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On Bond Agenda: $51M in Business Loans or Grants, to Bring or Keep Jobs in State

April 11, 2018 By Staff
On Bond Agenda: $51M in Business Loans or Grants, to Bring or Keep Jobs in State

The State Bond Commission, led by Gov. Dan Malloy (D-Conn.), meets on Friday. On the agenda is $51 million in loans or grants to businesses, to create under 3,000 total jobs in Connecticut.

The State Bond Commission is poised to approve up to $51 million in taxpayer-backed loans or grants on Friday, all to create under 3,000 jobs in Connecticut.

The commission’s agenda, for Friday’s meeting, includes funding requests totaling $51 million to six businesses looking to keep or create jobs in the state.

They are, in order:

  • $10 million to Henkel of America, to relocate from Arizona to Stamford; 678 jobs retained, 266 jobs created
  • $6 million to EDAC Technologies Corporation, to acquire machinery and equipment in Cheshire; 349 jobs retained, 200 jobs created
  • $10 million to Charter Communications, to equip a new corporate HQ in Stamford; 664 jobs retained, 1,100 jobs created
  • $5 million to IBG, LLC, to relocate to Greenwich; 489 jobs retained, 129 jobs created
  • $6 million to Mount Sinai Genomics, Inc., to relocate HQ from New York to Stamford; 269 jobs retained, 284 jobs created
  • $14 million to Infosys, to establish a hub in Hartford; 1,000 jobs created

For those keeping score at home, that’s a little under 3,000 jobs created, over several years, and just under 2,500 jobs retained. All told, taxpayers are supporting these businesses at the rate of over $9,000 per job retained or created.

Is this the model for any future business creating or keeping jobs in Connecticut?