Up to $7 million in tax credits will help bring more than 250 new jobs to state
MADISON, WI. FEBRUARY 9, 2023 – The Wisconsin Economic Development Corporation (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 announced today.
“Fiserv is a global leader in payments and financial technology, which makes them a perfect fit among Wisconsin’s most innovative businesses,” said Secretary 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 proud to call Wisconsin home, and we look forward to continuing to grow in Milwaukee’s vibrant downtown area,” said Frank Bisignano, Fiserv Chairman, President and Chief Executive Officer. “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.”
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, creating a modern workplace in a state-of-the-art environment. The campus will feature a world-class 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.
As a company where people can establish and grow their careers, Fiserv is focused on furthering diversity and inclusion and recruiting a diverse, tech-savvy workforce. The company also is committed to giving back to the people and communities where Fiserv has a presence with initiatives such as the Back2Business program for minority-owned small businesses and relationships with local community partners, such as Boys and Girls Clubs of Greater Milwaukee and SHARP Literacy. Last year, the company was proud to dedicate a Dream Court in the city’s Sherman Park neighborhood.
WEDC is joining with the city of Milwaukee to support the Fiserv relocation project. The city has approved $11.6 million in tax incremental financing, which includes up to $4.6 million of public infrastructure improvements as well as up to $7 million of renovation costs.
“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.”
WEDC and the city also worked with M7, the Milwaukee region’s economic development organization, to ensure Fiserv remained in Wisconsin.
“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.