Jackson National Life Insurance Company has announced plans for a $100 million expansion at its 175-acre Lansing, Michigan headquarters to add a conference center and a data imaging Center.
The $100 million investment is expected to create 1,019 new jobs at the Lansing campus. The company already has 2,100 employees in Lansing.
The expansion includes construction of a connector between the existing main building and the new 260,000-square-foot complex and 80,000-square-foot data imaging center to be built on adjacent property.
Michael Wells, president and CEO of Jackson, said the project would allow them to expand the company’s financial services industry footprint nationally.
Lansing successfully competed against sites nationwide for this expansion, and was chosen because of the co-location possibilities with its headquarters, and due to proximity to several top universities and metropolitan areas that would facilitate recruitment.
Robert L. Trezise, Jr., president and CEO of the Lansing Economic Area Partnership (LEAP), said the project being secured by Lansing was the result of extraordinary regional cooperation.
The roots of the incentives offered to Jackson for this expansion go back to 2008, when Lansing Mayor Virg Bernero and Alaiedon Township Supervisor Steve Lott agreed on a revenue sharing arrangement for the Jackson operations under ACT 425 – a state law which allows two local government entities to share revenues from new business projects or expansions.
This was necessary because the property technically comes under the township, but the power, water and the sewerage system are provided through by the City of Lansing, and the company’s corporate address is stated as being located in Lansing.
Jackson got its first such 425 arrangement in 1998, and the second one was approved in 2008 for this planned expansion which was announced today. Under this 425 arrangement, the city and township together approved a $7.5 million property tax exemption for Jackson.
The company is reportedly asking for a third 425 for its proposed data imaging center. The Michigan Economic Development Corp. (MEDC) is additionally offering $6 million in grants.
Trezise said it was their privilege to be able to finalize the incentives to ensure Jackson grows in Lansing rather than outside the region or the state.
Jackson National Life Insurance Company racked up $25 billion in sales last year, and has a total of 4,300 employees, including the 2,100 existing jobs in Lansing.