State approves support for new Fiserv Milwaukee headquarters
The Wisconsin Economic Development Corp. (WEDC) will provide up to $7 million in performance-based tax credits to Fiserv to support the relocation of the company’s global headquarters to downtown Milwaukee, an investment that will help retain and create a total of 980 jobs, WEDC Secretary and CEO Missy Hughes said in a news release.
The global headquarters will be located at 640 N. Vel R Phillips Ave. in Milwaukee. Fiserv is expected to lease over 150,000 square feet of space and invest approximately $40 million in improvements to the site. The campus will feature a client meeting and conference center, social and collaboration spaces, and culinary programming. Fiserv will pursue Leadership in Energy and Environmental Design (LEED) certification for the building.
Under a contract approved by WEDC’s Awards Administration Committee, the company will receive up to $7 million in Business Development Tax Credits if it meets capital investment and hiring requirements, which include creating more than 250 new full-time positions over the next five years and retaining its current Wisconsin workforce, for a total of 980 workers.
The city of Milwaukee has also approved $11.6 million in tax incremental financing to support the Fiserv relocation project, which includes up to $4.6 million of public infrastructure improvements as well as up to $7 million of renovation costs.
WEDC and the city also worked with M7, the Milwaukee region’s economic development organization, to ensure Fiserv remained in Wisconsin.