April 23, 2012 | last updated June 1, 2012 2:04 pm

CT providing $11.5M+ to create 260+ jobs

Connecticut is providing a pair of Bloomfield and Norwalk firms $3.5 million in low-interest loans and at least another $8 million in tax incentives for their commitment of a minimum 260 new jobs in the next few years, authorities say.

Bloomfield aerospace-parts machinist Beacon Industries is getting $3 million in state loans to help complete its merger aerospace-parts maker TECT Power of Newington, a move that will retain 165 employees and create 60 jobs, the governor's office said Monday.

Beacon plans to invest $10.2 million to move its Bloomfield operation at 85 Granby St. into TECT's Newington building at 549 Cedar St. and lease 180,000 square feet, authorities said.

The Department of Economic and Community Development (DECD) and the Connecticut Development Authority (CDA) is supporting the Beacon project, Gov. Dannel P. Malloy's office said.

DECD will provide a 10-year, $1.5 million loan at a rate of 4 percent, with forgiveness based on the number of jobs created. CDA provided a $1.5 million loan.

Meantime, financial-data analyst FactSet Research Systems of Norwalk is getting a 10-year, $2 million DECD loan at 2.5 percent to aid its expansion to create 200 jobs over the next five years. FactSet employs 641 in Connecticut.

The loan may be forgiven based on the number of jobs FactSet creates, authorities said.

FactSet also may be eligible for job creation tax credits and up to $8 million in Urban and Industrial Sites Reinvestment Tax Credits

The State Bond Commission, which Malloy chairs, is expected to approve the DECD funding at Friday's meeting.


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