If you’ve always dreamed of owning the former home of the Hartford Whalers, yesterday was your lucky day, as the state Capital Region Development Authority officially put it up for sale — and the state of Connecticut might help you buy it from itself, what?
[CRDA executive director Michael] Freimuth said the state is not pledging to devote funds for improvements as part of the RFP, but “the state could be a player. I would think honestly whatever proposals come in, it would require some state participation.”
So what this sounds like is that the CRDA is hoping that some state renovation funds could sweeten the pot to get higher bids for the arena, though given that the arena is already owned by a state authority, it would be more straightforward just to let people bid whatever they want without involving subsidies, but of course straightforward isn’t always what state officials (or arena owners) want, because it’s too obvious where the money is going then.
Anyway, Freimuth says that the CRDA has already received multiple bids, which is good, because running an arena in a mid-sized city with lots of competition elsewhere in the state and no major-league sports tenants isn’t exactly the kind of thing that sets investors’ hearts a-flutter. Let’s just keep our fingers crossed that whoever buys the building doesn’t demand more in “state participation” than they pay the state in the first place, because that’s the kind of offer that Connecticut can’t afford not to refuse.