(Courtesy of Northern Trust)

A rendering of the proposed Northern Trust office complex in Tempe.

A new regional operation center for a large national company will be built in south Tempe. This means more funding for the Tempe Center for the Arts.

Northern Trust will invest $95 million to build a regional operation center at Discovery Business Campus at Loop 101 and Elliot Road. It will include three office buildings and a parking garage. 

The development agreement with Tempe includes a 20-year tax break. The estimated $7.3 million savings incurred by Northern Trust will go toward an endowment for the Tempe Center for the Arts.

The city is undergoing a new master plan for all its arts programs, including TCA. The center will be renamed to include Northern Trust as part of its name starting at the end of this year.