If the company employs 250 people in its Stamford offices by the end of 2016, it will receive another million dollar grant; if it has 300 people by the end of 2016, it will receive an extra $2 million.
The company can also receive the additional $2 million if it reaches 250 employees in Stamford and adds 100 workers to its service locations around the state. It currently has 260 employees in service locations in Connecticut.
If it does not meet its job growth projections in the next two years, the $6.5 million will be treated as a subsidized loan, instead, with an interest rate of 2 percent.
"Establishing a corporate presence in Stamford is one of many actions we have taken to position Charter for long-term growth. In addition to our cable operations in Connecticut, access to the talent base, the transportation infrastructure, and the proximity to other media headquarters and financial markets made Stamford a logical alternative," said Tom Rutledge, Charter President and CEO.
Rutledge, who began leading the company in February, previously was the chief operating officer at
"The State of Connecticut and Governor Malloy's commitment and package of incentives offered made it compelling for us to decide on Stamford," he said.
The cable company will spend $6.5 million on buying office furniture and equipment and making tenant improvements to the 70,000 sq. ft. it is renting at 400 Atlantic St.
Charter is the ninth company to get state money from what was initially called the First Five program; it is pledging the smallest number of jobs, and spending the least on its building, and therefore is receiving the smallest subsidy.