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09/05/2014 12:00 AMState Representative James Albis (D-East Haven) issued the following statement on the announcement of the historic agreement between United Technologies Corp. (UTC) and the State of Connecticut, in which UTC agrees to invest $500 million in Connecticut by taking advantage of stranded tax credits. The agreement does not require any borrowing or payments by the State of Connecticut.
“This agreement will not only benefit the 119 East Haven residents who are UTC employees but also the four local businesses that are UTC suppliers located in East Haven,” said Rep. Albis. “Furthermore, the long-term impact of keeping this company in our state and the economic ripple effects from the construction component of the new UTC facility will have a positive impact on our community. This is a great example of how public-private partnership can make a small state investment do great things statewide.”
This investment is expected to impact 75,000 jobs in Connecticut for both UTC employees and their subcontractors around the state. It is also expected that approximately 1,500 jobs will be created during the four year construction period.
During the same time period, the company expects to invest up to $4 billion in research and other capital expenditures in the state.