SCIENCE PARK DEVELOPMENT CORPORATION

SCIENCE PARK DEVELOPMENT CORPORATION ("SPDC") WAS ESTABLISHED IN AUGUST OF 1981 AS A PART OF A COOPERATIVE EFFORT BY THE CITY OF NEW HAVEN, THE STATE OF CONNECTICUT, YALE UNIVERSITY, AND OLIN CORPORATION TO MOBILIZE THEIR CONSIDERABLE RESOURCES TO CREATE A NEW ECONOMIC BASE AT THE SITE OF A MULTI-TRACT, PREDOMINANTLY VACANT, INDUSTRIAL COMPLEX ADJACENT TO THE YALE SCIENCE HILL CAMPUS AND IN NEW HAVEN'S STATE-DESIGNATED ENTERPRISE ZONE. IT'S GOAL IS TO FURTHER THE REVITALIZATION OF THE CITY OF NEW HAVEN THROUGH THE DEVELOPMENT OF OFFICE AND LAB SPACES FOR TECH AND BIOTECH COMPANIES AND THROUGH THE ESTABLISHMENT OF A VARIETY OF HOUSING IN SCIENCE PARK WHICH WILL RESULT IN THE ENHANCEMENT EMPLOYMENT OPPORTUNITIES FOR AREA RESIDENTS, RELIEF OF POVERTY AND NEIGHBORHOOD TENSION, AND THE PREVENTION OF BLIGHT AND DETERIORATION IN THE SURROUNDING DIXWELL-NEWHALLVILLE NEIGHBORHOOD AREAS.IN JULY OF 1998, THE CONNECTICUT HOUSING FINANCE AUTHORITY ("CHFA") AND THE DEPARTMENT OF ECONOMIC AND COMMUNITY DEVELOPMENT ("DECD") COMMITTED $15 MILLION TO DEMOLISH OBSOLETE STRUCTURES, AND TO REHABILITATE AND/OR CONSTRUCT NEW BUILDINGS IN THE PARK WITH YALE UNIVERSITY, OLIN CORPORATION AND THE CITY OF NEW HAVEN PROVIDING ADDITIONAL FUNDS, LAND OR CAPITAL TO SUPPORT THE REDEVELOPMENT AND EXPANSION 140,000 SQUARE FEET OF OFFICES AND LAB SPACE IN 4 AND 5 SCIENCE PARK. THESE WERE IN ADDITION TO PREVIOUS COMMITMENTS TO THE PARK FROM THE CONNECTICUT DEVELOPMENT AUTHORITY ("CDA", NOW CONNECTICUT INNOVATIONS INC. "CII") AND DECD. SINCE 2000, THROUGH VARIOUS GROUND LEASES WITH DEVELOPERS, OFFICE/LAB BUILDINGS AND PARKING LOTS HAVE BEEN RENOVATED AND ABANDONED AND DERELICT BUILDINGS HAVE BEEN DEMOLISHED. IN ADDITION, A 1000-CAR PARKING STRUCTURE, CHILLER PLAN AND PARKING LOTS HAVE BEEN CONSTRUCTED AND HISTORIC FACTORY BUILDINGS HAVE BEEN RENOVATED INTO AN OFFICE BUILDING (2011) AND 158 LOFT-STYLE RESIDENTIAL APARTMENTS (2015), 20% OF WHICH ARE CHFA AFFORDABLE UNITS.IN 2014, TWO OF THE GROUND LEASES WERE SOLD TO THE OWNERS OF THE BUILDINGS THEREON. SINCE THEN, OVER $2 MILLION WAS INVESTED IN REPAIRS TO 4 AND 5 SCIENCE PARK, AS WELL AS THE ENVIRONMENTAL ASSESSMENT AND DEVELOPMENT DESIGN FOR THE UNDEVELOPED REMAINS OF SCIENCE PARK'S "EASTERN COURTYARD". SPDC RECEIVED A $485,000 SUBGRANT THROUGH CTNEXT'S INNOVATION PLACES PROGRAM IN 2017 AND TOGETHER WITH A TENANT INVESTED OVER $700,000 AND EXPANDED THE INFRASTRUCTURE OF LIFE SCIENCE SUPPORT SERVICES IN 4 SCIENCE PARK, AVAILABLE FOR BOTH SPDC TENANTS AND THE NEW HAVEN BIOTECH COMMUNITY. THIS INFRASTRUCTURE WAS FURTHER EXPANDED IN 2021 BY ANOTHER TENANT IN ORDER TO MAXIMIZE SERVICES IN THE PARK. SINCE DECEMBER 2017, SPDC HAS BEEN WORKING WITH A NEW DEVELOPMENT PARTNER FOR THE LAST 300,000 SQUARE FEET AND COMPLETING THE ENVIRONMENTAL ASSESSMENT OF THE EASTERN COURTYARD WITH A $200,000 DECD BROWNFIELDS GRANT AWARDED IN LATE 2018 AND A $2 MILLION BROWNFIELDS REMEDIATION GRANT AWARDED IN 2021. IN DECEMBER 2022, THE CITY OF NEW HAVEN WAS AWARDED A CONDITIONAL $2 MILLION BROWNFIELD AWARD TO BENEFIT SPDC AS ADDITIONAL FUNDING FOR THE DEMOLITION AND REMEDIATION OF THE "EASTERN COURTYARD" OF TRACT A. UPON ITS EXPIRATION IN DECEMBER 2023, THE CONDITIONAL AWARD WAS TRANSFERRED TO SPDC AS APPLICANT WITH A FIRM AWARD AND CERTAIN DEVELOPMENT REQUIREMENTS STIPULATED IN A MEMORANDUM OF AGREEMENT BETWEEN DECD AND SPDC. SPDC AGGRESSIVELY PURSUES CITY AND STATE FUNDING OPPORTUNITIES FOR THE REMEDIATION AND DEMOLITION OF THE CONTAMINATED BUILDINGS THAT HAVE BEEN AN EYESORE IN THE COMMUNITY FOR OVER FORTY YEARS. BY THE END OF 2023, SPDC'S CURRENT DEVELOPMENT PARTNER HAD RECEIVED ALL STATE AND LOCAL APPROVALS, AND FINALIZED PLANS AND RELATED FINANCING TO DEVELOP A MIXED USE BUILDING WITH ALMOST 300 APARTMENTS, INCLUDING 20% RESERVED FOR AFFORDABLE HOUSING, PARKING AND OPEN SPACE ON THE WINCHESTER AVENUE SURFACE PARKING LOT AND OPEN UP ROADS THROUGH THE SITE FOR COMMUNITY ACCESS AND ENJOYMENT. THE PARK HAS CONTINUED TO ATTRACT START-UP BIOTECH AND TECHNOLOGY FIRMS IN SMALL SUITES AS WELL AS SHARED LAB SPACES. SPDC HAS CONTINUED TO MAKE OFFICE SPACE AVAILABLE TO SOCIAL SERVICE AND EDUCATIONAL ORGANIZATIONS, WHICH DIRECTLY SERVE THE FAMILIES IN THE NEIGHBORHOOD AND THROUGHOUT NEW HAVEN. THE ENTIRE PDD, INCLUDING PROPERTIES NOT OWNED BY SPDC, TALLIES OVER 30 COMPANIES, CAFES, NOT-FOR-PROFIT ORGANIZATIONS AND UNIVERSITY AFFILIATES COMBINED WITH OVER 1600 EMPLOYEES. DUE TO THE CLOSE PROXIMITY TO YALE'S RESEARCH FACILITIES AND NEW HAVEN'S POSITION AS A NEW BIOSCIENCE ECONOMIC CLUSTER, THE DEMAND FOR LAB SPACE IN NEW HAVEN HAS LED TO FULL OCCUPANCY OF SPDC-OWNED BUILDINGS SINCE 2019.