(CBS Connecticut) – Charter Communications plans to build a 500,000-square-foot headquarters building in Stamford, state officials announced Tuesday.
Charter, the nation’s second-largest cable operator, which committed to create and retain 400 jobs under the state’s First Five program five years ago, has committed to create an additional 1,100 jobs, officials said.
“Since relocating Charter’s headquarter operations to Stamford in 2012, the company has undergone a transformation to become the second largest cable provider in the U.S.,” Tom Rutledge, Chairman and Chief Executive Officer of Charter Communications, said.
The company’s new, 15-story headquarters building will be located at 406 Washington Avenue in Stamford.
In exchange for the expansion, the state is providing a 10-year, $10 million loan interest loan that’s forgivable if certain benchmarks are met. In addition, Charter will receive up to $10 million in tax credits through the Department of Economic and Community Development’s Urban and Industrial Sites Reinvestment Tax Credit program. Additional tax credits are available if the company exceeds job targets.