eBay Inc. is expanding in downtown Chicago, Illinois, with plans to create 360 jobs. The company recently leased 60,000 square feet in Chicago’s Merchandise Mart, home to several technology-oriented tenants.
The company, which acquired online and mobile payment platform Braintree in 2013, is relocating its Chicago employees later this year to accommodate continued expansion. “Chicago is a hotbed for innovation and where Braintree got its start,” eBay Inc. Senior Director for U.S., State and Local Government Relations David London said. “We’re proud to be investing in the growing Chicago technology community.”
“I am thrilled that eBay Inc. is choosing to expand their world-class business in the heart of the Midwest,” Governor Pat Quinn said. “Illinois is home to an impressive technology community that will serve eBay’s foundation while creating jobs for our hardworking residents. By coming to Illinois, eBay will benefit from our state’s leadership in emerging technologies and access to a workforce with skills that are second to none.”
To encourage the move, the Illinois Department of Commerce and Economic Opportunity provided eBay Inc. with a tax credit worth an estimated $12 million over 10 years. The credit, available under the Economic Development for a Growing Economy, or EDGE, program, applies to eBay Inc.’s state tax liability and is available to companies that are weighing an expansion in Illinois against sites in other states.
The EDGE agreement requires eBay Inc. to invest $24 million in its Chicago expansion. The company has pledged to create 216 full-time jobs by March 18, 2016 and another 144 by March 18, 2017.
“eBay Inc. will join a burgeoning community of technology companies that was built in part by the Governor’s visionary support for the 1871 digital hub and other ventures,” DCEO Director Adam Pollet said. “This job growth strengthens the state’s already diverse economic base.”