Request For Information For the Designation of Martin Luther King, Jr. Corridors

Public Act 24-23 grants the Banking Commissioner the authority to designate seven Martin Luther King (MLK) Corridors to promote secured and unsecured lending in the state with the intention of stimulating economic development within the specified corridors. The designation will provide additional weight for applicants for future state grants and funding.  

The Commissioner is seeking applications from municipalities, local chambers of commerce, community groups and other organizations committed to growing the local economy in their communities. 

Successful applications will meet the following guidelines:

1. Applicants must provide a cover letter, addressed to the Banking Commissioner, briefly outlining why they are seeking this designation.
2. Proof of the existence of the of the MLK corridor (Legislative action, photo documentation). Applicant shall also provide a map highlighting the corridor seeking designation.
3. Applicants must provide documentation describing the current condition of the MLK corridor seeking designation. This can be achieved through employing other designations already used within the State such as:
   1. 2023 Distressed Municipality list as published by the Department of Economic and Community Development (DECD).
   2. Area of high unemployment (not more than 6%, pursuant to Connecticut General Statues, Section 32-9p) as published by the Department of Labor (DOL).
   3. Other economic factors or indicators which supports the need for investment.
4. Applicants should provide a summary describing how the proposed corridor would benefit from the designation. 
5. Applicants must provide a narrative plan for the proposed corridor describing how its plan would stimulate secured and unsecured lending. The plan must include actionable steps to implement the plan as well as a proposed timeline. The plan should also disclose any financial resources already committed to the proposed corridors. Applicants are encouraged to attach any recent planning studies, proposals or other appropriate documentation. Applicants should include any agreements with partner organizations (public or private) that would advance the proposed plan as well as documentation of any local or state approvals.
6. A letter or other documentation from the chief elected official of the town or city where the proposed corridor lies supporting the designation. Other letters of support from the local legislative body and community leaders are welcomed and encouraged.
7. Completed Application Form.  This form may be found on the CTSource Bidboard.

Applications may be submitted through the CTSource Bidboard, type DOB-24084 in the search field at the top of the page.  Applications must be received by close of business on Friday, September 13, 2024. Once received, the applicant will be notified and advised as to the completeness of its application and if further documentation is required.

The MLK Corridor Review Committee will meet to discuss the merits of each application. Specifically, the committee will consider the following:

1. Demonstrated need within the proposed corridor
2. Thoroughness and completeness of plan
3. Likelihood of success, if the proper resources can be obtained
4. Local support for the designation

The committee will recommend to the Commissioner such proposals that best meet the above guidelines. Once the Commissioner has made his determination, applicants will be notified.