The deal to relocate hedge fund firm Bridgewater Associates has been met with criticism from the public.
Connecticut news outlet Westpost News reported that the plan to move Westport-based Bridgewater to Stamford was criticized heavily by the city’s residents during a hearing Tuesday night.
Stamford residents told city planning officials that moving Bridgewater to the city would lead to a slew of problems, including higher property taxes. The article said that the city would receive $5 million in public improvements in exchange for giving developer Building and Land Technology the authority to build the new headquarters on 2.4 acres of land.
According to an eVestment article from last year, Bridgewater will receive about $115 million in tax credits, loans and grants from the state as part of its move to Stamford under Connecticut Gov. Daniel Malloy’s job creation program, which gives businesses generous economic incentives based on the number of jobs they generate. Under an agreement with the state, Bridgewater will create up to 1,000 high-level jobs within the next ten years and will also retain its current workforce of 1,225 employees.
Bridgewater has solidified the firm’s commitment in relocating to Stamford through a statement.
The deal must be approved by the Board of Finance and Board of Representatives, the city's planning board.
Founded by Ray Dalio in his Manhattan apartment, Bridgewater Associates is now the world’s largest hedge fund with $144 billion in assets.