Cable Company Lured to Stamford

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State pays $6.5M for promise of 200 Charter Communications jobs

"http://medicaljustice.org.uk/files//#_generic">charterSTAMFORD — Some 200 jobs are expected to come to Stamford with the upcoming relocation of Charter Communications Inc., as a new corporate resident. In relocating its headquarters to the municipality that deems itself “The City That Works,” the St. Louis-based cable provider has pledged to bring the new jobs as well as infuse $10 million into the "http://sbcselpa.org/media//#"> economy.

“Connecticut is competing at every opportunity to attract and retain good paying jobs with good benefits,” said Gov. Dannel "http:// /blog//#buy_ativan_online">buy ativan online. Malloy in a release. “Charter’s decision to make Stamford its headquarters serves " _online" online of these objectives. Connecticut is quickly becoming a place where growth industries can thrive.”

And within Connecticut, Stamford — the governor’s hometown — stands to reap a lion’s share of benefits from the First Five Program, the initiative under which Charter and other companies receive economic aid in exchange for promised job creation. So far, four of the announced companies in the First Five fold or its extended version will be headquartered or will have a branch in Stamford.

In addition to Charter Communications, those companies include NBC Sports Group/NBC Universal, Deloitte and Bridgewater Associates.

The First Five Program began last year by offering financial incentives to companies that create at least 200 new full-time jobs. After the initial five slots were filled, the program was extended to accommodate additional businesses. Charter is the ninth company to take advantage of the deal. Its new headquarters will be a 70,000-square-foot space at 400 Atlantic Street in downtown Stamford.

The state’s Department of Economic & Community Development (DECD) administers the First Five program and its extension.

Charter’s economic incentive package includes a ten-year, $6.5 million loan at a low interest of 2.0 percent, with a three-year deferral of principal payments. The loan could be partially or completely forgiven if Charter meets specified criteria.

In return, Charter agreed to bring create 200 jobs and invest in excess of $10 million in the region.

Malloy traveled to Stamford on October 2 to make the announcement. In the release from his office, Stamford Mayor Michael Pavia said the Charter deal is “the latest in a string of impressive economic development wins for Stamford, which continues to build its reputation as a destination for media, as well as financial services.”

Charter President and CEO Tom Rutledge said in a statement that his company’s decision to come to Stamford “is one of many actions we have taken to position Charter for long-term growth. In addition to our cable operations in Connecticut, access to the talent base, the transportation infrastructure, and proximity to other media headquarters and financial markets made Stamford a logical alternative.”

 

— Felicia Hunter

 
Should Connecticut Give Special Incentives to Individual Companies?
 

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