Old Saybrook — The State Bond Commission on Monday approved $7.5 million for the dredging of North Cove on the Connecticut River, area legislators announced Wednesday.

The funding, from the state’s Grants-In-Aid program, will go toward improvements to ports and marinas, including dredging and navigational direction, the legislators said in a news release.

“This is a smart investment for our town,” said Rep. Devin Carney, R-Old Saybrook. “Dredging the North Cove will keep property values up and protect our natural resources. I was pleased to work with local and state officials to secure this grant for Old Saybrook. This is great news.”

Both state senators whose districts include a portion of Old Saybrook applauded the project. Sen. Art Linares, R-Westbrook, said the dredging project will create construction jobs and provide a lasting benefit to the region. Sen. Paul Formica, R-East Lyme, said the dredging should be done in a way that preserves ecological balance while also providing for safe recreational boating.

“This is a critical project for our town,” said First Selectman Carl P. Fortuna Jr. “The dredging last done in 2009 insufficiently opened up North Cove. This project will greatly add to the recreational usage of North Cove, as well as restoring it fully as a harbor of refuge in storms. We are thankful for the support of the governor and the State Bond Commission.”

The proposed dredging will alleviate siltation issues due to reduced tidal flushing, which occurs when the openings to the river have been reduced by manmade structures, according to the news release. This also creates a problem for some deeper draft sailing vessels that moor at North Cove, the release said.