GREENWICH DELEGATION: ANNOUNCES GREENWICH BUSINESS TO STAY AND EXPAND WITH STATE HELP
HARTFORD- The State Bond Commission authorized a $2.5 million loan through the State Department of Economic and Community Development to Weeden & CO., LP located in Greenwich, State Representatives Livvy R. Floren, R-149th District, Lile R. Gibbons,R-150th District, Fred Camillo, R- 151st District and State Senator L. Scott Frantz, R-36th District, announced today January 30th.
Rep. Floren said, “”I want to thank Governor Rell for prioritizing the need to keep jobs – especially jobs in financial services – in Connecticut. This loan assists Weeden to expand and stay in Greenwich rather than have them and the jobs they provide move to New York.”
The Company is a financial services firm established in 1976 and will lease additional space in Greenwich to accommodate expansion rater than relocate to New York. This project will retain 148 jobs and create 15 more by 2011. The loan will be provided at an interest rate of 2% for ten years with payments deferred for two years.
“Let’s hope Connecticut can renew its effort to keep jobs in state. Far too often, the state ignores the warning bells of a rising tide. We live in a global economy where not only states but nations compete for jobs. Today ,Greenwich scored a victory,” Rep. Camillo.
Rep. Gibbons said, “Job creation is critical in this economy. Anything the state can do to help firms retain and expand their numbers of employees, is the right direction to take.”
“Along with my fellow Representatives, I am very pleased that the State Bond Commission and the Connecticut Development Authority, whose sole focus is to preserve and create valuable, high paying jobs, was able to help retain a significant number of financial service jobs in Greenwich and help position Weeden & CO for future growth. The company’s decision to remain in Connecticut demonstrates the vitally important partnership between State Government, Quasi Public Agencies and the private sector”, concluded Sen. Frantz.
3 Responses to “GREENWICH DELEGATION: ANNOUNCES GREENWICH BUSINESS TO STAY AND EXPAND WITH STATE HELP”
Doesn’t giving one company a tax break penalize its competitors? …Just asking.
Comment made on April 10th, 2009 at 12:25 amDonald
Dear Donald — We usually give tax incentives to categories of companies ie film, manufacturing, etc. as a way to attract/keep business in the state and create jobs … so I am not sure where penalties play. Thanks so much for being so proactive in the public policy debate … and for being my best communicator constituent. Hugs to Miriam, too. XX, Livvy
Comment made on April 17th, 2009 at 8:41 pmWhy can we not have something like the Fair Tax and that is all the government gets. No overspending by the government – they live within their means like everyone else has to do. And with the health care debate – what is the exit strategy if the proposed health care plan turns out to cost more than proposed. So far this year they have taken $3,300 from my paycheck for social security and I will probably never see a dime of that money come back to me whereas if I had the option to put that money in a mutual fund I could at least have some hope fo seeing some it. Giving tax breaks to specific companies is really not the answer………..give tax breaks to everyone across the board and watch the economy take-off including companies hiring more people.
Comment made on October 10th, 2009 at 3:50 pmLeave a Comment