The state is giving ESPN millions of dollars in loans and grants, and possible tax exemptions, in exchange for commitment from the company to add at least 200 more jobs in Connecticut.
The Bristol-based sports media giant is the third company to become part of the state’s “First Five” incentive program.
ESPN has committed to creating at least 200 new full-time jobs within five years, with incentives for up to 800, and will keep more than 3,800 full-time employees in Connecticut, Gov. Dannel Malloy said on Tuesday.
The company has broken ground on a new Digital Center 2, which is the 19th and largest building on the campus in Bristol, and plans to invest more than $100 million for the 193,000-square foot facility.
Among other things, the center will be the new home of ESPN SportsCenter.
“With this investment in ESPN, Connecticut’s reputation as a leading state in which to do media business is further strengthened,” Malloy said. “Under the ‘First Five’ program, I want to ensure that the state will support innovative companies, no matter how big or how small, if they continue to create jobs and make capital investments that will directly benefit the economy.”
In exchange for ESPN’s commitment, the state is investing in a 10-year, $17.5 million loan from the Department of Economic and Community Development and up to $1.2 million to fund a job training grant program ranging from $300,000 for 200 jobs created to $150,000 for each additional 100 jobs created up to 800 jobs.
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The Connecticut Development Authority might also offer up to $6 million in sales use tax exemptions on capital equipment and construction materials.
“Digital Center 2 represents an exciting new chapter in ESPN’s continued growth in Connecticut,” Ed Durso, ESPN Executive Vice President, Administration said.
