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Electric Boat To Receive $20 Million For CT Renovation

Loans and tax breaks to help $65 million dry dock renovation

Electric Boat will receive $20 million in loans and tax breaks for a $65 million renovation of two dry docks used for submarine construction, overhaul and repairs. 

On Thursday, Gov. M. Jodi Rell announced that the state Department of Economic and Community Development would provide $10 million in loans for Electric Boat.  Up to $4 million will come from a sales and use tax exemption, and $6 million in enterprise zone benefits.  Electric Boat will be responsible for paying the rest of the renovation costs.

When the renovation is complete, the U.S. Navy intends to award a contract to reserve space for maintenance and modernization of submarines.