State Senator Paul Doyle
April 27, 2009
Doyle Welcomes State Funding for Economic Development Project in Rocky Hill
State Senator Paul Doyle (D-Wethersfield) welcomed Friday’s final approval of the plan to provide a loan to the Henkel Corporation to help it move from Pennsylvania. Senator Doyle said the company — which already employs about 350 people in its Rocky Hill manufacturing operation — will relocate its corporate offices and employ up to 80 more people.
Senator Doyle said the plan to provide bonding for up to $825,000 received final approval from Governor Rell and the State Bond Commission at its meeting Friday. That figure represents half the estimated total cost of the relocation.
“In this volatile economic climate it’s imperative for our state to provide incentives where and when possible to help companies that provide jobs for Connecticut residents,” Senator Doyle said. “In this instance, the Henkel Corporation wins because it will achieve savings through streamlining and consolidating its operation in Rocky Hill, and Connecticut wins because a more profitable company provides jobs and job security for residents who work there.”
Senator Doyle said the grant is provided through the state’s Manufacturing Assistance Act; terms of the loan itself will be administered by the state Department of Economic and Community Development (DECD).
“The program for which the Henkel Corporation was approved is quite straightforward in that a ten-year loan is provided with a 2.5 percent interest rate, and interest-only payments are due for the first two years,” Senator Doyle explained. “If and when the targeted 80 jobs are created the company can apply to have the loan forgiven, in which case the company earns a grant outright and the state gains at least 80 new, permanent jobs.”
Senator Doyle is serving his second term in the Senate; he previously served six terms in the House of Representatives. He is the Senate Chair of the Human Services Committee, vice-chair of the Housing Committee, and serves on the Judiciary and Regulations Review Committees.
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