HSBC in V-o-l-o

From the 6/12/07 Daily Herald:

Schools to get $450,000 dream

HSBC facility will add revenue but not students
By Lee Filas
lfilas@dailyherald.com
Posted Tuesday, June 12, 2007

Some of the information used by banks around the world will eventually settle in the little town of Volo.
HSBC, one of the world’s largest banking groups, is building a computer information hub at the corner of Route 120 and Fish Lake Road in Volo.
The first phase of construction includes a 125,000-square-foot building, water tower and on-site generator at the 43-acre site.
The second and third phases of construction will take place over the next two years and will increase the building size to 300,000 square feet.
Volo Mayor Burnell Russell said the property will add $450,000 per year in tax money to Wauconda Unit School District 118, without adding a single student.
HSBC, one of the world’s largest banking groups, is building an information center at the corner of Route 120 and Fish Lake Road in Volo.
“We’re really proud of that site,” Russell said. “They are working hard to make it a nice building, and we’re happy to have them here.”
Wen Huang, public affairs manager from HSBC, said the building will be filled with computer terminals. Records and other paperwork from around the globe will be stored on site.
About 30 jobs will be created in the first phase of construction, expected to wrap up next spring. About 70 jobs will be added when the project is completed.
“Unfortunately, there won’t be many people working there,” Russell said. “We went on a tour of another building they own. It’s all computers.”
He said the building will have its own cooling system, which is why a small water tower was built on site.
In addition, he said the building needs to ensure power is running at all times, so a large, on-site electrical generator will be built.
“It’s really a neat concept they have going on over there,” he said. “Information is coming in from everywhere and being stored there. It’s pretty neat.”
Russell said, though, the best part of the building is the tax revenue it generates.
“That money will help the schools out tremendously,” he said. “Almost half a million without producing a single student. That’s great.”
John Armstrong, president of the Wauconda School District 118 board, said the bump in property taxes will come in at just the right time.
“We are looking at operating with a deficit in the near future, so having that money coming in the next couple of years is going to make a huge difference,” he said.
He added, “When we originally talked to the village about them coming in, we didn’t know what to expect. But we are sure happy they have broken ground and are moving forward.”
He said the money will be added to the school budget during the first year the tax revenue comes in.