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In the media: Charter’s move to Stamford hits a snag

Thu, 10/04/2012 - 12:38pm

Members of Charter Communications’ executive team can hold off on packing their bags for now as the headquarters move from St. Louis to Stamford, Conn. hit a temporary delay.

The Connecticut Post reported that a package to aid Charter’s move from Missouri to Stamford was pulled off of the State Bond Commission’s agenda yesterday due to inaccurate numbers. The item will be added to commission’s next agenda, but it only meets once a month.

Earlier this week, Charter announced it would transfer the majority of its executive officers, along with members of their staffs, to the new 70,000 square-foot office space at 400 Atlantic Street in Stamford. Charter will invest more than $10 million in its new corporate digs, and will add 200 corporate jobs to the area.

Charter, the nation’s fourth-largest cable operator, struck a deal with Connecticut Governor Dannel Malloy’s office that included  a 10-year loan of $6.5 million at 2 percent, with principal payments deferred for three years. The funds will go toward Charter’s costs for tenant improvements and the purchase of furnishings and office equipment. The loan, or a portion of it, may be forgiven if certain job milestones are met. It also includes funding provisions for future job growth.  

The bond commissions’ agenda called for the approval on a $4.5 million loan with the 2 percent interest, and $2 million in grants tied to job creation, but a spokesman for Gov. Malloy’s office said those figures were from earlier negotiations.

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