Connecticut Paying Bridgewater to Stay and Create Jobs

May 25, 2016 James Heinsman In the News

In a controversial move Connecticut is offering one of the world’s largest hedge funds, Bridgewater Associates, $22 million in exchange for the firms promise to invest $525 million in the state through job creation and facilities upgrades.

The incentive is part of the Connecticut Department of Economic and Community Development’s First Five program, which is designed to stimulate investment by major employers in the state.

“I still think that if we look at this from a taxpayer perspective and I view myself as a fiduciary of their dollars, that they’re going to get a great return on this investment” said Catherine Harris, the Commissioner of DECD.

The $22 million includes $2 million for job training, $3 million for renewable energy development, and $17 million in a loan, in the form of bonds. In exchange Bridgewater must keep the 1,402 jobs they already support at their Westport headquarters plus create 750 more jobs by 2021.

Also part of the deal is the company will be eligible for $30 million in Urban and Industrial Sites Reinvestment Tax Credits over the next ten years.

Republicans were not pleased with the deal, saying that it is not necessary for the government to give money to a company that manages $150 billion in assets globally.

“People have just had enough with ridiculous decisions that government makes and this is beyond the pale,” said state Senate Minority Leader, Republican Len Fasano.

Bridgewater Associates, Catherine Harris, Connecticut Department of Economic and Community Development’, Len Fasano, Urban and Industrial Sites Reinvestment Tax Credits,

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