Charter Relocation Incentives Delayed, But Move Still on Schedule

An incentive package to bring Charter Communications’ headquarters to Connecticut has been delayed one month due to the amount of a loan being received by Charter from the state.

Anita Lamont, spokesperson for Charter Communications, tells Town and Country - Manchester Patch the incentives packaged originally approved by Connecticut's Bond Commission is delayed by one month because a loan amount in the package now exceeds what was initially approved by the state.

As previously reported by Patch, Charter is relocating its corporate headquarters from Town and Country to Connecticut. 

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"The memo to the bond commission was sent out weeks ago...between the time they got that information, they renegotiated a deal, the governor's office did, so those folks were just working with outdated information," Lamont tells Patch. "They didn't have the latest information."

Lamont said the original loan amount to Charter was $4.5 million, but with the option to receive up to an additional $2 million if Charter met additional job growth targets. However, the loan was renegotiated and the new incentives package includes a $6.5 million loan to Charter. It also allows Charter the option to receive up to $2 million more if additional job growth targets are met.

"They apparently are very aggressive about wanting businesses to come to Connecticut," Lamont tells Patch.

She said the original deal terms were received by the bond commission for its October agenda. However, Lamont said that since the state's bond commission only meets once a month, it will look at the new loan numbers at the next meeting in November, at which time Lamont said they will be approved.

"There's no impact on us moving," Lamont tells Patch. "We are investing 10 million dollars of our own money."

Lamont said Charter did not seek such incentives from Missouri to keep its headquarters in the state.

"The move is predicated on many things, but not just an incentive," Lamont said. She cited information .

(Read Previous Article: Charter Executive Offices Leaving St. Louis for Connecticut)


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