October 3, 2017

Charter Communications plans $100M Stamford expansion

PHOTO | HBJ File
PHOTO | HBJ File
Charter Communications CEO Tom Rutledge

Charter Communications Inc. said Tuesday it will take advantage of Connecticut's First Five Plus incentive program as it expands here, building a new headquarters in Stamford and creating 1,100 new jobs.

The company already is committed to creating and retaining 400 jobs under the First Five state incentive program since relocating its corporate headquarters to the city in 2012, said Gov. Dannel P. Malloy and state Department of Economic and Community Development Commissioner Catherine Smith.

In October of 2012, Charter invested $10 million -- much of it in the form of a state loan -- and promised then to create 200 jobs to move its corporate headquarters from St. Louis to Stamford.

Charter received a 10-year loan of $6.5 million at 2 percent interest, with principal payments deferred for three years.

Now, it also has agreed to build a 500,000-square-foot, 15-story headquarters and committed to a total of $100 million in planned capital expenditures in Connecticut over the next several years, they said.

The Fortune 100 company is the second-largest cable operator in the United States -- growth that happened since the move to Stamford, said Tom Rutledge, Charter's chairman and CEO.

"This new, state-of-the-art facility in downtown Stamford will provide Charter the necessary resources to facilitate its continued growth," Rutledge said.

Stamford Mayor David Martin said the city is happy Charter is choosing to remain in Stamford as they expand.

DECD will provide a 10-year, $10 million low-interest loan to support the project through the state's First Five Plus program. The company may be eligible for loan forgiveness based on job creation and if employment obligations are met.

Charter also will receive up to $10 million in tax credits through DECD's Urban and Industrial Sites Reinvestment Tax Credit program. Additional tax credits are available if the company exceeds job targets.

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