Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:Fido to Expand Rhode Island Site Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, May 02, 2002

LAND GRAB
Fido to Expand Rhode Island Site

by: Sean Hanna, Editor in Chief

Fidelity is getting ready to add hundreds of jobs to its Smithfield, Rhode Island location. The news came out yesteray when Rhode Island's Governer Lincoln Almond announced he had brokered a real estate deal between Fidelity and Dow Chemical.

The deal provides the Boston Behemoth a 25-year loan from the The Rhode Island Economic Development Corp. to purchase the land amd build a public access road. Fidelity will pay annual rent to back the interest stream from the bonds. The first payments will not be due for five years.

The fund firm currently employs 1,600 people in the location and reportedly has plans to add another 900 workers to the site, though it is not clear if these will be new jobs or transfers.

The agreement with the state provides Fidelity a $500 payment against its loan for each full-time worker added past 2,500 up to a maximum of 4,300. The agreement also provides rental credits of up to $900,000 per year during the life of the bonds.

Fidelity must present plans on how it will develop the site to the state withing six months.

The deal was brokered after Fidelity opposing Dow's expansion of an existing chemical plant in Smithfield, claiming that the new construction was too close to Fido's existing offices. The offices are on state owned land.

The Governor settled the dispute by having the The Rhode Island Economic Development Corp. declare eminent domain over the Dow land and selling it to Fidelity. The fund firm kicked in another larger lot to compensate the chemical company.

Related Links:

  • Fido Earnings Off by Nearly $800 Million, 3/8/02
  • PFPC on the Emerald Isle, 2/26/02
  • Layoffs at Fido?, 10/25/01
  • T. Rowe Keeps Tampa, 10/8/01
  • Fido Leads Colt Bailout, 10/8/01  

    See the list of all the 2002 Most Influential People



    Stay ahead of the news ... Sign up for our email alerts now
    CLICK HERE

  • 0.0
     Do You Recommend This Story?



    GO TO: MFWire
    Return to Top
     News Archives
    2020: Q3Q2Q1
    2019: Q4Q3Q2Q1
    2018: Q4Q3Q2Q1
    2017: Q4Q3Q2Q1
    2016: Q4Q3Q2Q1
    2015: Q4Q3Q2Q1
    2014: Q4Q3Q2Q1
    2013: Q4Q3Q2Q1
    2012: Q4Q3Q2Q1
    2011: Q4Q3Q2Q1
    2010: Q4Q3Q2Q1
    2009: Q4Q3Q2Q1
    2008: Q4Q3Q2Q1
    2007: Q4Q3Q2Q1
    2006: Q4Q3Q2Q1
    2005: Q4Q3Q2Q1
    2004: Q4Q3Q2Q1
    2003: Q4Q3Q2Q1
    2002: Q4Q3Q2Q1
     Subscribe via RSS:
    Raw XML
    Add to My Yahoo!
    follow us in feedly




    ©All rights reserved to InvestmentWires, Inc. 1997-2020
    14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
    Privacy Policy :: Terms of Use