STAMFORD — Governor Malloy announced Tuesday that the second largest cable operator in the country, Charter Communications, is planning to build a 500,000 square foot, 15 story headquarter building in Stamford, and plans to add 1,100 new jobs.
It follows the company’s commitment to create and retain 400 jobs under the stat’s First Five program back in 2012, which was created to invest in companies with incentives to get them to invest back in the state. Charter now has committed to create an additional 1,100 new corporate headquarters jobs, and has agreed to a $100 million in planned capital expenditures in Connecticut over the next several years.
The Governor said in a statement:
“Today is a great day for Connecticut. Charter’s announcement to create an additional 1,100 jobs shows that our strategic investments are continuing to spur economic growth and create good paying jobs in the state. We look forward to the continued success of Charter Communications as they grow within Connecticut.”
Stamford Mayor David Martin said about the decision:
“Charter Communications has been a steadfast corporate citizen since they relocated here in 2012. We are happy that they chose to stay in Stamford, and add jobs and expand their workforce here. This investment in our city is good news and we applaud their vote of confidence in Stamford.”
The Department of Economic and Community Development will provide a 10-year, $10 million low-interest loan to support the project through the stat’s First Five Plus program.
State funding can be used for new equipment and improvements. The company could be eligible for loan forgiveness based on job creation and if employment obligations are met.
Charter will also receive up to $10 million in tax credits. Additional tax cuts are available if the company exceeds their job targets.
Tom Rutledge, Chairman and Chief Executive Officer of Charter Communications said:
“Since relocating Charter’s headquarter operations to Stamford in 2012, the company has undergone a transformation to become the second largest cable provider in the U.S. This new, state-of-the-art facility in downtown Stamford will provide Charter the necessary resources to facilitate its continued growth. We are excited to continue expanding in Connecticut, and thank Governor Malloy, Mayor Martin, the Connecticut Department of Economic and Community Development, and the entire Stamford-area federal, state and local delegation of elected officials for their continued partnership and support.”