Malloy offers aid to entice hedge fund to Stamford

Connecticut is providing up to $115 million in incentives to a major hedge fund that is committing to the construction of a new $750 million headquarters in Stamford and a doubling of its present workforce of more than 1,000, Gov. Dannel P. Malloy said Wednesday.

Bridgewater Associates, whose employees are now spread among several buildings in Westport, will move into a 750,000-square-foot campus at Harbor Point.

Incentives for the move include: a $25 million forgivable loan at a rate of 1 percent for a term of 10 years to be used for construction; a job training grant of up to $5 million; a grant of up to $5 million for the installation of alternative energy systems; and up to $80 million in Urban and Industrial Sites Reinvestment Tax Credits.

The incentives, which are offered through the governor’s “Next Five” program for major employers who are committing to at least 200 new jobs, are contingent on meeting hiring goals. The name is a play on the program’s original name, First Five.

Bridgewater now employs 1,225.

“For a long time, our state failed to compete for the kinds of good paying jobs with good benefits that will grow and sustain our economy,” Malloy said. “Thanks to the ‘Next Five’ program, we are clearly charting a new course. The jobs we are announcing today have the potential to grow our economy in a profound way because the spin-off effect of these positions will drive growth in other sectors.”