Aetna's Middletown Employees Will Move To Hartford In Next 6 Months

Three years of renovations at Aetna Inc.'s Hartford headquarters have all been one big lead-in to this weekend, when the health insurer will begin moving 3,600 Middletown employees to its Asylum Hill campus.

But the 0 million renovation project is still in full swing, including the installation of solar panels on the roof of the former Tower Building, at Farmington Avenue and Flower Street, and on the south side of the building, which faces I-84.

A web of blue scaffolding now covers that side of the building, and workers are installing the necessary brackets on the building's smooth granite exterior. Five rows of solar panels are expected to appear in mid-October.

"The unique architecture of the building allowed for that," said Michael L. Marshall, who oversees Aetna's renovation and construction projects. "We would never have been able to do that on the other building."

The former Tower Building now renamed the "Atrium Building" because each of its floors opens onto a large interior atrium was built in the 1970s in the Modernist style, in sharp contrast to the Colonial Revival architecture of the main building.

The solar panels will be angled upward to catch the optimal amount of sunlight and won't be visually distracting to the tens of thousands of motorists passing by daily on the highway, Marshall said.

The solar panels are expected to generate 6 percent to 8 percent of the Atrium Building's daily electrical supply. At a cost of million, the insurer estimates that it will take 15 years to recoup the cost. The state is providing a rebate of about 0,000.

Fred Laberge, an Aetna spokesman, said the solar panels and other "green" innovations in the 1.7 million-square-foot campus are intended to project an image of Aetna's corporate culture.

"It's not just the energy savings, but it's the right thing to do in terms of the green movement," Laberge said.

Since 2006, renovations have included the construction of two parking garages one replacing an outdated one that doubled the number of spaces to accommodate workers from Middletown, who will move in over the next six months.

The majority of renovations have focused on the Atrium Building, vacated by ING in 2007. ING had occupied the building since 2000, when it acquired Aetna's financial services business. ING later decided to build a Connecticut headquarters in Windsor rather than renew its lease.

Aetna subsequently decided to give the space a much-needed renovation and consolidate operations from Middletown. Renovations are expected to be completed in six months.

The campus will share a new cafeteria twice the size of the old one, as well as larger dining facilities. A new 28,000-square-foot "education center" will be used for training, a function once done in Middletown.

Most of the 3,600 employees moving from Middletown work in information technology. Of that number, 2,600 will be located in the Atrium Building; the remaining 1,000 will be in the main building, Marshall said.

Laberge said the workers who will now commute to Hartford will work schedules with staggered arrival and departure times to minimize traffic snarls on Asylum Hill. Workers are being given monthly incentive payments to car pool or use public transportation.

Aetna built its 1,000,000-square-foot campus in Middletown but later sold it to GE Capital and leased the space back. It still owns the land.

Laberge said that Aetna is in negotiations with GE over the future of the site.

Why You Should Think About a Finance Lease When You Buy Your Next Car

Choosing the best option to finance your business vehicles can often seem quite arduous There are several options to choose from and this can be quite confusing. Which option is the best for you? Are there any concealed clauses that could give you a nasty surprise down the track? For example, a condition of some of the options is that you maintain a shared ownership of your new fleet vehicles until you have paid off the loan completely.
If you want to stay away from such unfavourable conditions and just have a straightforward financing option without the hassles, you may want to think about choosing a standard Car Finance Lease.
How Does a Finance Lease Work?
Fundamentally, a finance lease is simply a rental agreement between you and the provider of the lease. The lease provider will remain the vehicle owner while the lease is in force. However, unlike a conventional lease agreement, the lease payments will be put towards the agreed value of the car. This means that you become the owner of the vehicle in full once the lease is paid off. The benefit for you is that because the lease provider is the owner of the vehicle and not you, the company that provides the lease is responsible for ensuring the vehicle is in good working condition. If happens to your vehicle or it cannot be used properly, then the lease company should usually transfer your lease to a similar but working vehicle. Please ensure you check the terms and conditions of your lease to confirm this is true.

Am I Eligible For a Finance Lease?
To be eligible for a finance lease, the main condition is that you use the vehicle in the main for business. Each lease provider will have different business usage requirements but as a rule of thumb, make sure the time you use your vehicle for business is a minimum of 50 to 60%. Most businesses are usually eligible for a finance lease.
Options for Finance Leases
If you decide to go ahead with a finance lease, then take the following into consideration:
- Over what length of time would you like the lease to be?
- What lump sum amount would you like to pay upon expiry of the lease Make sure you confirm this so you don't get a nasty surprise.
Some lease providers may also allow you to take out an extended lease. With this option, you can trade in your old vehicle for a new one as new vehicles become available. You will continue to pay the lease for a longer term but you now have a new car.
Also, provided that you meet business usage requirements, there are often some tax deductions that you can take advantage of.
Take your time and do your research carefully and find the most appropriate lease. Every finance lease provider will offer you a different combination of interest rates and financing terms. So compare the various options to make sure you get the lease that best meets your business needs. Get in touch with different lease providers and speak to them - make sure you let them know that you want a business lease quote and not a personal lease quote.
Things to compare include: interest rates, estimated payment amounts, the length of the lease and the final balloon payment. If you take the time to examine the different options and make suitable comparisons, you will be in a far better position to choose the most appropriate lease option for your business.