SOUTH WINDSOR, Conn. (AP) – Ticket resale site TicketNetwork Inc. is the second company to receive state tax credits in exchange for new jobs, Gov. Dannel P. Malloy announced Thursday.
The company will keep 292 jobs and create at least 200 full-time jobs in two years and possibly up to 600 over the next 10 years, Malloy said. TicketNetwork will receive up to $7.75 million in state assistance.
Don Vaccaro, chief executive of TicketNetwork said the South Windsor company will increase the number of employee at its call center and software development and management divisions.
A package of state assistance includes a 10-year, $4.5 million loan from the Department of Economic and Community Development for TicketNetwork to buy equipment, furniture and fixtures, building acquisition, facility improvements and other investments.
The Connecticut Development Authority, which calls itself the state’s bank, will lend TicketNetwork $1.8 million over five years to finance information technology, furniture and fixtures and other equipment.
State aid also includes a software engineer training grant of between $250,000 for 200 jobs to $450,000 for 600 jobs created.
And assistance from the state includes a grant of up to $1 million for alternative energy with the installation of a fuel cell, wind turbine or solar-powered system.
The General Assembly enacted legislation last month that consolidates tax credits to draw the first five businesses investing $25 million in Connecticut and creating 200 jobs over five years. Cigna was the first to take advantage of the law, promising last week to add at least 200 jobs in the next two years at its Bloomfield site in exchange for $50 million in tax credits.
(Copyright 2011 by The Associated Press. All Rights Reserved.)