Wednesday, November 11, 2009

Tax exemption for Medpace building, jobs considered

Cincinnati City Council is considering an ordinance to execute a Community Reinvestment Area LEED tax exemption agreement with RBM Development Company, LLC for the new Medpace headquarters at Madison and Red Bank roads in Madisonville.

The $15 million project, consisting of a 132,000-square-foot office building constructed to LEED standards, would allow Medpace to relocate 462 employees from its current headquarters in Norwood.

Under terms of the agreement, Medpace would be required to add 158 full-time and 11 part-time positions within the next three years, adding $11.8 million in taxable payroll to the City of Cincinnati. The relocated jobs would add $29 million in taxable payroll.

The company has said that it would relocate approximately 535 Norwood employees when its current lease expires in 2013, and could add up to 800 more employees by 2014.

In return, the company would receive a 15-year, 100 percent property tax exemption from the increased assessed value of the 7.5-acre property.

If $3 million in Clean Ohio Revitalization Fund money is approved this month, construction could begin immediately and be completed by October 2010.

Previous reading on BC:
Public meeting to be held on NuTone remediation grant (9/8/09)
Madisonville: NuTone redevelopment (5/29/07)