City offering incentives to retain, create new jobs
Dublin is considering incentives for two companies that could bring 50 new jobs to the area.
Dublin City Council members Monday, July 1, heard the first reading of two economic development agreements with Navidea Biopharmaceuticals and Persistent Systems Inc. and are expected to vote on the incentives Aug. 12.
Navidea Biopharmaceuticals has its headquarters in Dublin and has been looking to expand beyond its current workforce of 40, said Jeremiah Garcia, Dublin economic development administrator.
The company is in 14,000 square feet of space in Metro Center and wants to expand to 25,000 square feet and add 20 new employees, Garcia said.
"It will be a variety of different functions," he said of the new jobs. "Anything from back office to administration and research and development."
Navidea Biopharmaceuticals created Lymphoseek, a drug used to treat types of cancer, Garcia said.
The incentives offered to the company include a five-year, 10-percent performance incentive on income tax withholdings collected from 2014 to 2018, which is capped at $92,000.
In exchange, Navidea will retain 40 jobs and create 20 new positions by the end of 2019.
Dublin anticipates collecting $934,000 in income tax withholdings from the company over the term of the agreement.
Dublin is also hoping to juse incentives to lure Persistent Systems to the city.
Garcia said the India-based company has been looking for an office in the Midwest and has selected Dublin.
"They selected Dublin from Charlotte and Seattle, Washington," he said.
The software development company is looking for 5,000 square feet in Dublin, Garcia said and the 30 new positions with be in IT.
The economic development agreement proposed for the company includes a four-year, 15-percent performance incentive on income tax withholdings, which is capped at $26,000, for a five-year lease within Dublin and the creation of 30 jobs. Dublin should collect $209,000 during the agreement.