Global Payments, a Fortune 1,000 corporation, is moving its headquarters from Sandy Springs to Buckhead, according to Atlanta Business Chronicle reports.

However, the payment technology firm will retain and expand offices in Sandy Springs, in part thanks to a $295,000 incentive package approved by the City Council June 21.

The company did not respond to questions.

Global Payments is currently headquartered on Sandy Springs’ Glenlake Parkway, where its neighbors include the Fortune 500 shipping giant UPS. The company will move to a new skyscraper going up in the Alliance Center at Lenox Road and Phipps Boulevard.

In Sandy Springs, Global Payments will renovate its existing building and expand it by 150,000 square feet, according to the terms of its incentive deal. Existing employees will be moved out, but 125 net new jobs will be added with salaries estimated at over $100,000 a year.

In return, Sandy Springs will give the company business occupation tax waivers for three years and a one-time building permit fee waiver. Global Payments will agree to remain in the building for 10 years.

The incentive deal has “clawback” provisions that require the company to reimburse the city if it doesn’t meet those terms, city Economic Development Director Andrea Hall said. The deal was approved under the code name “Project Stone” so that the company’s identity would not be revealed during negotiations.

John Ruch

John Ruch is an Atlanta-based journalist. Previously, he was Managing Editor of Reporter Newspapers.