Fiserv Inc. will collect up to $7 million in state tax credits to move its headquarters from Brookfield to downtown Milwaukee if the company creates more than 257 jobs in the next five years.
The company has 658 employees already in Wisconsin, including 504 in its Brookfield headquarters, according to the contract for the tax credit award released by the Wisconsin Economic Development Corp. Thursday. Fiserv expects to create 322 more through its headquarters project, creating a total employment of 980 in the state.
If it creates at least 257 more, and hits benchmarks for capital spending relating to its $51 million headquarters buildout, Fiserv can receive up to $7 million in state tax credits, according to that contract.
WEDC secretary and CEO Missy Hughes announced during a Thursday board meeting that the Fiserv deal was finalized. That spurred the first release of its actual dollar amounts and other details Thursday by the state agency.
“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,” Hughes said. “We are pleased to be able to assist them as they embark on this new chapter in Wisconsin.”
Fiserv (Nasdaq: FISV) in October announced its headquarters and up to 780 jobs will relocate to downtown Milwaukee from Brookfield in late 2023. That would follow an expected $51 million renovation of spaces in the Hub640 office building at West Michigan Street and North Vel R. Phillips Avenue. Fiserv is to lease about 150,000 square feet in the Hub640 building.
“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,” said Frank Bisignano, Fiserv chairman, president and CEO.
The Wisconsin Economic Development Corp. award is in addition to $7 million in tax incremental financing incentives that the city of Milwaukee has already approved for the move.
While company officials last year said they were dedicated to keeping headquarters operations in the Milwaukee area, local economic development officials, including Hughes, took seriously the possibility that jobs could move to other Fiserv offices in Georgia, New Jersey or Nebraska, for example.
Such big-dollar incentive awards have become less common in the region in recent years. The WEDC in September 2021 awarded up to $9 million in tax credits to Generac for a $53 million investment in its Waukesha facilities that was to create more than 700 jobs. Molson Coors Beverage Co. was awarded $25 million in December 2020 in tax credits to grow in Milwaukee.