common good. Everything the Y does is in services fostering empowerment and independence. service of making us as individuals and a It’s goal is to be a leading agent for positive social community better.” change. In 2018, it won $3,500,000 in state funds to The Meriden Y has bought and developed develop 12 units of supportive housing for homeless several buildings on key sites around the youth. Renewable energy systems, such as Solar PV, city, for use by its many various programs. will be included in the project.

Meriden-Markham Municipal Airport (MMK), owned and operated by the city is located in the southern portion of the city, making it more convenient to nearby metropolitan areas in central Connecticut. The airport dates back to as early as 1928. In 1962 it was renamed in honor of Ernest L. Markham, the first airport manager, for his 32 years of service. The airport accommodates single-engine and light twin-engine aircraft operated for business and pleasure use.

15 Section B. Meriden by the Numbers

16 Opportunity Zone, Choice Neighborhood & TOD District Features

Future State St. Development

Meriden Commons (HUB Park)

Pratt St. Development Pad 1 King St. (Old Meriden- Waterbury Hospital) & Abatement

Proposed Pavilion Cafe

Current & Recent Developments in the OZ/TOD/Choice Neighborhoods Planning Area 17 By the Jobs Numbers Meriden Moving By the Assets

. From 2010 to 2017, Meriden’s employment GREW from 21,379 Transit-Oriented Development: 12 years of regional TOD planning, to 22,682, a 6% increase. led to $150 Million in Federal and State investment to rebuild the . 28.8% of jobs in Meriden are held by residents of Meriden. This Transit HUB and accompanying infrastructure. The city worked with number is slightly higher than all of the surrounding other TOD cities on new zoning and permitting to achieve success. municipalities except Southington. Regional Rail Access IS the major new Economic Driver, already . Economic drivers: Wholesale Trade, Manufacturing, Health Care having a significant impact on downtown Meriden, and new jobs.

& Social Assistance employ respectively 1.49, 1.26, and 1.25 times more people than expected in this size city. Choice Neighborhoods (CN): In 2012, Meriden was the smallest US . The largest industries are: Healthcare & Social Assistance, Retail & city to receive $1M in CN funding. MHA and the City brought all area Manufacturing. The highest paying industries are Utilities, stakeholders together to plan community involvement in the TOD. Professional, Scientific, Tech Services, Finance & Insurance. AOD: Many cities seek Arts-Oriented Development, but artists began . The fastest growing sectors: Manufacturing, Health Care, Science coming to Meriden early. The Silver City’s well-built homes, MHA’s & Technical Services, Finance, Education, Construction, Accommo- securing its buildings, affordable rents, and nearness to New Haven, dation & Food Service, and Arts-Entertainment & Recreation. Hartford and NYC have kept housing occupied; apartments are full, . Median household income is $57,350, which is higher than the US many with artists, and arts-oriented retail space is succeeding. median annual income. Plan of Conservation & Development: In 2019 Meriden planned and . The income inequality (measured using the Gini index) is 0.388, adopted the POCD, to help guide already expanding development. lower than the national average. Well-Preserved Historic Downtown: Preserving most buildings in the . The highest paying industries, by median earnings, are Utilities; post-industrial era has created an attractive historic downtown. Professional, Scientific & Tech Services; and Finance & Insurance. Renewable Energy District: MHA & city investments in Renewable . The average income in the Opportunity Zones is $35,333. The Energy (Solar, Geothermal HVAC) reduced CT’s high energy costs and highest poverty demographic is individuals ages 25-34 – young encouraged the creation of energy-oriented industry, jobs & careers. working-age adults, who will be benefitting from OZ Investment.  OZ Redevelopment will lead to more job opportunities – and Colleges/Universities: (New Haven) Yale, Albertus Magnus, Gateway opportunities for higher paying jobs for these younger, Community College, Quinnipiac and Southern CT State; (Hartford) “ready to work” individuals. Trinity, U Hartford and UCONN; are all 20 minutes away by train. (Middletown) Wesleyan & Middlesex College; (Waterbury) UCONN;  The median income is $57,350 for the city, but only $35,333 (New Britain) Central CT State U, are all 20 minutes away bus. in the OZs. This will be a target, especially in planning neighborhood development. Industrial Era Infrastructure: “Silver City” was in the center of the CT . From 2010 to 2015, the fastest job growth has been in the city’s population base. Its road, rail, and other infrastructure and services three designated Opportunity Zones. set in place then, still encourage modern development. 18 2019 Meriden Plan of Conservation & Development (POCD) Highlights The POCD Has Been A 2-year Process with Key Stakeholders to Develop Goals & Strategies to Continue Development & Infill: Business . Goal: Support redevelopment, attract quality businesses & market rate housing downtown, increase activity and vitality in the area. • The City should continue working with Downtown property owners & merchants to focus on upgrading the appearance, safety, and vitality of the Downtown as part of the process of business retention & development. . Meriden’s poverty decrease: from 13.8% to 10.8% (from 2010 to 2017), was much more significant than in surrounding communities. • The poverty rate in New Haven County as a whole increased slightly over the same time period. . A lack of a sizeable inventory of raw vacant land in commercial and industrial zones. • Indicates that much of future city development will combine infill development, redevelopment & revitalization projects. . One city priority will be to foster renovation &reuse of older vacant or underutilized structures. It has advanced numerous initiatives. • TOD Zoning regulations that promote adaptive reuse of structures with historical, architectural, or cultural value. • Engaged in a long-term assessment and clean-up of brownfield sites to return them to active reuse. • Leveraged over $30 million for assessment and clean-up to create available land for housing and commercial development. . The City will continue to encourage infill development on the main commercial corridors to make those areas more cohesive. • East & West Main Streets (Rte. 66/322, Broad St. (Rte. 5) and Colony St. all connect downtown to Interstates I-691, I-91& CT Rte. 15.

Housing . 56% of the housing stock in Meriden was built before 1960; a third before 1940. • Generally speaking, many older homes throughout the community need some maintenance or refurbishment. • (Note: This lends itself well to renewable energy retrofitting that can meet OZ cost reduction and conservation goals.) . Median rent in Meriden ($978) was less than the County median ($1,100), but went up in both the City and the County 2010-2017. • Trends suggest the demand for rental housing is increasing. (Downtown apartments are filled.) . Housing density should be focused in the Downtown and along primary transportation routes. • Guide development pressure away from sensitive natural areas to existing infrastructure capable of supporting development. • Develop the Downtown area as the location for high-density housing and other transit-oriented development (TOD). . Encourage reinvestment in residential properties, particularly in core neighborhoods: • Develop support mechanisms to support residential building, renovations, and timely maintenance. (Note: Part of OZ Plan.) . Meriden’s advantage of being centrally located in the region provides residents easy travel to surrounding communities for work. • Making it a good place for families/couples working in different areas of the state to locate where it suits both their needs. • Increasing the number of people who live and work in the city will contribute to community’ vibrancy & bolster the tax base. • The TOD: Downtown residential development and infill can be promoted as a central, transit-accessible location for workers. 19 2019 Meriden POCD Highlights, Continued Commercial & Manufacturing • Enhancing the commercial base is critical to the future of economic development in Meriden. • According to its 2018 Comprehensive Annual Financial Report, its recent development points to a stable, slowly growing economy. • Meriden incentives to expand and retain manufacturing that plans to move into or expand operations in the City include: • Lowered financing rates on loans for real estate acquisition or improvements when offered in conjunction with private financing. • The City’s focus for future economic development includes infill of existing commercial corridors, adaptive reuse of historic buildings and removing barriers to development by streamlining the development process. • Real Estate analysis suggest a development program for the Meriden TOD to include: • 600 –1,000 multi-family residential units attractive to young workers, recent graduates and empty nesters; 20,000 SF of small-scale office space; and 28,000 SF of convenience and community serving retail. • Fiscal & Economic Impact Analyses concluded that a mixed-use redevelopment (959 residential units & 32,000 SF of community- serving retail) in 3 years would net 1,107 full - or part-time jobs during construction; $160 million in total direct, indirect and induced economic output, and $7.5 million in taxes. • Recent Downtown redevelopment has created new opportunities for the city to improve its identity and reorient its image in the region. • However, it must focus on attracting retail, in particular larger draws (restaurant, coffee shop and experiences) to spaces in this area. • Attracting new uses could help fill retail vacancies and create an active, vibrant feeling downtown. • Meriden should make efforts to expand its workforce by attracting educated and skilled workers to the city by: • Highlighting and marketing its many positive features. • Striving to produce highly-skilled students from within its school system, who will constitute the future workforce of the City. • Skill sets they acquire while in school will ultimately determine the types of businesses that will choose to locate in Meriden.

POCD Objectives – Connecting with Opportunity Zones • Identify and market vacant or underutilized industrial and commercial properties. • Encourage commercial infill development in established commercial corridors to create critical densities of economic development. • Build upon existing clusters of uses in specific areas (retail, office, hi-tech) when marketing the corridors and recruiting new businesses. • Encourage and expand current linkages between educational institutions and local businesses to tie students’ educational experience to real-world employment and economic situations, expanding on Middlesex Community College’s programming at Platt High School. • Utilize Meriden’s relatively affordable housing stock, access to regional transportation networks, proximity to prestigious colleges and universities, and central geographic location as salient points for marketing Meriden as an attractive place for hi-tech businesses. • Continue Downtown’s TOD-based revitalization: encourage new business and residents to locate in recently redeveloped mixed-use areas around the Transit Center and Meriden Green to strengthen the built environment and draw residents, shoppers, visitors and commuters. • Create a distinct identity for the City and improve the perception of downtown in order to attract new businesses, residents and visitors. • Continue redeveloping the remaining sites at Meriden Green and the 43 acres just north of the Green. detailed in the City Center Initiative.

20 Meriden Employment Profile – 28% More Jobs in 5 Years* Counts & Density of All Jobs In City – All Workers Meriden Jobs in 2010: 22,828 Meriden Jobs in 2015: 29,318

*Source: https://onthemap.ces.census.gov/ 21 Growing City – Growing Jobs Numbers Additional Employment Information – 2010 vs. 2015 Jobs by NAICS Industry Sector 2010 2015 ( + -) Jobs Breakout: 2010 2015 ( + - )

Health Care & Social Assist: 5,029 - 22% 5,384 - 19% 1% By Race White: 19,408 - 85% 24,787 - 84% (3%) Retail Trade: 3,427 - 15% 3,441 - 15% 0% Black/African Am.: 2,379 - 10% 3,200 - 11% 1% Manufacturing: 2,311 - 10% 3,565 - 12% 2% Other: 1,041 - 4% 1,331 - 5% 1% Accommodation/Food Services: 1,701 - 7% 2,075 - 8% 1% Educational Services: 1,625 - 7% 2,576 - 9% 2% By Ethnicity Waste Mgmt./Remediation: 1,077 - 5% 2,005 - 7% 2% Hispanic or Latino: 3,198 – 14% 6,300 - 22% 8% Finance & Insurance: 599 - 3% 1,394 - 5% 2% Non Hisp/Latino: 19,630 – 86% 23,018 - 78% (8%) Prof., Science & Tech Service: 603 - 3% 1,340 - 5% 2% By Gender Wholesale Trade: 658 - 3% 1,321 - 4% 1% Male: 10,519 - 46% 14,141 - 48% 2% Construction: 720 - 3% 1,240 - 4% 1% Female: 12,309 - 54% 15,177 - 52% (2%) Public Administration: 747 - 3% 1,143 - 4% 1% By Age Other Services: 797 - 3% 961 - 3% 0.3% Age 29 or less: 5,784 - 25% 6,823 - 23% (2%) Transportation & Warehousing: 552 - 2% 814 - 3% 1% Age 30 to 54: 12,553 - 55% 15,878 - 54% (1%) Information: 1,145 - 5% 552 - 2% (3%) Age 55 or more: 4,491 - 20% 6,617 - 23% 3% Company/Enterprise Mgmt.: 1,010 - 4% 486 - 2% (2%) By Earnings Arts, Entertainment/Recreation: 79 - .3% 386 - 1% 1.3% $1,250/mo. or less: 5,979 - 26% 6,691 - 23% (3%) Real Estate: Rental & Leasing: 435 - 2% 379 - 1% (1%) $1,251 - $3,333/mo.: 7,160 - 31% 9,350 - 32% 1% Utilities: 209 - 1% 144 - 0.5% (0.5) $3,333/mo. or more: 9,689 - 42% 13,277 - 45% 3% Ag, Forestry, Fishing/Hunting: 94 - .4% 109 - 0.41% .01% Mining, Quarrying, Oil/Gas: 9 - 0% 3 - 0% 0% Total All Jobs 22,828 29,318

22 • Mirion Technologies Inc. (Formerly Canberra Industries, Inc.): A leading provider of Major Employers innovative products & services for radiation measurement, detection & monitoring; and cutting-edge instrumentation for research and for scientific exploration across the Earth and for Outer-space. • RFS Cablewave and Advanced Optical: Two rapidly growing businesses in the technology field. Advanced Optical is a major camera manufacturer for satellites. RFS Cablewave is a worldwide leading provider of innovative wireless and broadcast infrastructure products and solutions, whose main corporate office in North America is on Research Parkway. • Eversource: CT’s primary utility company (electricity & natural gas), its regional facility employs over 200 people, located at the south end of the Opportunity Zone, south of the Old Factory H site (116 Cook Ave., Pg. 50). • Westfield Mall: The main regional shopping mall for an approximately 3,000 square mile area, from Waterbury to Essex (east to west) and from Farmington to Bridgeport (north to south). The mall is the single largest tax-payer and a critical economic driver in Meriden. Some of the retail chains that occupy space in the mall include Best Buy, Boscov’s, and Dick’s Sporting Goods. • City of Meriden: Has 1900+ employees (including the Board of Education). • YMCA: Meriden’s YMCA is much more than a traditional “Y”. It currently has 936 employees. “We’re never not hiring at the Y,” says John Benigni, the YMCA CEO. • Carabetta Management: The Carabetta Companies, located on Pratt Street, stands among the most active private real estate companies in the United States, specializing in the acquisition, development, construction and management of high- quality affordable housing nationwide. Midstate Medical Center • 3M: This international manufacturer moved its health information systems division Regional area hospital, consistently rated to a newly renovated 190,000SF facility it owns at 400 Research Parkway in among top regarding patient satisfaction; Meriden. Combined with its separation purification sciences division, 3M is now offering state-of-the-art health services by one of the largest employers in Meriden with about 200 employees. highly skilled physicians and staff. • Hunter’s Ambulance and Transportation: Provides emergency and non-emergency medical transportation services via ambulances, wheelchair vans, special needs Known as “Central CT’s version of Hartford school buses, sedans, limousines, executive and limousine coaches. Hospital” (the state leader), it is still growing. • Research Parkway: Meriden’s Research Parkway is a business park containing some A state-wide hub for orthopedics, with its of Meriden’s top employers, such as 3M and Mirion (above). Also on Research central location & new focus areas, its Life Star Parkway are businesses such as BL Companies, Fastenal, Bob’s (Discount) Stores, helicopters cross the state to transfer patients. and Electrical Wholesalers. Several major hotels are also in the Parkway area. Its continued growth is leading Meriden’s • 2019 POCD Note: Meriden has over 1,600 businesses. While Meriden has several development as a state-wide health hub. high-profile businesses that employ several hundred people each, the City’s economy is very much centered around small businesses. 23 New Jobs & Job Training

American Job Center & CT Workforce Alliance: Meriden is home to this regional state training and job finding service. Wilcox Tech: The region’s leading technical school has both high school degree and evening adult education in technical training, directly linked to regional employment. Middlesex at Platt: Middlesex Community College and Meriden Public Schools have collaborated to keep quality and affordable higher education growing in Meriden by offering college classes at Platt High School, just outside of the center city. Community Economic Development Fund Education Center: The non- profit CEDF Business Education Center offers learning in a variety of formats. Courses and workshops include launching & growing your business, financial related subjects, and networking. CEDF’s purpose is to provide resources and assistance to serve the economic needs of the small businesses in low-to- moderate income towns & cities in CT. It’s headquarters are in Meriden. CWI2 (Construction Workforce Initiative 2): Offers in-depth career and job training, with a special focus on energy services. Women & Family: In addition to career training, offers background learning/education support. YMCA Training: The Y is a key partner in city rebirth, especially with health & physical training. The local YMCA recently won an award for Red Cross First Aid certifications given. Workforce Housing: MHA’s workforce housing provides affordable housing while building careers. New England Renewable Energy (NERE): Has trained unemployed veterans and the formerly incarcerated in Geothermal HVAC, Solar PV, Solar Thermal and Integrated Solar Roofing installation and maintenance.

24 Section C. Meriden by the Assets

25 Meriden’s Rebirth 1 – Transit Oriented Development (TOD)

TOD Crossover with Opportunity Zones:

The city’s Historic/Commercial Districts and the Hanover & TOD District are all completely within the Opportunity Zone. The Historic/Commercial District is a registered state/federal Historic District qualifying for State and Federal Historic Tax Credits (HTCs). The Zone extends to the north, west and south neighborhoods of the Historic District. The TOD and OZ are in the Choice Neighborhood (CN) planning area. Five years of CN planning, with many stake-holders is a key reason the current developments fit together so well. As MHA was a primary partner, it mandated a process that actively included all local residents.

TOD Zoning designation was instituted in part because of the new downtown Transit Center. Twenty-two brand new trains/day (eventually increasing to 35) plus 10 older trains, now allow Meriden residents access to New Haven and Hartford in 20 minutes, giving Meriden residents easy access to Connecticut’s two major cities for work, pleasure, etc. There are more than 28,000 people (38% of the city population) living within 10 minutes of the Meriden Station. And 35% of the land area (25% of all parcels) in the area have improvement to land/value (ILV) ratios of less than 2.0. These are considered to be prospective opportunities for redevelopment. A 2015 TOD Market Study identified parcels with redevelopment potential located on State, Main, Colony and Hanover streets. Most parcels that Meriden entities are planning to redevelop are located in both the TOD, as well as the OZ. 140,000 jobs are available within a 40-minute 1-way travel time, with many metropolitan area major employers located within a mile of rail stations along the NHHS line. Consequently, Meriden’s potential as a “point of origin” for prospective commuters is quite favorable. Roughly 35,000 people commute to Meriden for work. According to the Market Study, it’s expected that 5% of these workers would shorten their commute if they had appealing housing choices closer to work. 26 Meriden’s Rebirth 2 – Choice Neighborhoods

The City and MHA received a 2012 $500,000 HUD Choice Neighborhood (CN) Grant to develop a blueprint for improving educational, health, employment, safety, and transportation outcomes for families within the CN Boundaries. A city-wide process over 2 years, derived 6 strategies that have ALL begun to be implemented: 1) Wayfinding & signage implemented as part of a multimodal roadway improvement plan. 2) Gap financing for economic development to address vacant or abandoned properties in the TOD district. 3) Community arts initiative implemented as part of a larger Downtown Beautification Program. 4) Façade improvements through a competitive application process, “Meriden Match” (modeled after Detroit’s successful “Motor City Match”) for small business owners to advance economic development. 5) Expand the Neighborhood Preservation Program to preserve & rehabilitate existing aging housing stock. 6) Meriden becomes a HUD Connect HOME Community, HUD CCI dollars provide free downtown Wi-Fi. 27 TOD Starts With a New Transit Center

Hartford CT Rail/Amtrak New Haven/East Shoreline East/Amtrak

New Haven/West Metro North/Amtrak

The Meriden Transit Center, expanded in 2018, is a With Meriden in the Center of a 2M multi-modal regional center for rail, bus, taxi and population, the New NY/New Haven van service; reviving Meriden’s mid-20th Century to Hartford/ Springfield rail lines position as the regional HUB. Greatly increased have already become a major city rail service gives Meriden residents access to catalyst. 140,000 jobs within a 40-minute commute. The *Trains to**** AM PM station is currently more than 3 years ahead of New Haven** 7 9 ridership projections. Hartford 5 11 In 2010, Meriden was identified as a key stop on Springfield/Boston 4 8 the NY/New Haven/Hartford/Springfield route. NYC Grand Central*** 8 9 NYC Penn Station*** 6 7 TODs encourage mid-to-high density mixed-use development in walking distances of a transit hub * Increased from 5 trains/day in 2014 and attract many categories of residents that ** Also connects to the Shoreline East seek rail access to work. Commuter Rail service. TODs also create a safe bike and pedestrian *** Most trains to NYC connect at New environment; protecting older neighborhoods and Haven Union Station. integrating new, context- sensitive growth. ****Bi-directional trains also stop in Meriden’s Choice Neighborhood grant project Meriden from these locations. helped plan this, with solid citizen input. 28 “30 to 60 Miles From Everywhere – The 20 Minute City”

…… Amtrak & Commuter Train Lines

Green highlighted area is CT Population Center, with Meriden located right in the center. The City’s and State’s TOD planning, with Meriden as a logical rail center, began in 2006. 29 The “Meriden Green” Redefines Meriden In the 1930s, Meriden’s central river was put into an underground pipe. For 90 years severe flooding occurred when the pipe was clogged or backed up, destroying businesses and livelihoods. In 2012, the City was awarded federal funds as part of a $150M TOD stimulus package, which included the construction of the 14-acre Meriden Green, where many low-lying businesses had flooded and failed. The park goes down in stages from street level, to 40 ft. at river-level. It acts as a 50-million-gallon retention basin; and allowed the river to be “daylighted”. Completed in 2018 by a collaboration of federal, state, and local entities, it is now a major downtown attraction. The bridge across the entire park allows crossing it when the park acts as a “flood basin” (which is also a popular attraction). There are also 2 development pads on it for future mixed use/TOD development. Milone & MacBroom, the designer for the Green’s restoration, was awarded top honors at the American Council of Engineering Companies’ (ACEC) 2018 Engineering Excellence Awards Gala. They were 1 of only 20 recipients of this national honor award. The project was also awarded ACEC-CT’s Grand Award, the state of Connecticut’s singular highest honor in exceptional engineering achievement. The park features native plantings, & as the river flows downward it is separated by small “rapids” into individual eco-systems for fish and birds. A covered amphitheater is already popular for weddings, music and other events. It’s immediately across State St. from the Transit Center. With a snack from a Railroad Ave. shop (Page 47), Meriden Green makes a great place to wait for a train.

30 Historic Hubbard Park & Castle Craig

Built by the WPA in the 1930s, Meriden’s beautiful 1800-acre Hubbard Park is one of New England’s largest city parks. It is a regional family attraction for swimming, ice-skating, hiking, bandshell concerts, picnicking, bird watching and general recreation. It includes preserved dinosaur tracks and 20 miles of dramatic mountain hiking trails (many go to 75 ft. Castle Craig, atop Meriden Mountain and a scenic, 1 mile long, 70-acre lake.) Its 3-day Daffodil Festival each May draws over 100,000 people from across the state; as do its annual Holiday Light Display and many of its concerts. 31 Meriden Parks – Regional Outdoor Enjoyment Situated in the hills and valleys between 2 mountains, well traversed by hiking trails, crossed by creeks and a major river, with beautiful depression-era stone walls, bridges and other facilities, Meriden has an enviable park system. Its 26 major parks include Hubbard Park, New England's largest city-owned park. More than 3,000 acres (17% of its land) is devoted to these parks. Open Space is Meriden’s 2nd largest land use (20.3%); exceeding the State goal of 11% Open Space for municipalities. The City also contains many open spaces owned by the City, the School District or private organizations such as the Meriden Land Trust. Its large network of trails providing most residents with relatively easy access park and open space areas. Prominent public parks include Guiffrida Park and Hunter Memorial Golf Course. A variety of smaller neighborhood parks play integral roles in the physical layouts of individual neighborhoods as well as the social and recreational lives of Meriden’s citizens. Large areas of undeveloped woodlands or parks are concentrated along the City’s northern border, such as West Peak, East Peak, Guiffrida Park; and south, Cathole and Lamentation mountains. The Nathan Hale/Baldwin Ave. section in the northeast quadrant of Meriden contains significant open space facilities. And while vestiges of Meriden’s agricultural past remain in open fields and farms in the southeast, the woodland characteristics of the City’s remaining undeveloped land dominate its visual character. Besides the Quinnipiac River, the city’s significant natural water features include: Harbor, Sodom, Willow and Spoon Shop brooks, Hanover Pond, the Bradley Hubbard Reservoir, the Merimere Reservoir, New Dam, and many small ponds that dot the landscape. Hikers and others regularly visit from neighboring Southington, Cheshire, Berlin and Kensington, as well as the rest of the region. In 2011, Meriden was named one of the Most Playful Cities in America because of the number of parks and playgrounds. Meriden was one of three Connecticut cities or towns chosen as America's 150 most playful. Meriden received a $20,000 Let's Play Playground Construction Grant (only 20 of the 150 chosen US cities received the grants). The grant was folded into a larger citywide project: The City Park and Brookside Park Revitalization Initiative; which renovated the two adjoining city parks. 2019 POCD states: Meriden has tremendous parks and recreation resources with some of the best urban hiking in the state. Fields used for recreation are generally well utilized and largely meet current demand. The next 10 year priority should be to maintain, enhance, and promote the City’s existing facilities before developing new resources. It recommends maximizing the value and use of the City’s extensive community resources, such as it’s public parks, prominent views, and forested open space.

Hanover Pond Cathole Mountain Giuffrida Park Brookside Park

32 Section D. Meriden by the Opportunity Zones

33 The Opportunity Zone Overview “It’s all about the City Core & its Connections to the World” The OZ is based on 3 Key Census Tracts 1701, 1702 and 1709. In addition to their individual values, these tracts are also part of the successful two-part planning process the city began over 10 years ago. First, the city began developing and planning its TOD district in 2006, which included a complete re-evaluation of many city priorities, including zoning, permit processing and establishing the Downtown Historic District. Second, was the Choice Neighborhood (CN) planning process that involved large and small institutions city-wide and the concerned public, led by MHA and the City, who received the $1M CN grant to choose and plan desired outcomes for the city and its citizens. The CN process took place over 3 years and got universal support and “buy-in”.

1701 and 1702 are in the TOD, close to Meriden Green, the Transit Center & the new mixed-use developments. 1702 is Meriden’s Historic down- town, qualifying for Historic Tax Credits. An older neighborhood, its large homes are planned for energy retrofitting and rehab. 1709 is more underdeveloped, as it includes the city’s 2 largest industrial era sites which, with the City and MHA’s revitalization efforts, will become a key re-development area. Currently, major state-funded brownfield mitigation of these two sites is underway. The goal for these tracts is to transform these post-industrial sites for new development, and to energy retrofit the neighborhoods as workforce cluster homes with easy access to the Transit Center, jobs, services, and amenities.

OZ Numbers • 3 Zones/3 Census Tracts • 3% of City by Sq. Miles • City Population: 60,241 • 8% of City Population • OZ Population: 4,866 • County Population: 860,435

34 Opportunity Zone Groups (Census Tracts) Meriden OZ Sectors Descriptions of Sectors

Meriden’s 3 Opportunity Zones are 3 Census tracts (1701,1702 & 1709). Median Household Income has risen in all three, from 2013 to 2016. Census Tracts 1701 and 1702 focus on areas that have already begun new growth in the last 5 years, and promise projects with relatively short timelines to high ROIs. The city chose OZ areas that are “up and coming”, with several “shovel ready” projects. Each tract also has unique features that makes them prime candidates for OZ investment. In Tract 1701 household income went from $24, 506 to $28,782 in 5 years (up $4,276). It’s the center of the TOD area, very near the Transit Center and Meriden Green. New development around them has already begun (24 Colony St., Meriden Commons I & II, and 11 Crown St.). Income in 1702 went from $17,907 to $25,259 (up $7,352). It is 3 groups: • Group 1 has two I-691 exits; a park and elementary school, some older neighborhood retail and mostly individual single-family homes. • Group 2 is homes, apartments and retail at the east/west edges. • Group 3 is the historic downtown business district; mostly apartments and multi-family housing along West Main St., the state road to The Opportunity Zones overlap with the TOD and Middletown and Waterbury, or along Colony St., the main road north. AOD districts where redevelopment has been a focus. The OZ/TOD/AOD area is densely populated Census Tract 1709 offers great investment opportunity in the last large as evidenced by the low vacancy rate. Such a low factory space left by the Silver Industry. 1709 income went from $39,063 vacancy rate indicates a very tight multi-family to $51,957 (up $12,894). Besides homes (many split into apartments) and rental market – a favorable trend for new TOD small retail, it also has 2 major sites for redevelopment; the 60,000SF residential construction. abandoned former hospital (now 1 King St.) and the former International Silver’s Factory H (now 116 Cook Ave.). Also, non-family households are growing faster than family households. Those households Population in 1709 decreased from 2010 to 2017, from 6,533 to 4,866 represent the greatest demand for rental housing; (decrease of 1,678); due to age and condition of some of the older stock. the types of units which would be developed in With the new major redevelopment, the neighborhood plan is for energy the TOD area. retrofitting with some rehab work for these very savable 1920-40 homes.

35 OZ Socio-Economic Overview

Stats Black Hispanic Foreign % Families % ED % Some % No HS % Under % Over Unemployment Born Below Poverty BA+ College Degree 18 65 #s Level • County 112.152 148,446 103,028 8.3% 34.6% 17.3% 4.0% 20.8% 16.2% 35,377 • City 6,777 14,537 5,114 6.9% 22.5% 18.3% 4.7% 17.5% 16.5% 2,393 • State 376,240 551,916 511,893 10.1% 38.4% 17.0% 4.2% 21.2% 16.0% 140,712 • US 40,610,815 56,510,571 43,028,127 14.6% 30.9% 20.8% 5.4% 22.9% 14.9% 10,560,305

• The most common racial/ethnic group living below the poverty line is White, followed by Hispanic/Latino and Black/ African American.

• The ethnic composition of the population is composed of White (63%), Hispanic (25.2%), Black or African American (8.6%), Asian (1.57%), and Mixed-Race (1.51%). • The Hispanic/Latino population is the 2nd largest ethnic group. The percentage of Hispanic/Latino population in Meriden is greater than New Haven County (16.8%) and the United States (17.3%). The presence of a large Spanish-speaking population is an important consideration as part of communication, outreach, and other social services provided by the City.

• The most common foreign languages are Spanish (10,376 speakers), Italian (703 speakers), and Polish (687 speakers).

• In 2016, the median age of all people in Meriden, CT was 41. Native-born citizens, (median age, 40.3), were generally younger than foreign-born citizens, with a median age of 44.6.

• Many training and train-to-hire job opportunities are now available in downtown area. For example, Midstate Chamber ran a very successful job fair at 24 Colony St. in 2018.

36 The TOD and OZ Expands Around Downtown Planned Downtown Housing & Retail Development

Performance at Meriden Green Amphitheater

37 Current & Proposed Development On Meriden Green Projects “On the Green” 161 & 177 State St. The City has selected Pennrose Properties and the Cloud Company, LLC for further development on the Meriden Green. Three pads on the Green will be developed as part of a 2-phase, private development (2 market-rate apartment buildings and a café.) Phase I (161 & 177 State St.) is a mixed-use development that includes 90 housing units (72 one-bedroom,18 two-bedroom), 8,400 sq. ft. of ground floor retail space, a 3,500 sq. ft. ground floor restaurant, and 87 parking spaces. Phase II Pratt Street is also a mixed- use development that includes 80 housing units (64 one-bedroom and 16 two-bedroom), 3,500 sq. ft. ground floor retail, a 3,000 sq. ft. ground floor restaurant, and 75 parking spaces. Also in Phase II is the Pavilion Café, a 1,600 sq. ft. restaurant with a 7,500 sq. ft. Mixed-Use, 6500 sf of commercial, patio opening out onto the Green. Pratt St. and the Green are also being rebuilt as the 75 residential units. Planned for new Gateway into downtown Meriden from two I-691 exits, each less than a ½ mile away. 2022, by the Meriden Commons II & II developer, looks west from 11 Crown St. corner of State and Mill Streets. Pratt St.

81-unit mixed-income housing This area on the Pratt St. side of the redevelopment on the site of the Green is left for future development. former Meriden Record-Journal Pratt St. is the “Gateway” to the City, building; 64 affordable units Pavilion Café: Part of as the main entrance from the city’s (some set aside for transitioning Phase II. A 1,600sf. light- largest interstate exits. The other from homelessness) along with menu restaurant with a side of Pratt St. across from the 17 market-rate units. Ground 7,500sf patio overlooking Green has several underutilized was broken in Feb 2019; project the “Green”, completes buildings that can be revitalized for will be completed in mid-2020. the Pennrose projects. residential and/or commercial use.

38 Section E. Opportunity Zone Investments

39 Part 1: The Historic Downtown District

Meriden’s historic downtown area is centered along a ¼ mile of retail, commercial and public buildings on W. Main St. and a ½ mile of Colony St. Well preserved through the 50 year “post industrial era”, it now features many buildings with over 90% residential occupancy and over 60% commercial occupancy; some now need new investment. Several other unoccupied buildings or sites are also redevelopment ready. It is a registered state historic district, qualifying for state and federal Historic Tax Credits. While a focus is on residential units, several mixed-use developments are also planned. 143 W. Main St. will have an 800-seat music/performing arts theater, adding to an area that already includes the local YMCA, and new businesses such as the Silver City Ballroom at 16 Colony St. With more foot traffic from these and more tenants, there will be a need for services and entertainment, which new commercial spaces can provide. Restaurants, cafés and AOD shops are a small example of some proposed businesses for the revitalized downtown area. 40 AOD & Retail Development in the Historic Downtown OZ plans will add 90,000 commercial SF over 10 years; but only 40,000SF now; 25,000 SF of it is AOD (Arts-Oriented Development) at 143 W. Main St. and its Music Theatre. “143”: Partnering with national promoters, the 800-person Music Theatre is guaranteed 80 nights/yr. of major national acts; some making live-audience video (which promotes the 143 W. Main city); and 250 local or regional music, theatre, dance, comedy or community events. The “lobby” is a licensed café open daily to 2am. The Artists Network developed AOD’s in Ann Arbor, Pontiac and Detroit, MI; will build on current city AOD retail in 3 stages. 1st: “143’s” exceptional acoustics and integrated live film, video/digital/sound recording capabilities, allow national or local acts to record live-audience shows, in an intimate, technologically-sophisticated setting. Shows, recordings, day and night rehearsals and 24/7/365 tech needs will create a bee-hive of activity that anchors an “artistic colony.” 2nd: The first arts suites are owned or recruited by 143’s management group, and directly relate to the theatre; a recording studio, a digital film studio/editing suite and 2 dance/ yoga /tai chi/Lamaze/etc. studios that are also rehearsal spaces. These two studios, managed by Music Theatre the “Y”, will bring hundreds of people into town daily for various activities 3rd: Leased spaces catering to music and arts audiences, and artists: a designer fashion boutique, a small art gallery (using all of 143’s walls, with monthly shows), a typical music store, and a light food spot that hires artists. These build on the “arts colony”, anchor other AOD retail, and compliment the W. Main and Colony TOD. Some studios and apartments at 143 WM, Mapleview (behind 143), and 88 WM (across the street) are designed for artists working at 143, further fostering new AOD business. - 143, MEDCO, the CoC and the City will also sponsor downtown “pop-up galleries”.

A University Extension: The OZ can help overcome a recent setback. Middlesex Community College, formerly located at 55 W. Main (#3) with 1,000 weekly student visits, 143 W.55 W.Main Main St. moved to share space at Platt High outside of downtown, losing that student business. The OZ Board, the city and MEDCO are now seeking an “extension” campus from 1 of 11 nearby colleges or universities: 55 W. Main (Pg. 45) or 20-30 W. Main (Pg. 46) are potential sites. City & MEDCO Will Promote Meriden Advantages to Attract Local Business: - Easy Rail access for customers from a 60 or a 100 mile region, as well for workers. - Very low energy cost, renewable energy systems (important to younger customers). - Incentives: Finance interest incentives, brownfield and storefront assistance; more. - New renovation with the look and unique feel of well-retrofitted historic buildings. - Free downtown street parking, nearby Transit Center parking and free hi-speed wi-fi. 41 1a. 143 W. Main St. Campus Catalyst Project (Shovel Ready)

Mapleview Apartments

MHA’s downtown Catalyst Project anchors and expands a successful city AOD Behind 143 WM, this $15 Million, 40 KSF program; blending an historic library and a new 5-story building. Its lower 2 site has 42 new mixed affordable or market- floors of arts-oriented commercial space compliment an intimate 800-seat rate housing units, and 8KSF of office space; music theatre. Its wrap-around balcony and close seating, has superb all within the 143 WM micro-grid. acoustics for “loud” or “listening” music, or non-amplified events. Its sound, video/digital recording set-up will attract artists looking to record their work, live. Besides 80 nights of “sold out” national and international acts, it will host 143 WM 1st Floor Plan local and regional music, comedy, theatre and dance; and act as a Downtown Conference Center. It will create 200 jobs. Arts studio and support space planning is detailed on the last page. Three floors have 54 mixed-rate and affordable apartments; a rooftop bar & grill for events (with a panoramic view of the city); and a Solar PV, Geothermal HVAC, Co-generation renewable energy micro-grid. The city is supporting this as its Catalyst Project; and MEDCO’s board has expressed its support to push the project to fruition in 2021.

110,000 SF Project Cost: $46Million Subsidies: $24Million

143 West Main 800 Seat Music Theatre with Balcony Historic 800-Seat Music Theatre Library

42 1b. 143 WM Extension - St Joseph School, Extension & Rectory

Historic St. Joseph Rectory

New Addition Site

School & Rectory: This Extension to the 143 WM Campus combines 2 historic and 1 new building into MHA’s downtown catalyst project. Initially planned as a new high- tech charter school, with an extension built on the current parking lot over new underground parking, a second plan will create 16 units of high-quality market rate apartments in the school, and up to 12 more affordable units in the Rectory, as artist work/live studios. Historic St. Joseph School New Construction: Whether built as a school or to continue 143 WM’s AOD theme, this new construction would have a 20-car underground garage below 2 floors of new construction. Due to the height of Maple St. going up a steep hill, parking could extend under Maple to connect with underground parking at 143 WM. This would create more usable parking for 80 cars. The expected combined costs for all three buildings is: Historic School: 22KSF, needing modest rehab: $2.2M* Historic Rectory: 12KSF, needing modest rehab: $1.2M* New Construction: 30KSF with parking deck: $8.5M * Qualifies for 45% Historic Tax Credits. 43 2. W. Main St. Mixed Housing & Retail 2. 88 W. Main St. 2a. Possible Plan for 86 W Main St. Extension

This $4M, 18KSF historic renovation Adjacent to 88 W. Main is a driveway for rear parking, a 1-story retail optometrist and brings one of Meriden’s finer 20th a diner. MHA will buy the land to add a building to “match” historic 88 WM. It is a Century mainstay buildings into the $9M, 15,000 SF project with 12 affordable housing units on 3 floors, 1 floor of retail 21st Century; adding 10 units of and 6 studios in a full, windowed basement, with rear access due to the site’s slope. It new housing to 2 occupied can include the diner, or be completely redesigned to add a new building of equal size. storefronts, & 5 lower-level, 400SF artists studios. Across from 143 W. 2 Possible Plans for 88 W. Main Extension: Main, it will increase the city’s AOD 1) A new 40’x75’ building is separated from 88 live-work and studio spaces. The WM by a 5’ sidewalk and 1-way, 12’ driveway. city has a large and growing arts The 2 parking lots that now hold 22 cars are community; as affordable, available combined to increase capacity to 30 cars. space has attracted artists from . Red square shows the footprint of new more expensive cities. extension building. It can be connected to 88 W. Main by a 2nd and 3rd floor “bridge.” Floor 1 will be left as is; floors 2-4 . With the “bridge,” the buildings can connect will be re-designed as 1- and 2- by an elevator at the rear of 86 Main St. bedroom apartments; upgraded . with modern, renewable energy Blue shaded area includes a city-owned lot that could become part of the parking lot. City sources (geothermal HVAC, solar would need to approve. PV, and possibly Co-gen with the extension (2a). 2) A narrower extension can replace the current optometrist office, keeping the diner in place. 44 3. 55 W. Main St. Mixed Housing & Retail (Shovel Ready)

This historic, 5-story, 30,000 SF building is centrally located in the Downtown TOD and Historic Districts, and borders a 15,000 SF park. It was completely renovated in 2013 for Middlesex Community College, but the college moved out in 2018. The current plan is to keep the 1st floor commercial, & convert floors 2 – 5 to residential units (studios, 1 & 2- bedroom apts.) Could also be used to help recruit a university extension. The 2013 rehab leaves only minor up-grades for either. Current cost estimate for apartments is $2,872,012.

45 4. 20-30 W. Main Street: Old & New Redevelopment Projects

This 2-acre site has several potential uses; comprised of 3 buildings (50,000SF) and a 2/3rd acre lot, on a parcel at the very center of downtown Meriden. Bldg. 1 is a 2,300 SF space owned by one of downtown’s busiest local developers. Formerly owned by a jeweler who retired, it has only been vacant since 2018 and is in very 2 good shape. The owner has a grant in place for historic façade improvements. 1 3 LOT Bldg. 2 is the City’s active Senior Center. Bldg., owned by the YMCA and used for community activities. It benefits from having retail frontage on W. Main St (front) and Hanover St. (rear); 2 stories on W. Main, 3 stories on the Hanover. It’s in good shape. An adjacent 2/3rd acre city-owned lot is not for sale, but part of it – leaving space on the Police Dept. side – could become part of a well-planned project, or be used within a project as outdoor seating/patio space. The City, the Y, and the developer could partner to renovate, improve, and possibly expand the complex.

This is a site looking for direction in a key downtown location. Currently, the site will at least expand with the reuse of Bldg. 1. Bldgs. 1 & 2 can both be increased in height, up to 2 additional stories, to expand both local retail, commercial and office space, or other activities. A portion of the 240’x120’ lot could become part of a 100,000 SF commercial building in the heart of the city.

A larger goal that could dynamically affect downtown business growth, is to work with one of several CT universities or colleges, especially those along the 50 miles of train-line from Hartford to New Haven, to bring an extension campus to downtown Meriden. Educational institutions are doing this elsewhere in the state, and no other city is more centrally located to the state’s population base. (See “20 Minute City”, pg. 24), with the train station 1 block away.

<<< W. Main Side

Hanover Side >>>

46 5/6/7. Colony St. & Railroad Ave.: Partnerships & Redevelopment

1–21 Colony St. Buildings & Lots. Picture (left) shows view toward Main St.; picture (right) looks from Main St: • 1-3 Colony is a successful retail and office building but needs significant energy and architectural retrofitting. • 5-19 Colony St. are currently grouped into 2 development projects, with retail on Main St. and possible housing on floors 2-4. As the properties on this side of Colony have a steep drop to the railroad tracks on the back side, the rear of all buildings in this block, also have a “basement” on Colony that is “1st floor retail” in back. • 21 Colony is owned by a successful local builder, who plans for two floors of retail (front and back), and 12 units of 1- bedroom and 2-bedroom possible affordable housing (with MHA as a potential partner) on three floors.

Railroad Ave. The Rear of 1-21 Colony St. Along the Rail Line, & Facing the Park This picture shows “Railroad Ave.”, the backs of 1-21 Colony (above). Here, the 1st floor is the basement level on the Colony St. side. The “Ave.” is at sidewalk level along the Transit Center side. (Due to the steep slope, Colony St. front basements can be “1st floor retail” on the back.) The wide sidewalk along the train tracks makes these buildings very attractive (with 2 floors of sidewalk retail), when the TOD area is developed further. Since trains going south to New Haven/NYC or north to Hartford/Boston increased from 5 to 32 trains/day, train users and pedestrian traffic have increased significantly. Also facing Meriden Green, “the Avenue” will eventually be an active retail spot.

47 5/6/7. Colony Street: Partnerships & Redevelopment (Shovel Ready)

7. 21 Colony Street (Building) 6b. 9–13 Colony Street 19 6a. 5–7 Colony Street 5. 1–3 Colony Street 21 Colony St. is a 15KSF historic Colony St. (Lot) Owned by local realtor and The building’s 5 floors renovation with 12 units of work- Has one 3-floor and one 2- developer Ross Gulino, a have had active tenants force housing and 2 retail floors: floor section. Now vacant, the participant in the OZ Fund, the for several years. The one fronting Colony St., a main OZ Fund team plans to buy it, building’s 3 floors and full basement, which fronts commercial artery, and a rear stabilize and upgrade it with basement are partly occupied. both E. Main St, and the “basement” floor of retail facing renewable utilities to recruit a Mr. Gulino, with support from Railroad Ave., has been the train station; ideal for a café developer to build market- the OZ Fund, is working to re- unoccupied. It’s in need to serve customers for 32 trains/ housing with 2 floors of retail develop at least 5-7 Colony. of energy systems and day. Owned by LaRosa realty. below (with Railroad Ave.) Expansion is possible. other retrofitting.

There are several possible plans here. MEDCO, which is dedicated to increasing retail development can partner with individual owners, or combine ownership into 1 or 2 parcels, and renovate them to mixed-use buildings with 2 levels of retail on both the Colony St. and Railroad Ave., and workforce housing apartments on the above floors. Located in the middle of the commercial development in the Colony St. Historic and Transit Oriented Districts they are redevelopment ready, they will be ideal to service patrons using the adjacent Meriden Transit Center; or for the next phases of development, as the results of the TOD are realized. Local rail ridership using the Transit Center has met its 5-year goals in the first 18 months.

48 8. 61 Colony St. & Lot This 20,000SF building has a beautiful historic storefront, and full basement that is also a 1st floor for retail from the Colony Lane side. It has only recently come on the market. Adjacent is a 1-story building with basement (5,000SF) and a 200’x 50’ lot that spans from Colony St. to the railroad tracks. No current plans exist for this site.

9. 109-121 Colony Redevelopment Zone This is one of few large vacant parcels in downtown’s historic district. It includes a 221’ x 174’ open space, nearly an acre, and an empty building in need of rehab (red outline); with associated nearby space used for parking. This all borders both the retail and remaining manufacturing in the district. This red outlined area has 224 linear ft. fronting Colony St. that could be retail, and 224 linear ft. along the rail line that could tie into the manufacturing area just to its north. The open space is now used as needed parking, so any use must address that. Vacant Commercial Building The vacant commercial building (within red) fronts 24’ on Colony St. It can be restored, and qualifies for historic tax credits. Any future development Open Space with plans here are still in progress. Vacant Building Also included is a vacant building (outlined in blue), not on Colony St. 4-story, 50’ x 100’ in a manufacturing area, it’s currently used for cold storage. Qualifies for an HTC; has great potential.

49 Grove & Church Streets (Possible Energy Campus) This site, 22 Church, 16 Colony and Energy Campus are in a 4-acre square and will share one geothermal field. 10. Grove St. This 3.6KSF building is currently an active church. The building needs renovation and new energy systems. Current plans include renovating it for a similar purpose, for new commercial use or as a downtown energy incubator facility. It qualifies for federal historic tax credits and possible state credits. The expected budget estimate is $800,000 to $1 Million. Capital gains from energy businesses, with high ROI potential, are also covered by the OZ tax exemption. The L-shaped 18,000 SF lot alongside Grove St. has no current plan but, as one of a few empty parcels in the downtown area, it would be a good location for a new job creating business. With an Opportunity Zone investment in a new business, and with the support from MHA, this is currently planned as a 2 story (36,000 SF) structure that would have a up to a $7 Million Budget. But, in the center of the business district, it may also be the site for the downtown Induction Energy Plant & Micro-grid (See Pg. 51). This use would include a small utility substation, distributing power throughout downtown. The City owns plots of land at 84 and 88 Grove St., which could be used for the energy plant.

11. Historic 22 Church/16 Church (Shovel Ready)

22 Church St. is MHA’s 8,000 SF historic office building. No major renovation is needed. But, as it is very energy in-efficient, a geo-thermal HVAC system is planned (shared with 16 Colony St.), with new LED lighting and rooftop solar. The expected budget is $800,000. An HTC could add other improvements. 16 Colony St. is also an historic building owned by MHA, with which it shares a parking lot. MHA partially renovated it in 2017 with a new roof, for a regional lighting design business that also stages events (such as weddings or concerts) promoting its lighting systems. Additional work is needed, including a new geothermal HVAC system and rooftop solar. The energy budget of $900K, could be increased to make improvements that allow for better interior space use.

50 12. Historic Church St. Campus: Church, School & Rectory (Shovel Ready)

This beautiful campus was recently purchased. Plans are still forming. Directly across from MHA’s offices, 12a is currently planned as housing with 1st floor public facilities. The church is being used again as a church. The rectory will likely be housing or office space. All qualify for 45% federal/state Historic Tax Credits. The lot may house a downtown greenhouse & restaurant.

12c. Rectory: Well preserved with 12a. The School: Recently sold, this historic interiors. At the top of a hill with may become downtown housing. This a sloping lawn, it looks over the solid, 9,000SF building needs little major downtown TOD area. Just vacated, plans renovation, just repurposing. Its 24 are in flux, but will likely be energy interior spaces are a variety of sizes to campus housing and offices. serve many different family sizes, or 12b. Church The main floor businesses, if used as office space. The For minor interior renovations with new st and its 40’ ceiling is already being current plan for the 1 floor is as public used again as a church. Its well- renewable energy systems, the likely assembly space, such as a banquet hall. windowed basement has an budget is $3 Million. It will have significant solar tax credits (for the Funds are already being spent, but up to assembly room and kitchen. It greenhouse) and Historic Tax Credits. $2Million in renovations may be needed could also have other public and to maximize the facility’s sustainability community space. 12d. (Not shown). This is a City owned and specific site work. The campus as a $1M is budgeted for updating parking lot. MHA, working with the city, whole could have geothermal HVAC, the facility for modern public could install solar carports with possible solar PV, co-generation and other assembly requirements and to solar electric car charging stations. More “cutting edge” energy systems. update its energy systems. discussion with City needed.

51 Part 2: City of Meriden OZ Projects & Other Sites 13. 116 Cook Ave. (Formerly Factory H)

14. 1 King Pl. (Old Meriden-Wallingford Hospital)

The City finished a hazardous materials abatement on this Located on Harbor Brook, and right on the railroad track for 327,600 SF site, and is a business with possible freight needs, this 10.3 acres is the in negotiations with former International Silver’s Factory H. It has been partially preferred developer, 1 remediated by the City. The site includes two parcels of King Place LLC. A mixed land. The factory at 77 Cooper Street was demolished, with use project is planned. only a former 4-story, 72,472 SF medical office building at Encircled by a neighbor- the abutting 116 Cook Street left standing. The City is in hood of older homes, negotiations with a preferred developer for this former this estimated $34M industrial site. The City is prepared to maximize its support project will remake the for appropriate development on this key property. OZ’s south end.

52 Opportunity Zone Housing - Energy Retrofitting 15b. North End of Opportunity Zone (Tract 1702) Meriden’s Opportunity Zones also include some older but very valuable housing; about 100 homes on the West Edge (15b), and 300 homes each in the North Side (15b) and South Side (15c) of the OZ . Built during the heyday of Meriden’s industrial boom, they are widely diverse neighborhoods of larger, individual 2 to 6- bedroom homes, some divided into apartments.

OZ Investment would perform energy retrofits, installing district- wide geothermal HVAC, limited solar (due to many trees), LED lighting and some windows and insulation. For 500 of 700 homes, a ~$10M budget will be immediately reimbursed, ~$5M in energy subsidies and rebates. Set up as a large PPA fund and working with the city and MHA, the investor owning the equipment for 6 years (for the subsidies) is repaid with high ROI over 10 years with one annual payment from the fund, which collects from the homes.

15a. West Edge of Opportunity Zone (Tract 1709) 15c. South End of the Opportunity Zone (Tract 1709) All 3 areas are untouched by city development. As family-oriented neighborhoods, not in historic districts, they do have iconic examples of early 20th Century homes that should be preserved. An investor sponsored plan to update sections of these areas, with the city offering home owner incentives and perhaps making HTC’s available, could be a valuable addition to the energy retrofitting program. Based on AEG/NERE’s experience in Meriden, some retrofitting costs could be included in the city energy PPA fund. 53 Part 3. Opportunities In and Out of the OZ

Investments Outside the OZ: The OZ regulations allow investment outside of an OZ of up to 25% of the investment in an OZ Fund or an OZ Project. So, for example a $4M investment in properties in the OZ, could include $1 Million in a property outside the OZ. And in terms of the overall OZ Fund, if $100 Million wasI raised, up to $25Million could be spent on projects outside the OZ. The following are examples of priority areas that could become part of such an OZ Investment package.

16. 5 Blocks of W. Main St. (Just Past the Historic District) 17. 70 Britannia St. OZ census tract 1709 extends 3 blocks farther on the south side of W. Main than tract This 6-story, 100,000 SF factory has 1702 does on the north side. The 3 blocks to the left (in blue), on the south side of W. been unused for 10 years. It is a typical Main ARE in the OZ. The 2 blocks to the right (in red) , on the south side are NOT in turn-of-the-20th-Century, New England the OZ. All 5 blocks on the north side of W. Main (in green) are also NOT in the OZ. industrial building located just behind a But several property owners along this section – just outside of the Historic District – major intersection (below). No current are very interested in redeveloping these properties, most of which are very actively plans for the site, but being considered leased and used, but very inefficient in terms of space and energy use. as a vertical-farming greenhouse.

54 MHA Non-OZ Projects 18. Pomeroy Gardens: 2019/20 19. Yale Acres Community Center: (Shovel Ready) 22. Quarry Lane: 2021-23 (2020-21) (Shovel Ready)

v This $8M, 45,000 SF project is 42 units of new construction for tenants This 28KSF, $12M facility is the hub of YA’s at 80% of AMI. With a Navigator micro-grid. It keeps the utilities on in a Predevelopment Loan, and seeking a blackout, is a Warming Center, and offers 4% LIHTC award. It features solar, services and programs for YA residents & geothermal HVAC and Co-generation. neighbors, such as a health and day care, recreation facilities, a community kitchen, 20. Community Towers: 2020 v bank, drug store outlet and a greenhouse.

21. 34 Maynard Rd: 2022

MRC is planning this 22-acre site in the foothills of Meriden Mountain, with 2 spring-fed ponds at the north side of town near MHA’s Chamberlain Heights and I-691. It will have 27-30 market- This 221 Unit Senior high-rise needs a rate homes and 60+ market rate and $2M completion of its added 2011-15 This 10KSF, 2-acre home of MRC and NERE affordable town houses. All will be energy systems (geo-thermal HVAC, is an under-used facility. It needs a $1.5M highly energy efficient and make up new Co-gen) as part of an $8M total energy & use-based retrofit to increase its their own “off grid” micro-grid. HUD/RAD program rehabilitation. income and rental areas. 55 Part 4: Energy Company Investments & the OZ (Shovel Ready) Business investment also qualifies for the OZ benefit; offering tremendous ROI over 10 years, with: a) full 20% capital gains tax exclusion, and b) no capital gains tax on businesses profits. MHA has worked with technology providers on 4 energy services businesses that vertically integrate with MHA’s projects over the next 10 years. Each has high potential profits.

Clockwise from Top Left: 1) Amkin Drill Rig 2) GI.4 Heat Exchanger installation 3) Core Element, Induction Energy Plant 4) LUMA Solar Roof & Panel 5) LUMA Assembly Facility 6) Solar Greenhouse Model

The Eco-Park: Energy Business Incubator (Is also project #10) This site is planned as home to 6-12 energy-based companies developing practical solutions to energy challenges that affect buildings and address other national and global energy issues. Incubator offices and additional facilities can be available in other nearby buildings, if needed. The adjacent lot may also be home to a downtown micro-grid sustainable energy plant. Capital Gains tax investments in OZ businesses are also deferred or eliminated, based on the length of the term of the investment.

56 23. OZ Energy Business Investment (Continued)

B. Geo Drill & Heat Exchanger C. Solar Aquaponic Greenhouses A. Solar Assembly (SAG) Since 2014, MHA and its energy In 2012, MHA began using geothermal partners Advanced Energy Group (AEG) HVAC in all projects, installing The SAG produces twice as much solar and New England Renewable Energy Geothermal Innovations GI4 Heat electricity as it uses; which can be sold. Exchangers to reduce geo-field costs by With solar subsidies, the utility savings (NERE) have trained staffs to assemble can pay for most of the construction. the LUMA solar roof panels MHA over 30%. MHA gets a reduced price. installs on all its angled roof projects. NERE, AEG & GI are working to widely By 2020, 5 aquaponic greenhouses will be distribute this cost-saving technology to built in MHA projects; with at least 5 LUMA integrate mono-crystalline solar other PHAs. more in 2021/22. cells into a 60-year steel roof for other Public Housing Authorities (PHAs) MHA has now bought its own drill. AEG They provide fresh veggies and fish for and GI oversee its operation, and have 3 PHA tenants and have a high ROI, due to interested in a long-term solar roof. year-round growing conditions. Lower than the cost to install both solar years of ongoing use already scheduled; and steel roof. In 2019, AEG is working 50% of its use time is available to sell. It ROI is further enhanced by efficient with the US DOE to incorporate solar makes $600+K/Yr. just on MHA projects. energy systems not previously used in hot water under the steel panels, greenhouses, reducing very high costs by Investment is needed for full drilling over 80%. improving net revenues by over 20%. company equipment requirements. The EPA states that Building Integrated SAG company gets royalties, a percent of Solar Roofing is the fastest growing ROI: 70.5% over 10 Years. net revenues, and the “sale price”. segment of the solar industry. Work Already Scheduled ROI of 280% over 10 Years. ROI: 208%. Over 10 Years. 2019: Bores-304 Tot Rev: $1.2M Work Already Scheduled Work Already Scheduled (50% Scheduled) Net Rev: $426K 2019/20: Units-5 Total Rev: $1.2M 2020: Bores- 526 Net Rev: $1.1M 2019: kW-1,050 Tot Rev: $1.47M Net Rev: $426K (40% Scheduled) Net Rev: $500K Net Rev: $441K 2020/21: Units 5 Net Rev: $1.1M 2020: kW-1,300 Tot. Rev: $1.24M 2021: B0res-640 Tot Rev: $740K Net Rev: $500K Net Rev: $403K 25% Scheduled Net Rev: $403K 2021: kW-2,230 Tot. Rev: $2.12M 2021/22: Units 5-9 Total Rev: $740K Net Rev: $850K Net Rev: $403K

57 23D. The Downtown Meriden Micro-Grid

MHA and Eversource, the region’s Investment in a Downtown Plant primary utility company, are working on plans for an Induction Energy Plant; $5.7 Million (Plant & Micro-Grid) Eversource offering to build a new sub- 10 Yr. Gross Sales: $236.12 M station at the plant location to put a 10 Yr. Net Revenues: $57.51 M new 24-36M kWh into Meriden’s “grid”. ROI: 294% over 10 Years. MHA and the City plan to install a plant Other Work Already in Planning to serve the central TOD/OZ area. Due to an abandoned energy plan with Enron, 2019: Units-1 Tot Rev: $4M the downtown area does not have its Net Rev: $1.1K own sub-station, and so is inadequately served. The energy infrastructure for the 2020: Units 1 Tot Rev: $4 M downtown would be completely re- Net Rev: $2.2K vitalized. It will take 3 years to build-out. 2021: Units 2 Tot Rev: $8MK Net Rev: $8.8.K Potential OZ sites for a Downtown Induction Energy Plant, Micro-Grid & Substation Induction Energy Plant (IEP) Core For 2 years, MHA has worked with PENV, The Financial Summary (pg. 59) a Nevada energy company on an separates the IEP & Micro-grid. The Induction Energy Plant (IEP) Micro-grid Grid partners includes the utility at its Yale Acres complex, to be used as a company (Eversource) in a leading model for a number of additional micro- role. It will install the sub-station, grids MHA is planning with PHAs in and the micro-grid in sections. other cities; first in CT, then other states. This new use of old technology can Induction Energy helps maximize power produce 36 Million kWh of elec- on nuclear submarines. Otherwise, it’s tricity/year at ~4¢/kWh, in a 15,000 been ignored as an energy source. The SF area, with no pollution, noise, or first large Induction Energy Plant is now fumes; water is its primary need to being built in Nevada, financed by Pfizer. produce steam. Medical quality distilled water is a by-product. Enron’s 2002 scandal stopped a large energy plant being built north of The company formed to build this, downtown that would also serve 4 Community Power-Meriden, can adjacent cities. This left downtown also provide heat to make down- Meriden as an electricity “brown-spot”. town Meriden streets and sidewalks (Other area plants have to direct energy “snow-free”. It can also add Cable to downtown Meriden at peak hours.) TV, Internet and other services. 58. Part 5: Summary of Investments Energy Businesses Financial Summaries Business 2020 2021 2022 2023 2024 2026 2027 2028 2029 2030 10 Yr Total Investment A. Solar Assembly 1,500,000 * * * * Sales based on Current planned MHA & MHA partner Projects Solar Sales* 890,000 1,278,000 1,990,000 2,465,000 2,588,250 2,717,663 2,826,369 2,911,160 2,969,383 2,999,077 23,634,902 Sol Thermal Sales* 200,000 73,000 420,000 700,000 735,000 771,750 802,620 826,699 843,233 851,665 6,223,966 Royalty% 109,000 135,100 241,000 316,500 332,325 348,941 362,899 373,786 381,262 385,074 2,985,887 Net Revenue 436,000 540,400 964,000 1,266,000 1,329,300 1,395,765 1,451,596 1,495,143 1,525,046 1,540,297 11,943,547 ROI @30% of Net Rev 0.09 0.11 0.19 0.25 0.27 0.28 0.29 0.30 0.31 0.31 2.39 B. Geo & Drill Comp. 1,250,000 * * * * * Sales based on Current planned MHA & MHA partner Projects Sales/Installation* 347,400 630,000 555,800 555,800 583590 612769.5 643407.98 675578.37 709357.29 744825.16 6,058,528 Sales/Installation 156,330 441,000 583590 444640 466872 490215.6 514726.38 540462.7 567485.83 595860.13 4,801,183 Royalty% 40,298 85,680 91,151 80,035 84,037 88,239 92,651 97,283 102,147 107,255 868,777 Net Revenue 185,373 394,128 419,296 368,162 386,570 405,899 426,193 447,503 469,878 493,372 3,996,374 ROI @60% of Net Rev 0.09 0.19 0.20 0.18 0.19 0.19 0.20 0.21 0.23 0.24 1.92 C. Solar Greenhouse 1 4,750,000 * 2 3 4 5 6 6 6 6 6 45 Sales/Installation 2,400,000 6,100,000 11,250,000 13,650,000 16,050,000 17,000,000 17,850,000 18,742,500 19,679,625 20,663,606 143,385,731 Net Revenue 480,000 1,220,000 2,250,000 2,730,000 3,210,000 3,400,000 3,570,000 3,748,500 3,935,925 4,132,721 28,677,146 ROI @35% of Net Rev 0.04 0.09 0.17 0.20 0.24 0.25 0.26 0.28 0.29 0.30 2.11 D. Energy Plant** 1 7,500,000 *** 1 1 2 3 4 4 4 4 4 28 Sales/Installation 4,000,000 3,520,000 3,737,600 8,676,800 11,928,000 15,094,400 15,849,120 16,641,576 17,473,655 18,347,338 115,268,488 Micro-Grid Sales** 184,000 217,200 250,240 283,360 1,950,400 404,800 448,960 309,120 386,400 386,400 4,820,880 Net Revenue 1,255,200 1,121,160 1,196,352 2,688,048 4,163,520 4,649,760 4,889,424 5,085,209 5,358,016 5,620,121 36,026,811 ROI @25% of Net Rev 0.04 0.04 0.04 0.09 0.14 0.15 0.16 0.17 0.18 0.19 1.20 Total ROI 0.05 0.07 0.11 0.15 0.19 0.20 0.21 0.22 0.23 0.24 1.67 Total Investment 15,000,000 * Yr. 1-3 Solar Greenhouse Sales are already made, construction is pending financing approval. ** Finances the Downtown Meriden Induction Energy Plant and Micro-grid, and is paid back from energy sales. *** Future Year's Sales are based on new Induction Plant Sales 59 Summary of All OZ Investments A. MHA PROJECTS KSF $ Project LIHTC Historic New Market Energy Other Time- Opportunity Zone 1. OZ Projects or State Tax Credit (TC) TC (Net) Subsidy Subsidy line Investment 1 a 143 W. Main St. 110,000 44,000,000 13,200,000 3,735,000 5,200,000 727,560 590,000 2019-21 20,600,000 - Mapleview 40,000 14,500,000 4,800,000 0 553,500 420,000 2019-21 8,800,000 b St. Joseph School 22,000 5,040,000 1,638,000 235,833 200,000 2019-21 3,000,000 - Rectory/Housing 12,000 2,610,000 819,000 141,321 40,000 2019-21 1,650,000 - Parking Lot Ext. 35,000 9,500,000 2,200,000 553,950 200,000 2020-22 6,650,000 2 a 88 W. Main St. 18,000 4,000,000 1,890,000 219,600 120,000 2020 1,800,000 b 86 W. Main 16,000 9,000,000 720,000 0 0 299,700 120,000 2020-22 7,900,000 3 53-55 W. Main St. 55,000 3,000,000 240,000 100,000 2,020 2,660,000 5/6 3-19 Colony St. 60,000 3,000,000 1,350,000 500,000 240,000 50,000 890,000 7 21 Colony St. 24,000 6,700,000 1,188,000 500,000 278,640 120,000 2019-20 4,700,000 10 a Grove St. Church* 5,200 1,830,000 157,023 60,000 2020-21 1,650,000 * b Vacant Lot Bldg. * 48,000 10,750,000 3,225,000 3,000,000 552,912 100,000 2020-22 3,920,000 * 11 24 Church/16 Col. 17,000 3,700,000 1,080,000 141,321 75,000 2019-20 2,500,000 12 a Church St. Church 50,400 1,000,000 450,000 0 351,000 50,000 2019-22 210,000 b School 9,600 2,000,000 657,000 141,321 50,000 2020 1,240,000 c Rectory 18,000 2,000,000 0 900,000 0 141,321 75,000 2020 1,305,000 3,000 5,500,000 1,000,000 1,650,000 100,000 2021 2,775,000 d. Parking Lot (w/Solar) Subtotal OZ Projects 543,200 128,130,000 21,945,000 13,707,000 12,400,000 6,625,000 2,470,000 72,250,000 * Could be combined in one project. 2. MHA/MRC Non-OZ Projects 18 Pomeroy Gardens 48,708 12,200,000 3,660,000 1,100,000 250,000 2019-20 7,100,000 19 YA Comm Center 19,673 18,500,000 2,940,000 1,400,000 350,000 2020-21 13,830,000 20 Community Towers 151,843 8,000,000 1,000,000 760,000 140,000 2020-22 6,100,000 21 Maynard Rd. 14,040 2,500,000 700,000 400,000 60,000 2020 1,080,000 22 Quarry Lane 175,000 24,500,000 2,200,000 0 0 1,960,000 500,000 2021-25 19,640,000 Subtotal MHA Non OZ 409,264 65,700,000 6,860,000 0 3,640,000 5,620,000 1,300,000 47,750,000 TOTAL MHA Development 952,464 193,830,000 28,805,000 13,707,000 16,040,000 12,245,000 3,770,000 120,000,000 3 E. Energy Businesses (#23) a Solar Panel Ass. 1,620,000 50,000 2019 1,500,000 b Geo-Drill/Equip. 1,200,000 2019 1,250,000 c Greenhouses 26,000 8,500,000 1,000,000 2,380,000 425,000 2019-20 4,750,000 d Energy Plant 11,000,000 0 0 2,000,000 1,000,000 500,000 2019-20 7,500,000 Subtotal MHA Energy Bus. 26,000 22,320,000 0 0 3,000,000 3,430,000 925,000 15,000,000 TOTAL MHA PROJECTS 978,464 216,150,000 28,805,000 13,707,000 19,040,000 15,675,000 4,695,000 135,000,000 60 City OZ Investments & OZ Fund Operations

B. City/Local Developer KSF $ Project LIHTC Historic New Market Energy Other Time- Opportunity Zone OZ Projects * or State Tax Credit (TC) TC (Net) Subsidy Subsidy line Investment 4 * 20-30 W. Main St. 50,000 10,000,000 4,500,000 2,000,000 800,000 150,000 2020-21 2,550,000 ** 5 * 1-3 Colony St. 54,000 2,000,000 900,000 160,000 50,000 2020 890,000 6a * 5-7 Colony St.*** 4,000,000 1,200,000 1,800,000 320,000 30,000 2020-21 650,000 *** 6b * 9-13 Colony St.*** 4,000,000 1,200,000 1,800,000 320,000 30,000 2020-21 650,000 *** 6c * "Colony Lane" 2,000,000 1,000,000 1,000,000 8 * 61-63 Colony St. 25,000 3,000,000 900,000 1,350,000 240,000 30,000 2020-21 480,000 9 * 109-121 Colony St. 5,000,000 375,000 2,250,000 400,000 200,000 2021-23 1,775,000 13 * Factory H*** 72,472 22,750,000 3,412,500 0 4,550,000 2,294,650 825,000 2021-24 15,000,000 **** 14 * 1 King St.*** 327,600 112,500,000 16,875,000 28,125,000 22,500,000 9,598,750 2,326,000 2020-24 50,000,000 **** 15 * OZ Housing* 200,000 20,000,000 3,000,000 4,500,000 0 2,400,000 500,000 12,340,000 16 W. Main St. (some OZ) 200,000 4,500,000 220,000 360,000 500,000 3,470,000 17 70 Britannia St 100,000 2,500,000 0 625,000 0 200,000 500,000 1,195,000 Subtotal City/Local 1,029,072 192,250,000 26,962,500 46,070,000 30,050,000 17,093,400 5,141,000 90,000,000 Grand Total 2,007,536 408,400,000 55,767,500 59,777,000 49,090,000 32,768,400 9,836,000 225,000,000 * In OZ ** Includes funds to bring in Uiversity *** Can be combined in 1 project. **** Could be in Several Phases A 2-page, more detailed, project summary is available for each project presented; including expected revenues and returns. Opportunity Zone Management & Operations The current Opportunity Fund Board is comprised of Executive Representatives from MHA, the City of Meriden, MEDCO, the Midstate Chamber of Commerce, NERE and the YMCA, and local developers to be chosen. Two positions will be held for future involvement, likely to include banking and tax expertise. The final 3 positions must be approved by the initial board. OZ Fund Management will be financed by 1% to 2% of the OZ Fund Investment, which will be deducted from the projects funded by OZ investors. This will include funds for legal, accounting, overhead , management and other operational costs. Each individual project budget is expected to have that 1% to 2%, and its own OZ financing costs built into its OZ project budget. Board member organizations will have focus areas: MHA team – general operations, housing, non-profit financing; MEDCO – legal, accounting and financing; City of Meriden – planning & public interface; Chamber – promotion and incorporating OZ businesses into its committee structure; NERE – energy systems planning and retrofitting, and use of energy tax credits and subsidies; and YMCA – social services interface and planning. MHA will arrange for the initial operational needs and management team. 61 Moving Forward

The plan is to build an Opportunity Fund for these projects, as well as other projects that come forward. While OZ investors will also have the ability to only invest in certain projects if that is their wish, the plan is to develop an Opportunity Fund with an initial goal of raising $100 Million, prioritizing projects that are “shovel- ready” right now. MHA’s projects have already been listed by their priority. The Opportunity Fund partnership, led by MHA, also includes the City, Meriden Economic Growth Corp. (MEDCO), the Midstate Chamber of Commerce, New England Renewable Energy (NERE) and developers who have already invested in the city. As the plan is also to expand to other areas within the 30-mile region, regional representation will be included. MEDCO’s sophisticated legal and accounting team will take the lead in those key organizational elements, with MHA’s team leading OZ development planning. This package will go to potential Opportunity Zone investors. Fact sheets have been created on each listed project, and most have considerably more detail available as they are currently seeking funds or financing. Timing: MHA has already submitted the paperwork to form the Opportunity Fund, and is developing the legal and accounting team to assist and supervise the fund’s activities. As many of the projects are already seeking financing, for all intents and purposes the initial Opportunity Fund’s individual parts are already in operation while the organizational components are completed. There is No Doubt Meriden is Moving Many investors have already successfully invested in Meriden projects over the last 6 years. The Opportunity Team is now looking for other investors to join them, since the government now has made all the above – already-good-investments – so much more beneficial to all. Contact Information Rob Cappelletti: Executive Director Meriden Housing Authority [email protected] 860-471-7422 62