Mill project

gets grant/loan

PUTNAM — The Historic Cargill Falls Mill LLC will be receiving a grant in-aid and a loan of $22.5 million from the state to redevelop the former Hale mill.

The announcement came from State Senator Mae Flexer (D-Killingly) and state Representative Danny Rovero (D-Killingly). The State Bond Commission was to approve the grant/loan March 17.

The $22.5 million mixed-used, private project will create 52 market-rate units and 30 affordable units along with office, restaurant and retail space and a hydroelectric dam/energy co-generation facility.

A combination of private bank and other financing, state brownfield remediation grants, Manufacturing Assistance Act and general obligation bonding will be used.

“I’m proud that the State of Connecticut is supporting such a useful and modern redevelopment project in downtown Putnam. This will be a key expansion of Putnam’s   business district, which has already undergone a tremendous transformation,” said Flexer. “This is a dynamic development that serves both businesses and young professionals, and the on-site electricity generation is both environmentally green and financially smart. It’s a great investment in Putnam and the region.”

Rovero said, “This is another boost for Putnam and northeast Connecticut producing a large number of both permanent and construction jobs. The housing and retail space in downtown Putnam will allow for people to work and spend money where they live.   I’m pleased Putnam and northeast Connecticut remain on the state’s priority list.”