HomeServe USA Corp. Invests $33 Million To Relocate Corporate Headquarters To Norwalk, Connecticut
Area Development Online News Desk (12/12/2013)
A firm that provides service plans in North America through partnerships with leading utilities and directly to consumers, HomeServe USA Corp. is relocating its corporate headquarters to Norwalk, Connecticut.
“Fairfield County has proven to be a great place to do business. Our team has grown to over a hundred employees here and we look forward to continued growth at our new headquarters in Norwalk,” said Tom Rusin, CEO of HomeServe USA. “I’m encouraged by the Governor’s ongoing commitment to fostering business and economic development in our area and throughout the state of Connecticut.”
As an incentive, Connecticut Department of Economic and Community Development provided financial support for the $33 million project to help HomeServe retain 109 jobs and create an additional 130 jobs as the company expands its presence over the next five years. The firm, which is currently based at 750 East Main Street in Stamford, is in the process of moving to the Merritt 7 Corporate Office Park at 601 Merritt 7 in Norwalk. The larger facility will offer the company more space as it continues to expand its employee base.
HomeServe will receive a $3 million loan that is partially forgivable if job targets are met and a $1 million grant. Funds may be used for the purchase of software, leasehold improvements, relocation costs, purchase of new furniture, marketing, training and other project-related costs. The company will also be eligible for up to $5 million in Urban and Industrial Sites Reinvestment Tax Credits.
“HomeServe has been in business over ten years providing homeowners throughout North America with service plans that protect them from water, sewer, electrical, HVAC and other home emergencies,” said Governor Dannel P. Malloy. “The state’s investment in support of HomeServe’s relocation will help foster further growth for the company and create good-paying jobs with good benefits for Connecticut residents. HomeServe is a company that continues to be a leader in this innovative segment of the service industry and we are pleased that they call Connecticut home.”
“A key part of our business retention and recruitment efforts is building partnerships with growing companies like HomeServe,” said DECD commissioner Catherine Smith. “With our flexible financing tools we can ensure that this type of expansion project
takes place within our borders—and not in a competitor state.”
The State Bond Commission is expected to approve the funding at its December 13th meeting in the Legislative Office Building in Hartford.