Governor Rell Announces Agreement Between State and UTC Regarding Future Development of Rentschler Field Site

Governor Rell Announces Agreement Between State and UTC Regarding Future Development of Rentschler Field Site

State Commitment of up to $12 Million for Infrastructure Improvements will Help Create 4,000 Jobs

TIF Approval Paves Way for Cabela's Project at Rentschler Field

Governor M. Jodi Rell today announced an agreement between the State of Connecticut and United Technologies Corporation (UTC) that will pave the way for Cabela's and other future developments at the 600-acre Rentschler Field site in East Hartford.

Governor Rell holds up a Cabela's brochure as she announces the news.

Governor Rell displays a Cabela's brochure at the event at Rentschler Field in East Hartford.

"After years of planning, it's ‘all systems go' for the development of Rentschler Field," Governor Rell said. "This agreement with UTC, and the state's investment of millions in infrastructure, will serve as the catalyst for all future development on this key piece of real estate. This is one of the more important economic development projects in Connecticut, one that will create thousands of jobs and serve as economic driver for the Hartford region."

Governor Rell was joined by East Hartford Mayor Melody Currey at the announcement.

East Hartford Mayor Melody Currey joined Governor Rell at the announcement.

In addition, the Governor announced that the Board of Directors of the Connecticut Development Authority (CDA) earlier today approved Cabela's application to initiate the issuance of $9.95 million in State of Connecticut General Obligation Bonds under the state's Tax Incremental Financing (TIF) program. This approval will help finance the construction of Cabela's proposed destination retail facility at Rentschler Field that is expected to create more than 350 jobs.

"I'm thrilled that Cabela's made the business decision to locate their first retail superstore in New England right here in Connecticut," Governor Rell said. "Their new store will attract visitors from across the state and the entire northeast, and will create hundreds of jobs for our residents as well as provide a tremendous boost to the state and local economies."

The agreement between the State of Connecticut and UTC provides a framework for Phase I of the overall development of Rentschler Field.

The State will be investing up to $12 million in design and construction of roads and other infrastructure improvements on the site that will result in the creation of 4,000 financial services, insurance and technology jobs and 5.75 million square feet of new Class A office or R&D space. UTC has committed to spending millions for infrastructure improvements and has agreed to set aside 80 acres for business development.

UTC has hired the Matos Group as the master developer for the Rentschler Field project. The site is already home to the Stadium at Rentschler Field that draws 300,000 people to the site each year. In addition to Cabela's, a new facility for the Connecticut Center for Advanced Technology (CCAT) is also planned. Other proposed developments include high-tech businesses, housing, retail and restaurants.

Cabela's is the nation's largest direct retailer of hunting, fishing, camping and related outdoor merchandise. In 2005, the outfitter giant announced its intentions to build its store at Rentschler Field. The new facility will exceed 185,000 total square feet and will be built on a 25-acre portion of the site. When completed, the store is expected to attract 3.5 million visitors per year. The company estimates that more than half of the store's customers will come from out-of-state.

"We know that we have a lot of great customers in Connecticut and throughout the entire region, and we're excited we're so close to moving forward on construction of a Cabela's superstore in East Hartford," said Dennis Highby, President and Chief Executive Officer for Cabela's. "Spending time outdoors is a big part of the history and culture of Connecticut and the northeast, and we're excited that we will add to that heritage while also bringing hundreds of new jobs and millions of dollars in new economic development to the community."

http://www.ct.gov/governorrell/cwp/view.asp?A=2425&Q=318818