GOVERNOR MALLOY ANNOUNCES TICKETNETWORK IS SECOND
"FIRST FIVE" COMPANY
Project in South Windsor to retain 292 jobs; create 200-600 jobs
(HARTFORD, CT) - Governor Malloy announced today at the grand opening of TicketNetwork's facility in South Windsor that the company is the second to take advantage of the state's new "First Five" program. The company will retain 292 jobs and create a minimum of 200 new full-time jobs within two years, and possibly up to 600 over the next ten years.
"TicketNetwork has been recognized as one of the fastest growing companies in the country. I want to make sure that these types of innovative enterprises establish roots here in Connecticut, and continue to create jobs and make capital investments that will directly benefit the local and state economies," said the Governor. "Creating a public/private partnership like we are doing through the First Five program is a smart way to support local jobs for residents, while at the same time ensuring that Connecticut reaps the many direct-and indirect-benefits of this expansion project over the long-term."
In consideration of the company's $15.35 million investment in its facility and commitment to retain 292 jobs and create an additional 200-600 full-time jobs in Connecticut, TicketNetwork will receive up to $7.75 million in state assistance:
- A 10-year, $4.5 million loan from the Department of Economic and Community Development (DECD) for the purchase of equipment, furniture and fixtures, building acquisition, facility improvements and other eligible project-related activities.
- A 5-year, $1.8 million loan from the Connecticut Development Authority for information technology, furniture and fixtures and other equipment.
- A software engineer training grant ranging from $250,000 for 200 jobs created to $450,000 for 600 jobs created.
- A grant up to $1 million for alternative energy via installation of a fuel cell, wind or solar-powered energy system.
"We are honored to have been selected as part of an elite group of companies in Connecticut that are dedicated to delivering expansive job opportunities within state lines. TicketNetwork will ramp up its employee count in several areas, including its call center, software development and management divisions," said Don Vaccaro, CEO, TicketNetwork.
"The state's 'First Five' program will enhance TicketNetwork's job growth initiatives in the $4.5 billion ticket resale sector, a secondary industry that continues to evolve. Event ticket resales represent one of the fastest growing areas in business today," added Vaccaro.
The "First Five" program is designed to attract large-scale business development projects by augmenting and combining the state's best incentive and tax credit programs for the first five companies that create 200 new jobs within two years, or invest $25 million and create 200 new jobs within five years. Last week it was announced CIGNA was the first company to take advantage of the program.
"Connecticut must take bold steps to reverse the state's poor performance when it comes to job creation. That is what the new First Five program is all about. It is a powerful economic development tool that allows us to make strategic investments in a broad array of companies, including technology-driven ones like TicketNetwork that will bolster our state's reputation as a home to innovative companies and talented, productive workers," said Catherine Smith, commissioner of DECD.
TicketNetwork® is the leading online ticket exchange for events and innovative technology solutions provider for both ticket buyers and sellers. With a comprehensive selection of more than $1 billion in real-time ticket inventory, TicketNetwork's extensive ticket marketplace provides sought-after tickets to concert, sporting, and theater events worldwide.
The company's signature retail website
is both Payment Card Industry (PCI) and EVSSL-certified and offers a 125% guarantee to all its customers, making it the leading secure site for tickets in the secondary market. TicketNetwork.com is a TicketNetwork, Inc. property. TicketNetwork, Inc's operations also include TicketNews, TicketNetwork Direct, and TicketNetwork® Point-of-Sale solutions.
For Immediate Release: July 21, 2011
Contact: Jim Watson
Connecticut Department of Economic and Community Development
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