STAMFORD, CT—Already delayed by questions about relocating a boatyard, a plan for hedge fund giant Bridgewater Associates to move its global headquarters to Stamford has reached another stalemate. The Stamford Advocate newspaper reported that Bridgewater has told the city government it needs more time to decide on whether to make the move.
Bridgewater has “a number of discussions internally that they need to have in order to firm up their plans,” Michael Pollard, chief of staff to Stamford's mayor, told the Advocate. “They are assessing their needs and requirements.” He added that “We very much want them to come to Stamford.”
Connecticut Gov. Dannel Malloy announced in August 2012 that Bridgewater, which oversees $130 billion of investments globally, would receive up to $115 million in incentives from his administration for making the move from five separate locations in Westport, CT. These would include a $25-million, forgivable loan toward construction of the 750,000-square-foot new facility at Stamford's South End; up to $10 million in grants for job training and installing alternative energy systems; and up to $80 million in Urban and Industrial Sites Reinvestment Tax Credits.
Pollard told the newspaper he expected to hear back from Bridgewater “in the near future.” The complete article can be accessed here.
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