The local center will also serve as a national data backup center for Raymond James, which has its main data center in St. Petersburg, FL. During the 2004 hurricane season, Raymond James sent about 100 people from Florida to Detroit as Hurricane Ivan loomed in the event the St. Petersburg site was knocked off line, which in the end did not happen. Raymond James had also been considering a site in Texas, the company reveals.

The company will move into an existing building near Telegraph and Civic Center Drive once renovations are complete. "Although competition for this operation was keen in other parts of the country, Raymond James did not want to uproot its excellent staff living in the Greater Detroit area," says Raymond James senior vice president Elliott Stern. "The support provided by the Michigan Economic Development Corp., Oakland County and the City of Southfield certainly added to our decision."

It is anticipated the City of Southfield will approve a local tax abatement valued at $193,000 over three years in support of the project. "Raymond James is a well-respected institution," MEDC president and chief executive officer Don Jakeway says. "We are proud that the company has chosen to grow in Michigan and create jobs for our talented workforce." The MEDC has awarded Raymond James a $2.1-million single-business tax credit to help support the project, which the state says will help create more than 300 jobs.