Bridgewater Associates is the gigantic hedge fund company that Governor Malloy is giving over $115 million dollars in public funds, as part of an effort to assist them in their move from Westport, Connecticut to Stamford, Connecticut.
For some, Bridgewater is better known as the company that paid its CEO a compensation package of $2.3 billion a year or two ago. (Yes, that is the letter b and not the letter m after the amount the company paid its CEO).
You can read more about the Bridgewater Associates Project here: Slam-Dunk! Touch-down! Goal!!!! Taxpayers come through for American’s highest paid CEO and here: Yes, you heard right…CT taxpayers give $115 million to Bridgewater, world’s biggest hedge fund
But even when you try to give away $115 million to a successful billionaire financial giant little hurdles develop.
In this case, in order to implement this “economic development initiative,” an existing boatyard has to be moved to make room for Bridgewater’s new headquarters.
It turns out that the developer illegally demolished a 14-acre boatyard in preparation for the Bridgewater Associates project and now needs to find it a new home.
Building and Land Technology (BLT), the developer of the Bridgewater Associates project, had identified a parcel of land owned by the City of Stamford to build the new boatyard.
However, in the face of what appeared to be a pending negative vote yesterday by the Stamford Panning Board, BLT suddenly withdrew its application.
According to a story in the Westport News entitled, Bridgewater plan to relocate from Westport hits new snag, “Planning Board Chairwoman Theresa Dell said BLT General Counsel John Freeman asked to withdraw the proposed agreement at the beginning of Tuesday night’s regular meeting, where the board was expected to consider whether to approve the agreement.”
The BLT General Counsel wrote in an email, “To allow us time to consider and respond to the board’s comments, we have asked the administration to withdraw the application. This will provide us the opportunity to work with city officials to build greater consensus. Ultimately, this project will create new amenities for Stamford residents, boost the city’s economy and bolster the ongoing revitalization of the South End.”
READ: Help, need more time to line up the votes…
As the Westport News article explains, “The decision to withdraw the agreement erases two months of public hearings and fierce debate before the Planning Board over the agreement’s merits.”
The Westport News added, “In late August, more than 200 Stamford residents turned out to the first two public hearings on the proposed agreement, which would have granted the developer the right to use 2.5 acres of city land adjacent to 205 Magee Ave. The agreement needed the approval of that city’s Planning Board, Board of Finance and the Board of Representatives to move forward.
Under the agreement, in exchange for rights to include the land in a 6-acre boat yard facility, the developer would spend $5 million toward planning, design and completion of a new Stamford animal shelter and additional improvements to Czescik Marina to furnish up to 190 slips to city boaters, as well as landscaping improvements to Kosciuszko and Cummings parks.”
Supporters and opponents of Governor Malloy’s historic taxpayer-funded corporate welfare programs will want to read the full details of this latest development in the Bridgewater Associates story here: http://www.westport-news.com/news/article/Bridgewater-plan-to-relocate-from-Westport-hits-4861260.php