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CT Budget Closes in Deficit Again; Little Reserves Left for This Year

By Keith M. Phaneuf

www.ctmirror.org

Connecticut today officially closed its second consecutive fiscal year in deficit, shrinking its budget reserve to a low level as threats of another shortfall loom.

Comptroller Kevin P. Lembo certified a $170.4 million deficit for the 2015-16 fiscal year, a gap equal to 1.5 percent of General Fund spending. (Though the last fiscal year ended June 30, the comptroller cannot close the books until late September, since certain tax receipts received over the summer are applied to the prior budget.)

Lembo must again cover the deficit by drawing from the rainy day fund, which will be left with just $235.6 million. The new reserve is less than half of what Connecticut had before the consecutive annual deficits. More importantly it leaves Connecticut with a fiscal cushion equal to just 1.3 percent of annual operating costs.

The comptroller recommends a rainy day fund of 15 percent, given the large fluctuations in state income tax receipts Connecticut traditionally faces in very good and very poor economic times.

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P&Z Says Yes to Elm Street Land Swap

By James Lomuscio

Westport’s Planning and Zoning Commission (P&Z) tonight voted 6 to 0 with 1 abstention to give a positive report on a planned Elm Street land swap that would net the town nine additional parking spaces downtown.

WestportNow.com Image
This building housing the Villa Del Sol Restaurant at 35 Elm St. would be razed and swapped for part of the town-owned parking lot across the street. (CLICK TO ENLARGE) Dave Matlow for WestportNow.com

The positive report is the first step allowing developer David Waldman to put up a $7 million building on a piece of the town’s Baldwin Parking Lot at 36 Elm St. in exchange for property he has an option to buy at 35 Elm St. across the street.

Waldman, principal of David Adam Realty who is heading the nearby Bedford Square Pproject, also owns the historic Kemper Gunn House relocated to the town lot three years ago.

Frist Selectman Jim Marpe has been supporting the land swap and two weeks ago requested a positive P&Z endorsement. Marpe has been bullish on the plan since the town would gain nine parking space in the parking-stressed downtown.

Sikorsky Incentives Win Bipartisan Approval in Special Session

By Mark Pazniokas

www.ctmirror.org

Connecticut legislators today took a one-day break from re-election campaigns to give bipartisan blessing to a $220 million incentive deal for Lockheed Martin that would keep its Sikorsky Aircraft subsidiary and production of its next generation of helicopters in a state desperate to keep its storied aerospace industry.

At a State Capitol inured to economic gloom, most legislators embraced the Sikorsky deal as a cause for celebration, a victory that promises to pump $69.2 billion into the economy over 14 years, while saving thousands of jobs at Sikorsky’s sprawling plant in Stratford and at more than 300 suppliers throughout the state.

“Competition in today’s worldwide economic climate is fierce, and Connecticut is showing that we remain a valued leader where businesses can maintain a competitive edge well into the future,” Gov. Dannel P. Malloy said after final passage.

Passage came on votes of 35-1 in the Senate and 136-6 in the House.

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Comings & Goings: Sports Attic Opens

WestportNow.com Image
Owner Gregory DiLenge stands outside his Sports Attic store which has opened at 26 Railroad Place. The store features both new and used sporting goods/gear. DeLenge, a former commodities trader, says it is based on the model of his family’s store in Westchester County. (CLICK TO ENLARGE) Dave Matlow for WestportNow.com

Comings & Goings: Pier 1 Imports Closing

WestportNow.com Image
Home furnishings retailer Pier 1 Imports Inc. at Westport’s 1460 Post Road East will close at the end of October, according to a store employee. Signage at the entrance advertises discounts on inventory and reminds customers of other nearby Pier 1 stores in Fairfield, Norwalk and Danbury. Pier 1 Imports has been in Westport since 1974, first at 645 Post Road East. In the following years its locations included 950 Post Road East, now Men’s Wearhouse. The company announced in April 2015 it planned to close about 100 stores over the next three years, primarily through natural lease expirations and relocations. This, it said, is part of efforts to drive growth through its online platform, reduce occupancy and payroll costs, and improve efficiency. (CLICK TO ENLARGE) Dave Matlow for WestportNow.com

‘It Looks Wimpy to Pick on the Little Guy’

WestportNow.com Image
Westporter Michael Gordon, chair of the Board of Education, was on the CNBC business cable channel today offering advice to CEOs on the hot seat at congressional hearings in recent days. They include John Stumpf, chairman and CEO of Wells Fargo, involved in a fake accounts scandal, and Heather Bresch, CEO of Mylan, maker of EpiPens, whose recent price increases have stirred controversy. “It looks wimpy to pick on the little guy,” said Gordon, whose firm Group Gordon offers public relations strategic services to some of the nation’s top firms. “Heads must roll,” he said. “You have to show real contrition and follow up with action … Take responsibility and stop shifting blame.” He said firms in the congressional spotlight should offer up an ethics policy as part of their response. (CLICK TO ENLARGE) WestportNow.com photo from CNBC

Clarification on Property at 1620 Post Road East

A property at 1620 Post Road East, which houses Pane e Bene Italian restaurant, Stanton Miles power vacuum and home decorations store, Innovation Luggage, and Redi-Cut Carpeting, is for sale but has not been sold, according to its owner.

WestportNow.com Image
The property at 1620 Post Road East is on the market, according to its owner. (CLICK TO ENLARGE) Dave Matlow for WestportNow.com

In a Sept. 15 WestportNow Comings & Goings story about Stanton Miles moving, store co-owner Dave Kernstock was incorrectly quoted as saying “the building was recently purchased.”

What he actually said was “the building is being sold,” a fact confirmed by property owner Ernest Breiner, 91, of Fairfield, who says he has owned the property with his late brother since 1948.

Meanwhile, Angelo Capponi, co-owner of neighboring Pane e Bene said he had received “many calls and e-mails from the restaurant’s loyal clientele” expressing disappointment that it was leaving the site, which the WestportNow story did not state.

Elm Street Land Swap Gets More Praise Than Pushback

By James Lomuscio

Westport’s Planning and Zoning Commission (P&Z) tonight heard developer David Waldman’s proposed land swap on Elm Street—one that would allow him to put up a $7 million building on a piece of the town’s Baldwin Parking Lot in exchange for land across the street, netting the town nine additional parking spaces.

WestportNow.com Image
The property at 36 Elm St. would be turned into a parking lot to be swapped for town-owned land in the Baldwin lot across the street. (CLICK TO ENLARGE) Contributed photo

Waldman, principal of David Adam Realty who is heading the nearby Bedford Square Pproject, also owns the historic Kemper Gunn House relocated to the town lot three years ago.

With Frist Selectman Jim Marpe supporting the land swap and requesting a positive P&Z endorsement, Waldman and his architect Rick Hoag detailed the plan. The P&Z took no action, but closed the hearing to later vote on the matter.

The proposal includes Waldman buying the Villa Del Sol building and property totaling .15449 acres at 36 Elm St., on which he has an option, for $6 million, including buying out the restaurant’s lease. He then plans to raze the building, making the area it into a parking lot.

Cutting the Ribbon at Vine Wine Room

WestportNow.com Image
The Vine Wine Room had its official opening today at 190 Main St. in space formerly occupied by Luxe Wine Bar, which closed in April. Among those doing the honors: (l-r): co-owner Sammy Alanz, Westport Weston Chamber of Commerce (WWCC) Board Member Adam Faillace, WWCC Executive Director Matthew Mandell, Westport First Selectman Jim Marpe, and co-owner Heather Buchheit-Ferrari. (CLICK TO ENLARGE) Contributed photo

Marpe: Unsure How Bridgewater Layoffs Will Impact Town

Westpot First Selectman Jim Marpe, responding to reports of layoffs at Bridgewater Associates, the hedge fund that is Westport’s largest private employer, said today it is too early to determine their impact.

Bridgewater is an important contributor to the local economy, “so we recognize that any changes they make could affect other parts of the Westport economy,” he said.

“That said, since they are still in the process of their organizational renovation, I have no way of knowing how that might affect Bridgewater’s presence in Westport,” Marpe said.

“I and other town officials remain in regular contact with Bridgewater leadership, and I appreciate their ongoing commitment to working with the town to accomplish their goals in a cooperative manner.”