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April 17, 2014

CT provides $6.5M aid package to Danbury relocation firm

A 60-year-old Danbury company that specializes in global relocations has decided not to relocate itself, now that the state has awarded it a loan-grant package worth $6.5 million, Gov. Dannel P. Malloy’s office announced.

The Department of Economic and Community Development’s loan to Cartus Corp. will help cover part of a $15.4 million expansion of the company’s headquarters.

The package is a 10-year loan with 2 percent interest, but principal payments will be deferred for five years, and approximately $1.9 million of the principal will be forgiven if Cartus retains its 1,275-employee workforce for five years.

If Cartus adds 100 new jobs in five years, the state will forgive half the principal. The entire loan will be forgiven if Cartus creates 200 jobs.

The company is also in line for other state funding.

The Clean Energy Finance Investment Authority is also going to provide Cartus with funding for energy-efficiency investments at its headquarters. And Connecticut Innovations will provide a sales-and-use tax exemption of up to $1 million, Malloy’s office said. The additional funding is subject to approval by both entities' boards.

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