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Private Sector Comes to Bail Out Hartford

March 2, 2017 By Staff
Private Sector Comes to Bail Out Hartford

Three CEOs are swooping in with an offer to give struggling Hartford $50 million, in exchange for "a comprehensive and sustainable fiscal solution."

Some top CEOs in Hartford are offering $50M to help bail out the struggling city:

Three of the largest employers in the city of Hartford — Aetna, The Hartford and Travelers — have offered the Capital City a combined $10 million annually for five years in exchange for being a part of a comprehensive and sustainable fiscal solution for Hartford.

Mayor Luke Bronin (D-Hartford) has been traveling around to neighboring towns looking for money (through a regional tax) to fix the city’s budget crisis.

The capital city has been plagued with mismanagement as of late. For example, one leading Hartford councilman wanted the unfinished Dunkin Donuts Park to be sold, in a effort to get the city back on its fiscal footing.

The question remains though: what will Hartford do with the injection of money?

It’s clear that Hartford’s complex problems cannot be solved by a one-time windfall of money, just like the city’s woes can’t be linked to a single tax or regulation. Will the conditional offer of $50 million spur fundamental reform of Hartford’s approach to taxes and business? Time will tell.