Dublin could keep 820 jobs and add 40 more with an economic development agreement with CareWorks.
Dublin City Council this week heard the first reading of an economic development agreement with the medical management company and is expected to vote on the deal Feb. 25.
CareWorks has six different companies based in Dublin. It "provides a suite of claims and medical management services for workers' compensation, disability and integrated absence management along with technology and risk management solutions," a staff memo to council stated.
The company is currently in two buildings on Glendon Court, Colleen Gilger, economic development manager said, and needs more space for growth.
"They were looking at several other communities to support growth," she said.
The company already has an economic development agreement with Dublin executed in 2008. The current agreement runs through 2014 and is "tied to company retention, job growth and a five-year lease extension (2010-2014) ... At that time, the company was required to grow its headcount from 600 to 650," the staff report to council stated.
"They have been exceeding their growth expectations," Gilger said.
The agreement up for approval Feb. 25 would begin in 2015 and run for three years.
If the incentives are approved by council, CareWorks would get a 15-percent performance incentive on income tax withholdings collected from 2015 to 2017, which is capped at $395,000.
In return, CareWorks would have to retain 820 jobs in Dublin and create an additional 40 with an average salary of between $48,000 and $50,000 by the end of 2017.
The company is planning to lease an additional 14,000 square feet at its current location. The incentives include a five-year renewal of two strands of DubLink optical fiber for CareWorks to use.
During the course of the economic development agreement, Dublin anticipates getting $800,000 annually in income tax withholdings, which means the city could net about $3.9 million in income tax withholdings through 2019, if CareWorks grows according to expectations, information to council stated.
Dublin City Council members this week approved a tax increment financing district on land around Ohio University's College of Osteopathic Medicine.
The property taxes from the 25 acres within the TIF will go into a fund to help construct infrastructure and make improvements to the area.
Ohio University last year purchased land and buildings at 7001 and 7003 Post Road for a central Ohio medical campus. The school is expected to bring a daycare, hotel, conference center and related scientific research to the area.