American General Life Insurance Co. (AIG American General), a world leader in insurance and financial services, recently broke ground on a new service center in Springfield, Ill. The state of Illinois is providing $2.8 million in Opportunity Returns support to help the company construct a life insurance processing and service center that will help the company upgrade operations and retain at least 400 jobs in Springfield.
AIG will begin construction on a three-story, 115,000 square foot building that will house approximately 460 employees engaged in a variety of operational functions, including customer service, information technology, underwriting and new business. AIG considered consolidating at locations out of state. The facility is expected to open next spring.
The Illinois Department of Commerce and Economic Opportunity (DCEO) is administering the business investment package. It includes Economic Development for a Growing Economy (EDGE) corporate income tax credits over the next ten years based on job retention; Employer Training Investment Program (ETIP) job training funds that will help the company enhance the skills of its workforce in areas including new computer and office software; and additional financial benefits, such as sales tax exemptions and tax credits for job retention, resulting from the company’s location within an Enterprise Zone.
The state of Illinois purchased AIG American General’s current facilities – commonly known as the Franklin Life complex – which will allow state property management experts to consolidate many Illinois State Police functions being managed throughout the capital city, and transition additional agencies into the remaining space as an important initiative that will increase efficiency and reduce administrative costs.
This acquisition will increase the state’s portfolio of owned space by nearly 375,000 square feet and up to 1,500 employees will be located at the facility.
For MORE NEWS BRIEFS, click here.
For a FREE SUBSCRIPTION to Expansion Management magazine, click here.
For MORE NEWS BRIEFS SORTED BY STATE, click here.
For MORE NEWS BRIEFS SORTED BY INDUSTRY or FUNCTION, click here.
For MORE NEWS BRIEFS SORTED BY COUNTRY, click here.
Means the article is accessible only to our magazine subscribers.
