Mayor's statement on Russell Investments decision
Company announces new headquarters in Seattle
SEATTLE – Mayor Greg Nickels today issued this statement regarding the announcement by Russell Investments that it will relocate its headquarters to Seattle:
"I am pleased with today's announcement that Russell Investments has decided to locate in downtown Seattle. We warmly welcome Russell and its employees. With an international reputation, Russell will be a tremendous addition to our city. We know that Russell evaluated all its options and considered many factors in making this business decision, and I am heartened by its conclusion that Seattle is an excellent place to do business. Across the world, Seattle is known for its innovative companies and we look forward to having Russell join our community. As we welcome the employees of Russell Investments, we recognize the effect of Russell's decision on our neighbors in Tacoma. Ultimately, the most important fact is that workers can stay in the Puget Sound area and that a prominent company will continue to call the Northwest home."
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Earlier this year, Russell Investments contacted the city of Seattle asking how much it would pay in taxes if the company headquarters were to move. To clarify the tax code, the city Department of Finance proposed an ordinance to bring Seattle in line with the State of Washington and Tacoma with regard to businesses classified as "International Investment Management Services." The city of Seattle did not offer any tax breaks or incentives to Russell. The company is expected to pay approximately $250,000 a year in business and occupation taxes to the city.
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