Burlington Stores Inc. has invested millions into a plan to move its corporate headquarters to Philadelphia, officials announced Thursday.

The effort is expected to create at least 2,000 jobs over the next five years.

During an event in University City on Thursday morning, Gov. Josh Shapiro was expected to join Philadelphia Mayor Cherelle Parker as well as officials from Burlington Stores Inc. to announce the investment.

To help facilitate this effort, officials said, the state is investing $30 million into the project, as well. Officials said these funds come from a $20 million Redevelopment Assistance Capital Program grant and a $10 million Pennsylvania First grant.

Pennsylvania Governor Josh Shapiro is expected to join Philadelphia Mayor Cherelle Parker and officials from Burlington Stores Inc. on Thursday to announce the company — formerly known as Burlington Coat Factory — and its plan to move its headquarters to the City of Philadelphia. The event is scheduled to start at 10 a.m. and it will be livestreamed at the top of this article.

“Pennsylvania is competing to win — and today, we’re delivering a major win for Philadelphia and our Commonwealth,” said Governor Shapiro in a statement released ahead of Thursday morning’s event. “Burlington is a fast-growing Fortune 500 company and they have committed to invest hundreds of millions of dollars in our economy and create 2,000 new jobs in our Commonwealth as part of the largest headquarters relocation to the city in years. Our economic development strategy makes smart, targeted investments to make choosing Pennsylvania an easy yes for major companies like Burlington, create good-paying jobs in our Commonwealth, and strengthen our communities. It’s working — and we’re going to keep showing the world that Pennsylvania is open for business.”

The City of Philadelphia, officials said, is providing the company with a $7 million forgivable loan and a Job Creation Tax Credit award.

SEPTA and the Philadelphia Parking Authority also plan to offer discounted commuter savings for new Burlington employees, officials said in a statement.

Also, to facilitate this move, Burlington Stores Inc. is purchasing a property along the 3100 block of Market Street in West Philly.

Officials were set to announce the effort during a press event in West Philadelphia at 10 a.m. on Thursday.