Was State Investment In Running Mate’s Company A Good Deal?
Republican gubernatorial candidate Tom Foley didn’t know if the state’s equity investment in his running mate’s company met every criteria he feels is important on the use of state tax dollars.
Foley was asked about the $1 million equity investment in Heather Bond Somers’ company, Hydrofera, in Willimantic, by the Connecticut Development Authority in 2000, which then received $475,000 back when it was sold in 2012.
The state said it was a routine investment in a startup. The firm paid $10,000 of an $80,000 fine for not meeting the 150-person job goal.
A CDA spokeswoman said it was all routine as the the entity has a double bottom line: One is to get businesses off the ground and the second to create jobs in the state.
Somers said at the time of the state’e investment she had an estimated 9 workers and now there are more than 40.
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