Premier State and Regional Economic Development Projects Showcased at Annual Team Connecticut Rally

12/6/2006

Walgreen Co. Receives the Governor’s Leadership Award

Five organizations and programs from around the state were recognized at the Team Connecticut Rally, hosted by CEDAS (the Connecticut Economic Development Association) on December 5. Economic development professionals gathered at the Crowne Plaza Hotel in Cromwell during the event’s 12th annual gathering to acknowledge and celebrate the projects’ role in driving jobs and economic growth in the state.

Following an overview of state and regional economic development, Department of Economic and Community Development Commissioner James F. Abromaitis presented the Governor’s Leadership Award on behalf of Governor M. Jodi Rell to Walgreen Co. which is investing $175 million to construct a 700,000 square foot northeastern distribution facility in Windsor. The expansion project is expected to create a total of 550 jobs.

The evening also included the presentation of the 2006 Team Connecticut EDDY Awards (short for economic development) to four organizations and programs that demonstrated excellence in one of three economic development award categories.

The UConn Technology Incubation Program (Farmington, Storrs, Groton) received the Team Connecticut Program EDDY for its role in successfully retaining Connecticut technology workers and promoting technology development at UConn. TIP allows select companies to locate on campus and provides access to resources such as labs, business support, faculty experts, specialized instrumentation and equipment, that otherwise would be unattainable. In just four years since its launch at the UConn Office of Technology Commercialization, TIP has become home to 11 companies, generating 23 jobs and approximately $5.5 million in annual revenue.

This year, Team Connecticut recognized two expanding companies with a Project EDDY. GlobeOp Financial Services (Hartford), an international financial technology specialist serving a diverse base of clients with over $110 billion in assets under management, received the award for their recent expansion to Hartford. GlobeOp became the first insurance and financial services firm to locate beyond the NY/Fairfield County area creating 150 highly skilled jobs and bringing a new insurance and financial services industry to the Metro Hartford region.

Precision Camera, Inc. (Enfield) also received a Project EDDY for growing from 49 to 490 employees and acquiring 18,500 additional square feet of space within four years of operation. Precision Camera currently repairs about 600,000 cameras and camcorders a year.

The Wauregan Hotel (Norwich) restoration project received the Team Connecticut Community Project EDDY for its certified historic rehabilitation of the original structure built in 1856. Becker and Becker Associates, Inc., a development, architecture, and planning firm, created 70 units of affordable housing, 5,000 square feet of retail space and restored the grand ballroom in response to the community’s desire to save an important historic structure and need to provide affordable apartments in an upcoming vital area.

“On behalf of CEDAS, we are honored to recognize these businesses and initiatives for their hard work and commitment to building a better future for Connecticut,” said Elsie Bisset, President of CEDAS.

In addition, the following awards were also given:

  • CEDAS President’s Award—David Driver (resident of Meriden), Managing Director of Regional Economic Development for Northeast Utilities System
  • CEDAS Member of the Year—John O’Toole (resident of Marlborough), Project Manager of Economic and Community Development for Connecticut Light and Power

The platinum sponsor of this year’s event is Connecticut’s Business Development Team - Department of Economic and Community Development, Connecticut Development Authority, and Connecticut Innovations. Gold sponsors are CT Business Magazine, New England Real Estate Journal, and the Northeast Utilities System.

CEDAS is a not-for-profit professional organization, with more than 200 members, committed to advancing the practice of economic development within the state of Connecticut. For more information about the Team Connecticut Rally, visit CEDAS' EDDY page.


11/29/2006
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