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Grant money for Pitney Bowes considered Fri. by Bond Commission

The state Bond Commission's agenda includes grant-in-aid funding under the First Five Program for Pitney Bowes to help the company with its expansion and efficiency improvement plan.  The 15 million dollar loan will be provided at an interest rate of 2% for ten years with principal deferred for six years.  The company will be eligible for loan forgiveness of $10 million if it meets the job retention and creation goal. 

 

Pitney Bowes is expected to retain 1,600 jobs and create 200 new full-time jobs by 2019. 

 

The investments will be made in the company’s technology center in Danbury, its business operations center in Shelton, and its new headquarters, which will remain in Stamford.

 

A $1 million dollar grant-in-aid for training is also being provided.  The company will also receive a sales and use tax exemption of up to $1 million for capital improvements.  Pitney Bowes is investing about $9 million for capital improvements. 

 

Governor Malloy says Pitney Bowes has been a fixture in Connecticut for over 90 years and has exciting growth plans for its future in areas such as digital commerce and location intelligence.

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