The Malloy administration is heralding its latest First Five Initiative project, Alexion Pharmaceuticals, Inc. as another bold move. It will creat “Scores Of Jobs” blares the media release from Governor Dannel P. Malloy’s office. Alexion is relocating from Cheshire to New Haven and getting a sweat heart deal from the state’s taxpayer’s, namely a 10-year, $20M loan at 1%, with interest and principal deferred for the first five years. The loan will be forgiven, if 200-300 full-time jobs are created, plus a $6M grant to build a laboratory and equipment.
Mayor Malloy Sang a Different Tune
In 2003, when the state, under Gov. John G. Rowland approved $40M in state incentives for Diageo, with the condition that the company would add 300 jobs, Malloy, then the mayor of Stamford, said in the New York Times, “The amount of the state’s incentive for job growth of only 300 is unheard of – bizarre…I don’t think you could find a deal like this in any other state.”
Added then CT-Sen. Andrew McDonald, now Gov. Malloy’s top legal adviser, “This deal marks a dramatic change in economic development policy in the state, and it is a policy that causes me concern…”
What Malloy termed as “bizarre” nine years ago, has become his major economic initiative for the state of Connecticut, leaving its children and grandchildren on the hook for bad economic policy, long after Dannel has retired with his millions to another state.