Science Park Development Corporation

What it reported doing in 2024

Science park development corporation ("spdc") was established in august of 1981 as a part of a cooperative effort by the city of new haven, the state of Connecticut, yale university, and olin corporation to mobilize their considerable resources to create a new economic base at the site of a multi-tract, predominantly vacant, industrial complex adjacent to the yale science hill campus and in new haven's state-designated enterprise zone. It's goal is to further the revitalization of the city of new haven through the development of office and lab spaces for tech and biotech companies and through the establishment of a variety of housing in science park which will result in the enhancement employment opportunities for area residents, relief of poverty and neighborhood tension, and the prevention of blight and deterioration in the surrounding dixwell-newhallville neighborhood areas.in july of 1998, the Connecticut housing finance authority ("chfa") and the department of economic and community development ("decd") committed $15 million to demolish obsolete structures, and to rehabilitate and/or construct new buildings in the park to support the redevelopment and expansion 140,000 square feet of offices and lab space in 4 and 5 science park. These were in addition to previous commitments to the park from the Connecticut development authority ("cda", now Connecticut innovations inc. "cii") and decd. In addition, yale university, olin corporation and the city of new haven provided additional funds, land or capital to further development of the park.since 2000, through various ground leases with developers, office/lab buildings and parking lots have been renovated and abandoned and derelict buildings have been demolished. In addition, a 1000-car parking structure, chiller plan and parking lots have been constructed and historic factory buildings have been renovated into an office building (2011) and 158 loft-style residential apartments (2015), 20% of which are chfa affordable units.in 2014, two of the ground leases were sold to the owners of the buildings thereon. Since then, over $2 million was invested in repairs to 4 and 5 science park, as well as the environmental assessment and development design for the undeveloped remains of science park's eastern courtyard of tract a ("eastern courtyard"). Spdc received a $485,000 subgrant through ctnext's innovation places program in 2017 and together with a tenant invested over $700,000 and expanded the infrastructure of life science support services in 4 science park, available for both spdc tenants and the new haven biotech community. This infrastructure was further expanded in 2021 by another tenant in order to maximize services in the park. Since december 2017, spdc has been working with a new development partner for the last 300,000 square feet and completing the environmental assessment of the eastern courtyard with a $200,000 decd brownfields grant awarded in late 2018 and a $2 million brownfields remediation grant awarded in 2021. In december 2022, the city of new haven was awarded a conditional $2 million brownfield award to benefit spdc as additional funding for the demolition and remediation of the eastern courtyard. Upon its expiration in december 2023, the conditional award was transferred to spdc as applicant with a firm award and certain development requirements stipulated in a memorandum of agreement between decd and spdc. In 2024, spdc was awarded an additional $6.8 million from decd brownfields and urban sites remedial action program to complete the demolition and remediation of the eastern courtyard. An agreement with decd was reached in december 2024 wherein spdc would demolish and remediate the eastern courtyard buildings. Under the terms of that agreement, spdc must build or cause to be built either a minimum of 100 housing units of 100,000 square feet of lab/office space by 2030. By the end of 2023, spdc's current development partner had received all state and local app

Financial Efficiency

• Mission deployment rate: 76.8%; rating input score 77
• Program expense ratio: 97.1%; rating input score 97
• Fundraising efficiency: Limited

Transparency & Controls

• Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
• Pay-setting controls: Limited
• Foreign activity oversight: Limited
• Grant itemization coverage: Limited
• Major donor itemization: Yes; rating input score 100
• Related-party transparency: Limited

Accountability

• Independent voting board: 88.9%; rating input score 89; 20th percentile among comparable filings
• Governance controls: 9 of 9 controls in place; rating input score 100
  • Conflict-of-interest policy: Pass
  • Whistleblower policy: Pass
  • Document-retention policy: Pass
  • CEO compensation review process: Pass
  • Other executive compensation review process: Pass
  • Form 990 shared with the board: Pass
  • Board meeting minutes documented: Pass
  • Audit committee oversight: Pass
  • Independent financial-statement audit: Pass

Sustainability

• Operating margin: 21.1%; rating input score 78; 78th percentile among comparable filings
• Total-asset coverage ratio: 2.96; rating input score 73; 73rd percentile among comparable filings
• Liabilities to assets ratio: 1.61; rating input score 2; 2nd percentile among comparable filings
• Officer compensation ratio: 3.2%; rating input score 67; 67th percentile among comparable filings

Growth

• Program expense growth: 2.6% per year; rating input score 100; 25th percentile among comparable filings
• Revenue growth: 3.7% per year; rating input score 100; 32nd percentile among comparable filings
• Asset growth: -1.2% per year; rating input score 0; 9th percentile among comparable filings