Voya receives $500,000 in incentives for 3-block move
August 24, 2017 by CH Joel Aschbrenner, Donnelle Eller, Kevin Hardy, Mike Trautmann, Patt Johnson, Grant Rodgers
State officials awarded financial services company Voya more than half a million dollars Friday as it prepares to move its downtown Des Moines offices about three blocks away to Hub Tower.
Voya received $553,080 in tax credits and tax refunds from the Iowa Economic Development Authority board. The investment, insurance and retirement firm plans to relocate hundreds of employees from its current location at 909 Locust Street to Hub Tower, 699 Walnut Street.
In its local match of the state money, the city offered a seven-year, 20 percent discount on parking, a benefit valued at $624,880 to $946,600, according to state records. For its state award, Voya committed to hiring 15 new employees, 11 of which must be paid at least $27.92 per hour. It currently employs 433 people here, records show.
The Federal Home Loan Bank of Des Moines is planning on purchasing the Locust Street building Voya currently leases, the Business Record reported. But a bank spokeswoman Friday declined to comment on the potential transaction.
In state documents, Voya said it is spending $13.5 million in capital lease costs, computer hardware, office furnishings and remodeling of its 86,000 square feet of office space in Hub Tower.
“The new location will provide our employees with a modern, open-space concept workspace designed to foster more seamless collaboration,” said Voya Spokesman Christopher Breslin. “Our leadership team in Des Moines has shared this exciting news with our employees and we are now working on making plans to move into our new home in Des Moines later this year.”