Waterbury officials are asking state lawmakers to give millions of dollars to a new quasi-governmental development agency devoted to partnering Waterbury and other area towns on large-scale economic development projects. The proposal was forwarded by Thomas Hyde, the CEO of the newly formed Naugatuck Valley Regional Development Agency. Mayor Neil M. O’Leary and others formed the NVRDC last year with the hope of working with other municipalities in the region on collective economic development efforts. So far, only Naugatuck has signed on to the project but Hyde said he’s talking with officials from other communities. City officials plan to use up to $5 million either held by, or owed to, the WDC and NVRDC to draw an equivalent state match. The resulting pool of money would be lent out at low interest to attract developers, Hyde and O’Leary said.
New Naugatuck Valley development agency seeks millions in state backing