City working on economic development incentives
Economic development agreements that will bring 50 new jobs to Dublin were approved by council members this week.
Dublin City Council members Monday, Aug. 12, approved incentives for two companies that mean 50 new jobs in the city and heard the first reading of two more economic development deals that could draw another 49 new jobs.
An economic development agreement with Navidea Biopharmaceuticals will keep the company in Dublin and create 20 new jobs.
According to company CFO Brett Larson, the company created an agent that can diagnose breast cancer, Alzheimer's and Parkinson's.
The deal with Navidea will give the company a five-year, 10-percent performance incentive on income tax withholdings collected from 2014 to 2018 up to $92,000.
In return, Navidea will retain 40 full-time jobs, create another 20 by the end of 2019 and sign a seven-year lease in Dublin.
During the agreement, the city expects to collect $934,000 in from the company.
A deal with Persistent Systems Inc. will bring the software development company to Dublin.
"This will bring 30 brand new positions all in the IT arena," said Colleen Gilger, Dublin's economic development manager.
The software company will get a four-year, 15-percent performance incentive on income tax withholdings up to $26,000 over the term of the agreement for executing a five-year lease in Dublin and creating 30 new jobs.
During the agreement, Dublin expects to bring in $209,000 in income tax revenue from the company.
Council members also heard a first reading of an economic development agreement with start-up Decillion Healthcare LLC.
"They're looking to locate a facility in the northwest Columbus area and looking to create 22 new pharmaceutical positions by 2018," Gilger said.
The incentives include a seven-year, 12-percent performance incentive on income tax withholdings up to $21,000 for a 10-year lease in Dublin. The city anticipates netting $130,700 in income tax revenue during the agreement.
If the incentives are approved Aug. 26, the company plans to rent 9,000 square feet of space in the Blazer Research District, staff reports to council said.
An economic development agreement with ProspeX LLC was also given a first reading.
The business services firm was located at 7001 Post Road, which was recently purchased by Ohio University for its Dublin medical campus.
In looking to relocate, company officials pinpointed two locations in Dublin, said Michael Clary, a Dublin economic development administrator.
The incentives would give the company a three-year, 15-percent performance incentive of new income tax withholdings, capped at $15,500 and a location grant of $2,500.
In return the company would sign a five-year lease in Dublin, retain 25 jobs and create another 27.
During the agreement Dublin will collect about $162,000 in income tax revenue from ProspeX, if approved by council later this month.