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As part of the project, Cartus will retain 1,275 jobs in Connecticut and create as many as 200 new jobs for residents over the next five years.
“Cartus has been proud to call Connecticut home for nearly 60 years, and we are committed to growing our operations here,” said Cartus President and CEO Kevin Kelleher. “This new investment will position the company for future success, and also allows Cartus employees and their families to continue to give back to the communities they know and love.”
The state Department of Economic and Community Development will provide Cartus with a $6.5 million loan to cover part of the $15.4 million estimated total cost of the expansion project, including purchasing equipment and making leasehold improvements.
“Cartus’ decision to continue to grow here is another example that our economic development initiatives are working - giving us the tools to compete with other states and win,” said Malloy. “Yet again, an industry leading company chose to make its future in Connecticut because of our superior value proposition: a highly skilled and productive workforce, world-class quality of life, and business-friendly environment.”
DECD made the loan at an interest rate of 2 percent for a term of 10 years. Principal payments will be deferred for the first five years. Thirty percent of the loan principal may be forgiven if Cartus retains its current staff level of 1,275 full time Connecticut jobs for five years. If Cartus creates, in that same five year period, 100 additional Connecticut jobs, fifty percent of the loan principal may be forgiven. If Cartus creates a total of 200 additional Connecticut jobs, 100 percent of the loan principal may be forgiven.
“It’s great news for greater Danbury,” said State Sen. Michael McLachlan (R-24). “Cartus is a great business partner in Western Connecticut. ... I am pleased this quality company will grow right here in Danbury.”
State Rep. Richard A. Smith (R-108) praised the news, “However, I continue to advocate for creating a stable tax and regulatory environment to draw in businesses so that taxpayer money isn’t needed to incentivize economic development.”
With locations throughout the U.S. and worldwide, Cartus is part of Realogy Holdings Corp., a global leader in real estate franchising and provider of real estate brokerage, relocation, and settlement services.
Cartus was recently honored by the United Way of Western Connecticut with its Corporate Volunteer Award. The award honors Cartus employees who annually dedicate thousands of hours to volunteer outreach efforts -- locally and around the world.
“Cartus Corp has consistently distinguished itself as an employer of choice and philanthropic leader in Greater Danbury,” said Stephen Bull, president of the Greater Danbury Chamber of Commerce. “Any city would be lucky to have Cartus as a tenant and we look forward to working together to keep them in Danbury and give them the necessary support as they continue to grow here.”
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