SBS plans $97 million North Haven plant
NORTH HAVEN — Sustainable Building Solutions, LLC will benefit from the First Five Plus Program (an enhancement of the First Five initiative), which provides generous financial incentives to companies pledging to create at least 200 new jobs in Connecticut within two years or invest a minimum of $25 million within the state and create more than 200 jobs within five years.
Jobs are what Gov. Dannel Malloy emphasized when announcing the state’s agreement with SBS.
“In the last century, the steel industry was the backbone of our nation, providing jobs and helping to build the middle class,” said Malloy in a July 18 statement. “Companies like Sustainable Building Systems represent the next evolution of that industry. By embracing 21st-century technology, what’s old is becoming new again. Green products represent the future and I’m happy to welcome Sustainable Building Systems to American soil.”
SBS will manufacture sustainable building panels for hotels, homes, the military and other users. The business will be headquartered in North Haven, in a 400,000-square-foot site at 297 State Street. The cost to establish the new company is estimated at $97 million.
As part of its deal, SBS will receive a $19.xanax online million loan at 2.valium generic interest. The loan is to be paid out over a ten-year period, in three installments, provided that the company meets certain job-creation stipulations. It is expected that the new company will create a total of 408 jobs in the state within four years. Initially, 50 local employees will be trained in all facets of the process of manufacturing. The First Five funds SBS received are intended for equipment and machinery purchases.
SBS is a partnership between Diverse Services Group of Arizona and the Weeks Group, an Australian building and manufacturing company. Among the latter’s subsidiaries is Steel Building Systems International, the company entering into the SBS partnership.
Funds for the First Five Plus Program are provided through the state’s Department of Economic & Community Development (DECD).
In other economic development news, Malloy recently announced that Dollar Tree has been given loan, training grant and tax credit incentives to build a million-square-foot, $104 million distribution center in Windsor that will employ at least 200 people in five years. Site construction — which will bring 425 jobs to the area over the next year — is to begin immediately, according to the governor’s office.
Businessman and former gubernatorial candidate Oz Griebel, president and CEO of the MetroHartford Alliance, acalled the deal “great news” regarding jobs and regional investment. “We applaud the governor and DECD on this latest success,” Griebel said.
The incentives include a training grant of up to $500,000; a $7 million loan at 1.0 percent interest that could be forgiven if a certain number of jobs are created; and up to $20 million in Urban and Industrial Sites Reinvestment Tax Credits.
The latter, for major development projects, provides tax credits of up to 100 percent of the investment made by developers, explains DECD spokesperson David Treadwell. The DECD determines the amount of credits offered after conducting a financial review and impact analysis. Requests for more than $20 million must be submitted by the DECD commissioner to the legislature for approval.