October 2, 2012

Charter Communications putting $10M into CT relo

Charter Communications CEO Tom Rutledge

This is an updated version of an earlier report.

Cable operator Charter Communications Inc. is investing $10 million -- much of it in the form of a state loan -- and will create 200 jobs to move its corporate headquarters from St. Louis to Stamford, authorities say.

More details of the deal between Charter and the state of Connecticut were disclosed at a news conference Tuesday in Stamford attended by Charter CEO Tom Rutledge and Gov. Dannel P. Malloy.

Malloy's office said the project is expected to create 200 jobs.

The project is an extention of Malloy's ''First Five/Next Five'' initiative, which offers incentives to companies looking to expand in the state or move here. So far, nine companies have committed to the initiative, the governor's office said.

In exchange for Charter's commitment, the state Department of Economic and Community Development pledged a 10-year loan of $6.5 million at 2 percent, with principal payments deferred for three years.

The funding will go toward Charter's costs for tenant improvements and the purchase of furnishings and office equipment, the governor's office said. The loan, or a portion of it, may be forgiven if certain job milestones are met. It also includes funding provisions for future job growth.

"Establishing a corporate presence in Stamford is one of many actions we have taken to position Charter for long-term growth,'' Rutledge said in a statement from Malloy's office. "In addition to our cable operations in Connecticut, access to the talent base, the transportation infrastructure, and the proximity to other media headquarters and financial markets made Stamford a logical alternative.''

Charter is the fourth-largest cable operator in the U.S. According to the company's website, Charter provides video, high-speed Internet and telephone services to approximately 5.2 million residential and business customers in 25 states.

The Stamford Advocate reports Charter will join UBS Financial Services and Harmon International in 70,000 square feet of office space in a 15-story high-rise at on 400 Atlantic Street.

The Associated Press contributed to this report.

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