Bass Pro Shops
The state is providing millions to help build a massive Bass Pro Shops store in Bridgeport.
The State Bond Commission has approved a financing package for a planned 150,000-square-foot Bass Pro Shops store that would anchor Bridgeport's long-awaited Steel Point waterfront development project.
The panel, chaired by Gov. Dannel P. Malloy, voted unanimously on Friday to authorize $22 million in state bonds that are supposed to be paid back over 20 years from the sales tax revenues generated by the store, which sells fishing, boating, hunting and camping equipment.
The meeting agenda states that the funding will support construction of the store and "related improvements at Steel Point."
The estimated cost of the project is $68.5 million, $9 million of which will come from grand-in-aid funding.
Bass Pro Shops, which has estimated it will attract 3 million visitors per year, is the first tenant to sign in on the project.
“This is a historic and pivotal moment in the economic development history of the Steel Point peninsula and the City of Bridgeport," Bridgeport Mayor Bill Finch said in a statement.
"The bond commission’s approval means jobs, revenue and economic growth for the City,” Finch said in a statement. “A project of this scale and complexity requires a strong partnership between the public and private sector. With this vote, the state, city, and BLD have demonstrated their collective commitment to bringing Steel Point to fruition.”
Also on Friday, commission members approved the release of $10 million in bonded grants to eligible institutions that are conducting embryonic or human adult stem cell research. They also unanimously approved $10 million for local school security upgrades, such as reimbursement for entry door buzzer systems.