State Set to Approve $22 Million Grant for Bridgewater Associates

May 23, 2016

Fasano: In Time of Austerity, Why Does CT Give Handouts to Billionaire-Owned Hedge Fund?

Hartford – Senate Minority Leader Len Fasano (R-North Haven) released the following statement criticizing the state’s May 27, 2016 Bond Commission agenda which includes $22 million in grants for Bridgewater Associates to renovate its Westport, Wilton and Norwalk offices.

“The priorities of Democrat leaders in this state are twisted. Connecticut is in financial crisis and people are suffering. The Democrats just passed a budget that cuts from the most vulnerable individuals in society. It cuts millions from Connecticut’s welfare program, it reduces dental treatment for the poorest children in our state, and it cuts over $8 million for critical mental health and substance abuse treatment. The Democrats’ budget also cuts from rape crisis, child abuse and neglect intervention, and domestic violence shelters. Yet at the same time they still manage to deliver special interest handouts.

“We are talking about tens of millions of dollars in handouts for a company that abandoned plans to build in Stamford, yet continues to reap the benefits of an agreement they backtracked on. We are also talking about one of the largest hedge funds in the world with a multi-billionaire owner. Tens of millions of dollars to us is mere pennies to them. Yet, while the state has pulled back from other promised funding, Democrat leaders continue to protect Bridgewater at the expense of so many others.

“Our state absolutely should be supporting businesses, but we should not be picking winners and losers. We should be creating a business environment that’s conducive to job growth and prosperity for everyone,” said Fasano.

In addition to the $22 million state grant, Bridgewater is also eligible to receive up to $30 million in Urban and Industrial Sites Reinvestment tax credits for a total package of $52 million. The Westport office is not located in a distressed city and is not a brownfield, but the size of its investment qualifies the company for the credits.

Fasano added: “These tax credits were designed to help businesses that face challenges in our cities and that must overcome the expenses of redeveloping brownfields. They were meant to provide equality for all businesses. Instead they are being allowed to go to a company that is not suffering, while many others continue to struggle. It’s not fair and it’s not right.”

This grant is item 36 D on the May 27 Bond Commission
Agenda: http://www.ct.gov/opm/lib/opm/Agenda_May27_2016.pdf