STAMFORD – There can be no tramadol no prescription that Gov. Dannel Malloy wanted Bridgewater Associates as part of his extended Â“First FiveÂ” program. He courted the company while attending a global economic forum in Davos, Switzerland, earlier this year. there sought to fulfill BridgewaterÂ’s desire to expand by targeting prime property along the waterÂ’s edge. And on Aug. 15 he enthusiastically announced that Bridgewater would become eighth participant in the stateÂ’s economic development program that provides lucrative financial incentives to Connecticut-based businesses in exchange for job creation.
Pending some administrative hurdles, it is anticipated that the Westport-based hedge fund will create up to 1,000 jobs and build a new, 750,000-square-foot facility in Stamford. In return, Bridgewater would receive up to $115 visit us in financial assistance from the state.
Â“The jobs we are announcing today have the potential to grow our economy in a profound way because the spin-off effect of these positions will drive growth in other sectors,Â” stated Gov. Dannel P. Malloy in a release. Malloy, a former Stamford mayor, traveled to his hometown Aug. here to make the announcement.
Ray Dalio CEO Bridgewater
But there are still a number of details that must be addressed before the relocation is considered a done deal.
Stamford Mayor Michael A. Pavia, a Republican who succeeded Democrat Malloy, was out of town on vacation and did not attend the event. While he and other city authorities have yet to see plans for the project, which is slated for the Harbor Point area, Pavia issued a statement regarding the announcement.
Governor Dannel Malloy connected with Dalio at Davos Summit
“I have always supported properly planned and executed development that will further the growth of our city,” said the mayor. “However, having not yet seen any plans for the site, we expect that any use of the site will conform to the city’s current Master Plan and Land Use requirements.”
Michael Pavia, a Republican, Governor Malloy's successor as Stamford Mayor, was on vacation when Malloy, a Democrat, made the announcement.
Pavia: "not seen any plans yet".
Bridgewater also released a statement shortly after Malloy’s announcement that acknowledged “a lot of work needs to be done.”
“While we are excited about the prospect of bringing all of our people together under one roof and, in the process helping to restore the waterfront in Stamford, a lot of work needs to be done to see if a move to the Stamford campus can become a reality,” said the statement, issued by a company spokesman. “This work includes exploring both approvals from the City of Stamford and its various committees and boards, as well as conducting additional due diligence about a host of cost, design and community related issues. We will continue to work with our team of skilled partners to evaluate and plan the campus and will make our decisions known as we make them.”
The announcement also is likely to bring more inquiries about a controversial decision to close a popular boatyard on the 14-acre site. A representative of the site’s developer, Building, Land & Technology, did not return telephone calls seeking comment.
Another water-abutting locale, Davos, Switzerland -- which is located near the Landwasser River – served as the backdrop for discussions between Malloy and Bridgewater officials during the World Economic Forum in January. The forum brings together business, political and academic leaders each year to discuss issues of mutual interest.
"What was very attractive was the potential to develop a site along the waterfront."
While company officials had considered “a variety of different options” for relocating its headquarters, direct access to the water was a strong drawing card for the Stamford site, said the Bridgewater spokesperson. The city was selected for “a variety of reasons, but mainly what was very attractive was the potential to develop a site along the waterfront was great. What’s good about this is restoring a piece of waterfront property.” The spokesperson also cited Stamford’s proximity to mass transit and what he called “a thriving area close to New York City” as pluses.
“The main impetus behind the move,” he added, “is that the company was spread out into five different locations. So our goal was to find a location that could house everybody.”
Bridgewater is the eighth company benefiting from the initiative that was first established as the “First Five” program and is being continued as “Next Five.” The program is rapidly becoming one of the defining characteristics of Malloy’s administration. Funded through the state Department of Economic and Community Development, the initiative seeks to create jobs in the state by attracting large business projects through financial incentives.
The Bridgewater relocation building project, which is estimated at a whopping $750 million, will be constructed in the Harbor Point waterfront area, located in Stamford’s South End. It is expected to be completed by 2017 pending the aforementioned approvals and needed environmental site work. The finished product will consist of two sustainable, energy-efficient buildings situated on a reforested landscape resembling a park, according to the governor’s office.
Bridgewater is expected to create up to 1,000 jobs over the next 10 years while also retaining its current 1,225-employee workforce.
The state’s financial aid package to Bridgewater consists of a $25 million forgivable loan at a 1 percent rate for 10 years, to help construct the new facility; up to $5 million in grant funds for job training; another grant of up to $5 million to be used to install alternative energy systems; and Urban and Industrial Sites Reinvestment Tax Credits of up to $80 million.
“To have a company of Bridgewater’s stature make the business decision to invest $750 million in our state and significantly increase its workforce,” Malloy says in the release from his office, “is not only an extraordinary economic ‘win,’ but signals to the rest of the world that Connecticut is strengthening its leadership position in the very competitive financial services sector.”
In the same release state DECD Commissioner Catherine Smith comments on the financial scope of the Bridgewater project.
“Bridgewater's capital investment of $750 million is higher than the previous seven projects combined and will result in a one-of-a-kind corporate campus which, like the Silicon Valley headquarters for Google or Apple, is designed to facilitate innovation and support a strong and unique corporate culture,” stated Smith.
Bridgewater’s clients include central banks, foreign governments, corporate and public pension funds, university endowments and charitable foundations. It manages approximately $130 billion in worldwide investments for them.
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See for reaction from some Democratic critics and "Occupy Wallstreet" at Bloomberg News http://www.bloomberg.com/news/2012-08-15/connecticut-aids-bridgewater-hedge-fund-to-build-new-hq.html
CT Governor's office Release
State Senator Carlo Leone
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