Connecticut, Starwood hotels OK state aid deal - New York News

Connecticut, Starwood hotels OK state aid deal

Posted: Updated:

STAMFORD, Conn. (AP) - Starwood Hotels and Resorts will spend $30 million to expand its headquarters in Stamford, helped by a state loan of up to $5 million and $20 million in state tax credits.

Gov. Dannel P. Malloy, state economic development officials and Starwood executives announced on Thursday that the hotel business create 340 new jobs in Connecticut, adding to its current 980 employees.

Businesses may take tax credits of up to 100 percent of capital investment on eligible projects with a minimum investment of $5 million invested in urban distressed areas and $50 million in other areas.

The loan will be provided at 3 percent interest with principal deferred for the first three years and the principal waived if the company meets its commitment to bring Connecticut employment to 1,320 in three years.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

  • Connecticut NewsConnecticut NewsMore>>

  • Navy submarine group disbands in Groton ceremony

    Navy submarine group disbands in Groton ceremony

    Friday, August 22 2014 8:36 PM EDT2014-08-23 00:36:24 GMT
    A Navy submarine group based in Groton has been formally disbanded after 49 years. A ceremony Friday aboard the attack submarine USS Missouri marked the end of Submarine Group 2.
    A Navy submarine group based in Groton has been formally disbanded after 49 years. A ceremony Friday aboard the attack submarine USS Missouri marked the end of Submarine Group 2.
  • Park Service bans drones over Appalachian Trail

    Park Service bans drones over Appalachian Trail

    Thursday, August 21 2014 8:25 AM EDT2014-08-21 12:25:02 GMT
    The National Park Service has banned drones from flying over the Appalachian Trail. The Park Service said Wednesday the interim rule prohibits launching, landing or operating unmanned aircraft from or on Appalachian National Scenic Trail lands. The ban takes effect immediately and lasts until the Park Service can develop an appropriate policy. 
    The National Park Service has banned drones from flying over the Appalachian Trail. The Park Service said Wednesday the interim rule prohibits launching, landing or operating unmanned aircraft from or on Appalachian National Scenic Trail lands. The ban takes effect immediately and lasts until the Park Service can develop an appropriate policy. 
  • Utility worker pulled from truck and beaten

    Utility worker pulled from truck and beaten

    Wednesday, August 20 2014 2:41 PM EDT2014-08-20 18:41:18 GMT
    Hartford police are searching for two men who pulled a utility company worker out of a dump truck and beat him up after a traffic accident.
    Hartford police are searching for two men who pulled a utility company worker out of a dump truck and beat him up after a traffic accident.
Powered by WorldNow
Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | New Terms of Service What's new | Ad Choices