WEDC approves up to $7 million in tax credits for Fiserv relocation to downtown Milwaukee
Ricardo Torres
Fiserv Inc. could receive up to $7 million in tax credits from the Wisconsin Economic Development Corp. to help the company move its corporate offices to downtown Milwaukee.
The tax credits are performance-based meaning Fiserv must meet some capital investment and hiring requirements including creating more than 250 new full-time positions during the next five years while retaining its current Wisconsin workforce of 980 employees.
Frank Bisignano, Fiserv chairman, president and CEO, said the company is looking forward to growing in downtown Milwaukee.
"We are energized to create a new dynamic workplace experience where we will bring people together to further inspire innovation and collaboration, and attract the best talent to serve our clients," Bisignano said.
Fiserv is planning on moving its global headquarters to 640 North Vel R. Phillips Ave., which used to house a Boston Store, with the help of $11.6 million from the city of Milwaukee through tax incremental financing district, which includes $4.6 million for public infrastructure improvements and $7 million for renovation costs.
“Fiserv is a global leader in payments and financial technology, which makes them a perfect fit among Wisconsin’s most innovative businesses,” said WEDC Secretary Missy Hughes. “Their decision to make Milwaukee their global headquarters is not only a win for the city, but one that will drive job growth and prosperity statewide. We are pleased to be able to assist them as they embark on this new chapter in Wisconsin.”
Fiserv is expected to lease more than 150,000 square feet of the space and invest about $40 million to update the site.
“WEDC has added an important piece to finalize the Fiserv move to the center of our city. I remain enthusiastic about the company’s choice to grow in Milwaukee,” Mayor Cavalier Johnson said. “Fiserv is a valued part of Milwaukee’s economic future, and I look forward to welcoming the company’s headquarters and the hundreds of employees who will work here.”
The city and WEDC worked with Milwaukee 7, the regional economic development organization, to ensure Fiserv stayed in the state.
“We are delighted that the state of Wisconsin and the City of Milwaukee have teamed up on a project that will benefit our entire region and strengthen our state’s emerging lead in the financial technology industry,” said Tim Sheehy, president of the Milwaukee Metropolitan Association of Commerce.