STAMFORD – Next up, Bridgewater Associates.
ThatÂ’s the latest company to participate in the stateÂ’s economic development program that provides lucrative financial incentives to Connecticut-based businesses in exchange for job creation.
The Westport-based hedge fund run by CEO Ray Dalio has pledged to create up to 1,000 jobs and build a new, 750,000-square-foot facility generic valium Stamford. In return, the company will receive up to $115 million tramadol generic grants, loans and tax credits from the state.
Ray Dalio CEO Bridgewater
“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,” stated Governor Dannel P. Malloy in a release. Malloy, a former Stamford mayor, traveled to his hometown Aug. 15 to make the announcement.
Stamford Mayor Michael A. Pavia, a Republican who succeeded Malloy, a Democrat, 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.
“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.”
Bridgewater is the eighth company benefiting from the initiative, which is rapidly becoming one of the defining characteristics of Malloy’s administration. Originally established as the “First Five” program, the economic initiative is being continued as “Next Five.” The program, which is funded through the state Department of Economic and Community Development, seeks to create jobs in the state by attracting large business projects through financial incentives.
The 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 required 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.
The agreement contemplates that Bridgewater will create up to an additional 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, “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.
CT Governor's office Release
State Senator Carlo Leone
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