Reaction to Renaissance Place Article – 12/3/08
This morning’s article in the Waterbury Republican-American regarding the Renaissance Place project must be put in perspective. While the article likely raised uncertainty in the minds of readers about the future of the project , Renaissance Place is still in a strong position to come to fruition.
We are in the midst of a global recession that has drastically restricted access to credit. People and companies who invest in projects similar to Renaissance are trying to determine what the future holds for America’s economy. Some have been completely taken out of the market. While it will take time to make sense of recent calamities that have impacted the economic landscape, economic development in the United States will not end.
I am of the opinion that Naugatuck is fortunate that the stock market crash and corporate failings occurred prior to action being taken on Renaissance Place. Nothing could have been worse for the project than to have a major investor become insolvent during construction.
In addition, the Naugatuck Economic Development Corporation is still in the process of completing analysis required to receive state and federal funding. Private investment will not be made prior to completion anyway. While this process may seem slow to citizens, rest assured that it is complex and time consuming. I applaud the leadership and hard workof NEDC Chair Jay Carlson and CEO Dave Prendergast during this process.
In addition, there is strong indication that the federal government will use investment in infrastructure projects as a means to bolster the economy. Much of the public investment required for Renaissance Place is focused on improvements to Borough infrastructure.
Renaissance Place is still very much a reality for Naugatuck’s future. Developer Alexius Conroy is an intelligent, honest and competent individual with an outstanding team working with him to see the project through to fruition. Renaissance Place will survive these uncertain times, and Naugatuck will be a better place because of it.

