Gaffney Bennett has helped numerous clients relocate or expand in Connecticut by working with state economic development officials to craft favorable financial incentive packages. These agreements can be extremely complex and involve numerous agencies, including the Department of Economic Development, the Department of Labor, the State Traffic Commission and even local Planning and Zoning Commissions, to name a few.
We have helped companies access grants, tax credits, tax incremental financing and low-interest loans, among other things. It is a win-win for the state and our clients as it has resulted in increased employee head count and, in several cases, made it more attractive for the company to keep its world headquarters or major operations in Connecticut rather than relocating to a another state.
It’s essential when negotiating these agreements that clients have someone representing them who has experience, a legal background and a solid relationship with the administrative agencies. Gaffney Bennett has these qualifications and decades of experience in closing the deal.
Examples of Our Work
NBC Group: Helped forge a $75 million public-private sector initiative for NBC to bring 450 new jobs to Stamford as part of the Governor’s “First Five” program to help jumpstart the economy. Also, during Governor Rell’s tenure, Gaffney, Bennett helped NBC secure tax credits and an economic assistance agreement with DECD to develop television studios in downtown Stamford at the Rich Forum.
Starwood Hotels & Resorts Worldwide: Worked with the Stamford legislative delegation and the State Department of Economic and Community Development (DECD) to arrive at an incentive package for the relocation of Starwood’s corporate headquarters to Stamford. Incentive package included Urban Reinvestment Act tax credits, direct financial assistance and sales tax relief.
Metropolitan District Commission: Sought and helped secure approximately $200 million in the state bond package for the Clean Water Fund, enabling MDC, a municipal water and sewer service for the Greater Hartford region, to finance capital improvement projects associated with water and water treatment facilities across the state.
RBS Greenwich Capital: Obtained public financing commitments in excess of $120 million for purposes of the relocation and expansion of its operations in Stamford, Connecticut, and provided advocacy before the Legislature’s Finance Committee and General Assembly to secure passage of the agreement.
UBS Warburg Dillon Read (formerly Swiss Bank): Assisted in securing legislative approval for, and the provision of, approximately $80 million in public financing incident to the relocation of Swiss Bank from New York City to Stamford, Connecticut.
City of New Britain: Successfully sought and secured passage of legislation that enabled the City to defray the cost of its unfunded pension liability by taking advantage of a favorable bond market, saving the city millions of dollars. Sought and gained approval for legislation that increased municipalities’ flexibility to refinance their outstanding debt and established conditions under which they may enter into agreements to manage interest rate fluctuations in connection with the sale or issuance of municipal bonds or notes.
Downtown Torrington Redevelopment: Assisted a private developer in securing special legislation that provided for $30MM in public financing for the redevelopment of downtown Torrington.
Lake Compounce: Identified and secured $18 million for the expansion of the Lake Compounce Theme Park located in Bristol and Southington, Connecticut. This agreement was reached collaboratively with multiple regulatory agencies, the state Legislature and state Department of Economic and Community Development (DECD).
Aldi: Represented the company in its pursuit of state economic development assistance to site a major food retail distribution center in South Windsor, a project totaling $2.5 million.