Simsbury (CT) loses top taxpayer as The Hartford prepares to move

WFSB ^

[matt04]

It was just two years ago this month that The Hartford shut down its Southington and Farmington offices to save money, and just after the start of 2013 efforts began to pack up another.

Channel 3's Jill Konopka spoke with town and local business officials in Simsbury who explained how the decision would impact them.

"It's definitely a shame," said Julienne Olvia, of Simsbury. "Where are they going?"

The Hartford Financial Services Group, dubbed one of the state's biggest insurance companies, is closing its 33-acre campus off Hopmeadow Street and is relocating roughly 1,500 employees to offices in Hartford and Windsor over the next two years.

"Simsbury is certainly challenged by the loss of The Hartford," Simsbury First Selectwoman Mary Glassman said.

And to say Glassman is disappointed might be an understatement.

The Hartford gives the town $1.6 million in tax revenues.

The town's budget is $18 million.

"They're are largest employer," Glassman said. "They provide a tremendous revenue, and are good corporate partners. We're sorry they made this decision. I think it's difficult for a town like Simsbury to react to such a big change. But we're working closely with them, trying to find new opportunities to use a great site."

[matt04]

Next step, close one of the two renaming buildings and ship those jobs out of CT. After that, who knows.

[null and void]

"It's definitely a shame," said Julienne Olvia, of Simsbury. "Where are they going?"

Somewhere with lower taxes, Honey...

[Cringing Negativism Network]

Just keep the jobs stateside.

That’s important.

[PAR35]

is closing its 33-acre campus off Hopmeadow Street and is relocating roughly 1,500 employees

Makes sense.

to offices in Hartford and Windsor

Doesn't make sense, and might not be protected under the business judgment rule.

[Oatka]

"They're are largest employer," Glassman said. "They provide a tremendous revenue, and are good corporate partners. We're sorry they made this decision. I think it's difficult for a town like Simsbury to react to such a big change."

Now they'll find out how those small towns felt when their factories moved to Mexico - and then to China.

[schm0e]

the incredible shrinking world of barack hussein o.

[wjcsux]

If it was my decision to make, I would re-locate the entire company to Texas.

[Lurker]

“Just keep the jobs stateside.”

Why should they? Our government has made it far more profitable to move it all offshore. If they don’t their stockholders can sue the Board for breach of a fiduciary duty.

[TexasTransplant]

Move those idiots to California ... sorry but Commies need to move to another Commie State...

TX can live without them (TX is like a guy that says, “One night with me and I could change her to straight”) ... ain’t happening (but I did get one to 50/50)

TT

[cableguymn]

Wait till the other businesses in town close up shop because demand is down.. they will loose a lot more than 1.6 million in tax revenue.

The ripple effect is just getting started.

[tamu]

Great point - true multipliers don’t come from Uncle Sugar spending money willy-nilly, they come from folks building, investing and spending. As you allude, prob ~ 30% tax fall when it’s all said and done. Good luck, Simsbury, your pain is only beginning :(

The Hartford has been one of the worst performing ins firms in the last 5 yrs. They actually asked for TARP and have been cost cutting since the crisis started, so this consolidation is not surprising. I used to live in Hartford and as they say: The three best things about living in ‘Fartford’ are 1) Montreal is 5 hrs away, 2) Boston is 2 hrs away and 3) New Yawk is 3. What a bland, socialist dump.

[Flick Lives]

The Hartford gives the town $1.6 million in tax revenues.

Gives? Makes it sound like the town is a charity. Every form of tax is a forced confiscation under penalty of law. There is only "take", there is no "give".