I attribute my success to this: I never gave or took any excuse. –Florence Nightingale
Feb 25, 2015, 1:31pm MST UPDATED: Feb 25, 2015, 2:42pm MST
Eric Jay Toll Reporter- Phoenix Business Journal
Chicago-based international bank Northern Trust, is building a $95 million, 450,000-square-foot three-building regional operations center in Tempe.
The Tempe City Council is getting ready to consider a package deal from Northern Trust that brings 1,000 jobs paying an average of $82,000 to the city’s Discovery Business Campus at Elliot Road and Loop 101.
A formal announcement is scheduled for Friday morning.
The council has the development agreement on its agenda for Feb. 26. Part of the deal is a $7.3 million government property lease excise tax (GPLET), which the bank will turn around and use to buy naming rights to the Tempe Center for the Performing Arts for 20 years.
Northern Trust, which has branches in Phoenix, Scottsdale and Tucson, will start construction on the first half of a 150,000-square-foot building next month in the Wentworth Property Co. 135-acre development. The four-story modernistic building was designed by Davis in Tempe.
With the first portion of the offices completed in 2016, Northern Trust is required to complete the second half of the building by April 2017. The second 150,000-square-foot building and an associated parking garage is slated for construction in 2018 with the final building to be occupied before March, 2022.
A Northern Trust spokesperson said that the regional operations center will house front, middle and back office positions, but confirmed that the average salaries would meet the $82,000 the city council expects.
Tempe, for its part, is waiving up to $250,000 in expedited plan review fees. The city is rebating fees the developer will pay, but withholding payment until leasing documents are executed.
Under the GPLET, Wentworth Development will convey land title back to the city for a 20-year term, and the city will collect $10 per year for the land – or Northern Trust can pay the entire $2,000 in one payment.
The lease-back will save the company around $7.3 million – all of which is shifted over to the 20-year naming rights for the lake front Tempe Center for the Arts.
Eric covers economic development, banking and finance, infrastructure, transportation and utilities.
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1
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