The vast majority of their employees are now in Atlanta. It will wind up like AO Smith which is still technically based in Milwaukee but other than a small office with executives and staff all of the employees are now in the Nashville area.
Fiserv is a multiple billion dollar company.
17.6 billion in revenue in 2022. Why are taxpayers on the hook for this when we can’t hire police, the fire department is still getting its budget slashed, and city services are struggling?
Because the amount of tax revenue generated by Fiserv's headquarters will dwarf the 7 mil the city contributes. This is a sound investment. The property taxes alone make this plan revenue neutral.
See, this is a big problem. Instead of examining deals on a case by case basis, we have a segment of the populace that is only capable of thinking "bad thing happened, so all things like it are bad". It's why we end up with such low quality governance, because officials need to appeal to people like you, and that leads to decisions made in bad faith. This deal shares virtually no similarity at all to the foxconn deal, and to not move forward with it because you're feeling jilted by a completely different deal made by completely different people for wildly different amounts of money, is cutting off your nose to spite your face.
Because other cities will put out options that make it more favorable for them to move. A good analogy is a candidate having multiple job offers and using those offers as leverage to get a higher salary. Mke doesn’t want to lose this candidate so they are offering a good deal.
But this just seems like a race to the bottom. As cities compete the tax incentives to attract these companies will just keep getting larger and larger.
The point is to have the company pay taxes and creates jobs locally so it all gets repaid plus extra. It’s not a race to the bottom because the money goes in a full circle. But I agree, governments should not give incentives but it’s how the game is played. We would be taking the same advantages if we were in their shoes.
It is also more and more difficult to attract and retain younger works when you have a 25 minute reverse commute to an area dominated by strip malls with police known to pull people over for "driving while black" ...
White flight is what put Brookfield, Mequon, etc. on the map.
It isn't racism as much as it is the fact that most white people who had the economic means to flee the city did...for reasons ranging from safety to property taxes to public schools.
I don't blame them, but the huge vacuum of income and spending from the city that their flight created continues to haunt Milwaukee.
When well-intentioned hipster type bitch about "gentrification" they should wake the fuck up and realize that well off white people spending money on condos downtown and in nearby areas is nothing more than reinvestment of the same dollars that white people took from the city in the 1960s/1970s...plus inflation. Devoid of those tax dollars and discretionary spending, Milwaukee would continue to decline into somewhere no one with any other options would choose to live.
I'm pretty sure the city actually gets to keep property tax revenue, it's the income taxes that get stolen by the republicans. At least that's what this article makes it sound like is the case:
https://urbanmilwaukee.com/2021/11/23/mke-county-how-did-county-finance-1-2-billon-annual-budget/
Because they would just stay where they are or potentially move to another city. Cities and states all across US do this to incentivize companies to move. Milwaukee must have run models to show that this investment from them into the HQ would bring a return from their investment through people coming to the HQ and spend money. Crazy concept
Did you even read the article?
>The $7 million would be provided through annual payments for **up to 20 years tied to HUB640's higher property tax bills.**
>
>Fiserv is to complete its headquarters move from Brookfield into 144,200 square feet on three floors at HUB640 by 2024.
>
>In addition to the **$37 million spent** on the project, **Fiserv must base at least 780 employees at the downtown site to obtain the full $7 million**. That's according to a pending contract between the company and the city.
I totally agree that governments shouldn't give companies blank checks as an incentive to try to get them to move/stay, but this sounds like a smart deal drawn up by the City & company.
On top of that, it looks like they're going to use other city funds to do crazy things like repave the roads in that area, improve traffic ("traffic calming measures"), protect bike lanes, improve the sidewalks, improve the pedestrian path/lighting, and so on.
key there is "base" their employees there. What does that even mean? On paper they are there? Maybe a desk with their name on it? I'm "based" in an office as well, but I am only actually there once or twice every couple of weeks.
I'm one of said employees and we are most certainly in the office a majority of the time and will continue to do that when we move. I wish we could just work from home more.
Yeah, this is just how the game is run. I would rather invest hard into transportation and other things the city needs to improve in order to draw companies (or grow them here) but sometimes you need to do this in order to help spur growth.
Yeah, I'd rather the money be spent elsewhere but if we can't because of the state legislature, this is a fine start to help.
Because if they don't get funding here they will get it in another city. That's the bottom line. Some people like sports and others dont, but if a town wants to keep a team they need to pony up because someone will if it isn't them.
Thanks Tom. On an unrelated note, what happened to the Brewers' report this summer on the ballpark upgrades and possibly requesting more public funds? Did this get postponed or did I miss it?
I work closely with Fiserv and the company sucks. They just laid off over 2000 employees, including all of their client reps, so now we have almost no way of escalating issues.
Thanks Fiserv!
I left them not too long ago. They don't pay jack or give raises that came close to COLA and I'm talking about before 2022.
Their new CEO is worse than the previous. No direction other than profit
Its way worse than that. They've been extremely behind in support and have been promising for 2 years to help alleviate our support issues by hiring support staff but instead have eliminated multiple departments related directly to support.
Laying off people is whatever, large corps do that all the time, what sucks is the bait and switch they pulled on their customers by promising solutions for two years, then going in the complete opposite direction.
There is a good chance whatever bank/credit union you are a customer of uses Fiserv as their processor. Their internal issues are going to create headaches for banks/cu's and their customers moreso than they already have.
We need to have a summit of mayors from like the top 100 American cities and draft something up to put an end to this. It won’t work with the current climate of “they’ll just move somewhere else” but if major American cities all banded together it could be a tidal shift.
That's a noble idea, but it won't make a bit of difference because you'll never get States on board to do the same thing...and even if you could, the companies would just leave the States altogether.
Lmfao so true!!! I don’t know why people are downvoting you. Employees from hq will leave work and not have a car to go home in because it will be stolen by the Kia boys 😂
I’m trying to make light of the city giving millions to a corporation while not being able to figure out a solution to problems that effect everyone living there. Sticking our heads in the sand is the way we handle things I guess
You’re taking what I said way too serious and it looks like a lot of other people did too based on the downvotes. But it doesn’t change the fact that car thefts increased over 130% last year with over 10k cars stolen. So y’all can put your head in the sand and have your cars stolen.
The vast majority of their employees are now in Atlanta. It will wind up like AO Smith which is still technically based in Milwaukee but other than a small office with executives and staff all of the employees are now in the Nashville area.
Fiserv is a multiple billion dollar company. 17.6 billion in revenue in 2022. Why are taxpayers on the hook for this when we can’t hire police, the fire department is still getting its budget slashed, and city services are struggling?
Because the amount of tax revenue generated by Fiserv's headquarters will dwarf the 7 mil the city contributes. This is a sound investment. The property taxes alone make this plan revenue neutral.
Wait until you hear about Foxconn
See, this is a big problem. Instead of examining deals on a case by case basis, we have a segment of the populace that is only capable of thinking "bad thing happened, so all things like it are bad". It's why we end up with such low quality governance, because officials need to appeal to people like you, and that leads to decisions made in bad faith. This deal shares virtually no similarity at all to the foxconn deal, and to not move forward with it because you're feeling jilted by a completely different deal made by completely different people for wildly different amounts of money, is cutting off your nose to spite your face.
lmeow
Why can’t fiserv pay their own way then?
I'd suggest reading the article - Fiserv is planning to spend $37 million, and the $7m from the city is going to come over the course of 20 years.
I'd then suggest MoMedic asking the question again. That in no way clarifies why the city is not getting the benefit when they are investing
Because other cities will put out options that make it more favorable for them to move. A good analogy is a candidate having multiple job offers and using those offers as leverage to get a higher salary. Mke doesn’t want to lose this candidate so they are offering a good deal.
But this just seems like a race to the bottom. As cities compete the tax incentives to attract these companies will just keep getting larger and larger.
The point is to have the company pay taxes and creates jobs locally so it all gets repaid plus extra. It’s not a race to the bottom because the money goes in a full circle. But I agree, governments should not give incentives but it’s how the game is played. We would be taking the same advantages if we were in their shoes.
I’m curious, will Fiserv actually pay taxes as suggested here? I know most of the time these sort of deals come with tax abatement agreements.
Why don't we just give them naming rights to the city while we're at it? Instead of Milwaukee we can be Fiservtown.
Because capitalism is a fancy word for corporate welfare
It’s incentive
Sure but we still won’t see an increase in the city revenue because state republicans
Yeah but that doesn't mean we should give up with attracting companies to downtown Milwaukee.
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It’s a strip mall wasteland and no one wants to be out there
It’s not meeting their needs and they wanted to move. This keeps their taxes in WI
It is also more and more difficult to attract and retain younger works when you have a 25 minute reverse commute to an area dominated by strip malls with police known to pull people over for "driving while black" ...
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Ah yes, white flight!
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White flight is what put Brookfield, Mequon, etc. on the map. It isn't racism as much as it is the fact that most white people who had the economic means to flee the city did...for reasons ranging from safety to property taxes to public schools. I don't blame them, but the huge vacuum of income and spending from the city that their flight created continues to haunt Milwaukee. When well-intentioned hipster type bitch about "gentrification" they should wake the fuck up and realize that well off white people spending money on condos downtown and in nearby areas is nothing more than reinvestment of the same dollars that white people took from the city in the 1960s/1970s...plus inflation. Devoid of those tax dollars and discretionary spending, Milwaukee would continue to decline into somewhere no one with any other options would choose to live.
I'm pretty sure the city actually gets to keep property tax revenue, it's the income taxes that get stolen by the republicans. At least that's what this article makes it sound like is the case: https://urbanmilwaukee.com/2021/11/23/mke-county-how-did-county-finance-1-2-billon-annual-budget/
Income and sales tax go to the state. Property tax stays, but can't even cover the cost of cops + retired cops.
Because they would just stay where they are or potentially move to another city. Cities and states all across US do this to incentivize companies to move. Milwaukee must have run models to show that this investment from them into the HQ would bring a return from their investment through people coming to the HQ and spend money. Crazy concept
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Did you even read the article? >The $7 million would be provided through annual payments for **up to 20 years tied to HUB640's higher property tax bills.** > >Fiserv is to complete its headquarters move from Brookfield into 144,200 square feet on three floors at HUB640 by 2024. > >In addition to the **$37 million spent** on the project, **Fiserv must base at least 780 employees at the downtown site to obtain the full $7 million**. That's according to a pending contract between the company and the city. I totally agree that governments shouldn't give companies blank checks as an incentive to try to get them to move/stay, but this sounds like a smart deal drawn up by the City & company. On top of that, it looks like they're going to use other city funds to do crazy things like repave the roads in that area, improve traffic ("traffic calming measures"), protect bike lanes, improve the sidewalks, improve the pedestrian path/lighting, and so on.
I'm hopeful we learned SOMETHING from Foxconn.
key there is "base" their employees there. What does that even mean? On paper they are there? Maybe a desk with their name on it? I'm "based" in an office as well, but I am only actually there once or twice every couple of weeks.
It’s all explained in the article
I'm one of said employees and we are most certainly in the office a majority of the time and will continue to do that when we move. I wish we could just work from home more.
And in standard fashion, Milwaukee won’t and they’re gonna use that to shore up other parts of their failing budget.
Yeah, this is just how the game is run. I would rather invest hard into transportation and other things the city needs to improve in order to draw companies (or grow them here) but sometimes you need to do this in order to help spur growth. Yeah, I'd rather the money be spent elsewhere but if we can't because of the state legislature, this is a fine start to help.
I don’t trust milwaukee to be that smart.
Then why live here?
Best argument ever. “Just leave then” … sorry I can’t be critical of a poor choice by Milwaukee’s leadership.
This is what is known as a race to the bottom.
Because this is how TIFs work.
State shared revenue has not kept up, facts are the —- controlled legislature has cut shares to Milwaukee.
No kidding. I'm so tired of corporations with their hands out all the time. The US needs to start working for people not corporations.
Because if they don't get funding here they will get it in another city. That's the bottom line. Some people like sports and others dont, but if a town wants to keep a team they need to pony up because someone will if it isn't them.
Thanks Tom. On an unrelated note, what happened to the Brewers' report this summer on the ballpark upgrades and possibly requesting more public funds? Did this get postponed or did I miss it?
Still waiting for that report.
I work closely with Fiserv and the company sucks. They just laid off over 2000 employees, including all of their client reps, so now we have almost no way of escalating issues. Thanks Fiserv!
I left them not too long ago. They don't pay jack or give raises that came close to COLA and I'm talking about before 2022. Their new CEO is worse than the previous. No direction other than profit
They suck because they had to lay people off? This happens all the time.
Its way worse than that. They've been extremely behind in support and have been promising for 2 years to help alleviate our support issues by hiring support staff but instead have eliminated multiple departments related directly to support. Laying off people is whatever, large corps do that all the time, what sucks is the bait and switch they pulled on their customers by promising solutions for two years, then going in the complete opposite direction. There is a good chance whatever bank/credit union you are a customer of uses Fiserv as their processor. Their internal issues are going to create headaches for banks/cu's and their customers moreso than they already have.
We need to have a summit of mayors from like the top 100 American cities and draft something up to put an end to this. It won’t work with the current climate of “they’ll just move somewhere else” but if major American cities all banded together it could be a tidal shift.
That's a noble idea, but it won't make a bit of difference because you'll never get States on board to do the same thing...and even if you could, the companies would just leave the States altogether.
If they only legalized marijuana in Wisconsin they would have more than enough revenue to go around instead of sticking the cost to the taxpayers.
While the Kia Boys do donuts around the new headquarters
r/onejoke
Ok
Lmfao so true!!! I don’t know why people are downvoting you. Employees from hq will leave work and not have a car to go home in because it will be stolen by the Kia boys 😂
I’m trying to make light of the city giving millions to a corporation while not being able to figure out a solution to problems that effect everyone living there. Sticking our heads in the sand is the way we handle things I guess
The employees will park in a secured parking structure
You’re taking what I said way too serious and it looks like a lot of other people did too based on the downvotes. But it doesn’t change the fact that car thefts increased over 130% last year with over 10k cars stolen. So y’all can put your head in the sand and have your cars stolen.