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Updated: March 25, 2020

West Hartford includes coronavirus, Ideanomics uncertainty in bond disclosures

Photo | Flickr via allnightavenue West Hartford's Town Hall at 50 S. Main St.
By Matt Pilon

West Hartford, which has a AAA credit rating, has warned bond investors about the ongoing coronavirus pandemic as well as recent uncertainty around a promised $400 million fintech development on the former UConn campus in town.

West Hartford made the investor disclosures March 20, as the town prepares to issue $18.5 million in general obligation refunding bonds, comprising an issue sold in late 2019 and another that is expected to be delivered in April.

The town currently has about $148.6 million in total debt service, its disclosures said.

“The town cannot predict whether consequences arising from the spread of the disease will have a material impact on its financial condition,” West Hartford’s updated disclosure reads. 

“While any material impact on the town is currently unknown, the town is reviewing its options for addressing certain anticipated effects of the spread of COVID-19 that may impact its operations or finances,” the disclosure said.

The town also said it expected to adopt its fiscal year operating budget later than normal, as allowed by one of Gov. Ned Lamont’s recent executive orders.

West Hartford also updated disclosures of its various economic initiatives and proposals, after Ideanomics told investors early last week that it had identified its Fintech Village project planned for the former UConn campus in West Hartford as a non-core asset and was evaluating strategies for divesting it.

Hartford Business Journal was first to report that news.

The new municipal disclosure didn’t detail any potential financial impact to the town should the project not happen.

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