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The Community Investment Fund 2030 board – a new group led by top lawmakers – approved $76.4 million in state grants Tuesday for development and community projects in distressed municipalities. Middletown is in line for $12 million to fund its "Return to the Riverbend" plan, an effort to make better connections with parkland and redevelop industrial, commercial and waste treatment sites along the Connecticut River. 

A redevelopment of the Martin Luther King apartments in Hartford’s Sheldon Charter Oak neighborhood has been stymied after organizers learned inflation and higher interest rates have increased the project’s costs by about $8 million.  “We thought we had it sourced, but interest rates went up and construction costs went up,” said Capital Region Development Authority Executive Director Michael Freimuth of the now $58 million project. “We got hit on both ends and it opened up a hole.”

A redevelopment of the Martin Luther King apartments in Hartford’s Sheldon Charter Oak Neighborhood has been stymied after organizers learned inflation and higher interest rates have increased the project’s costs by about $8 million. “We thought we had it sourced, but interest rates went up and construction costs went up,” said Capital Region Development Authority Executive Director Michael Freimuth of the now $58 million project. “We got hit on both ends and it opened up a hole.”