HARTFORD, Conn. – Democratic Gov. Dannel P. Malloy announced Thursday a deal to help Starwood Hotels & Resorts, a company his Republican predecessor convinced to move to Stamford, expand in the state.
Under the deal, Starwood will expand its headquarters in Stamford and create 340 full-time jobs in addition to retaining its current workforce of 980 employees.
“Since Starwood came to Stamford a number of years ago, the company has demonstrated their commitment to Connecticut by growing jobs, spurring economic development and, essentially, letting other large corporations know that this is a great place to work, invest and call home,” Malloy said in a press release. “This is just one of the many steps we are taking to send a loud and clear message that Connecticut is open for business.”
The state will provide a Manufacturing Assistance Act loan of up to $5 million and up to $20 million in Urban and Industrial Sites Reinvestment Tax Credits. The credits can be used over a period of 10 years. Those credits also can be sold or transferred to another corporate taxpayer or carried forward for five years.
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