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Malloy Announces Deal With Gartner; State Loan Valued at $12,500 Per New Job

September 14, 2018 By Staff
Malloy Announces Deal With Gartner; State Loan Valued at $12,500 Per New Job

Gartner is staying in Connecticut and adding 400 jobs. The state will give Gartner a $5-million loan, all or part of which may be forgiven.

Gov. Dan Malloy (D-Conn.) announced another new deal with a business on Thursday, saying in a press release that research company Gartner will stay in the state and add 400 jobs over five years. The state will loan Gartner $5 million, but all or part of the loan may be forgiven if job-creation targets are met.

Governor Dannel P. Malloy today announced that Gartner, Inc., one of the world’s leading research and advisory companies, is moving forward with plans to expand its global headquarters in Stamford. The company has signed a lease for additional space at 700 Fairfield Avenue that will accommodate growth of 400 new jobs over the next five years.

…The Department of Economic and Community Development (DECD) is supporting the project with a $5 million loan for leasehold improvements and other expenses. All or part of the loan may be forgiven if certain job creation milestones are met.

Malloy said: “If we want to continue to attract businesses and jobs to Connecticut, we need to continue investing in strengthening communities and making Connecticut the best possible place to live, work, and grow a business.”

The loan value for each job created is $12,500.

For years now, Malloy has used state-backed loans, grants, and incentives to convince businesses to stay in Connecticut or to create jobs here. Republicans have argued the state would spend less taxpayer dollars by creating a business climate – through lower taxes and less regulation – that by itself incentivizes businesses to come to Connecticut.