The owners of Pediatric Associates plan to relocate from a Mill Run office in Columbus to occupy part of a 20,000-square-foot office Equity is building at the site of the former Red Roof Inns corporate campus on Trueman Boulevard, just south of Davidson Road.
Economic Development Director David Meeks outlined the project at the March 25 meeting of Hilliard City Council's Economic and Entrepreneurial Development Committee.
The city is offering a 12-year, 50 percent abatement on real property taxes for the medical office to relocate from Columbus to Hilliard. The offer does not include any incentives related to income-tax collections.
Davis Wince Architecture is designing the 20,000-square-foot, $3.35 million office building that Equity is to develop.
Pediatric Associates will occupy almost half of the building and Equity will seek other tenants to occupy the remainder, Meeks said.
Pediatric Associates immediately will seat 45 jobs at the office and add five new jobs by the end of 2018, with a total annual payroll of about $3.2 million.
The annual value of the incentive is $58,422 and its lifetime value is a little more than $701,000, Meeks said.
"Equity is anxious to get started," he said.
Architects, engineers and other groups associated with the project are expected to present a final development plan and planned-unit development modification at the April 11 meeting of the Hilliard Planning and Zoning Commission.
The 1.5-acre parcel, fronting Trueman Boulevard, is part of the Soma PUD approved in 2000. Developers must obtain a modification to the PUD and approval of a final development plan to proceed to construction.
Meeks asked City Council members to approve the incentive agreement as an emergency measure at the April 22 council meeting so it is immediately effective.
In other business, City Council on March 25 approved an incentive agreement for Verizon. The value of the incentive is estimated at $4.2 million over the 10-year term of the agreement, during which Verizon would receive a 50 percent incentive on income-tax withholding for amounts in excess of $72 million.
The legislation had been introduced and had the support of the administration and City Council members, but was not formally enacted until the March 25 meeting.
It was adopted as an emergency ordinance at its second reading and is immediately effective.
"This will be a long and productive relationship," attorney Glen Dugger, representing Verizon, said at the meeting.
Representatives from Verizon and from Ohio Tax Credit Authority also were at the meeting.
The Ohio Tax Credit Authority on March 25 announced its own incentives for Verizon: a 70 percent, 10-year job-creation tax credit.
Verizon will relocate 1,500 employees from its leased offices at 5174 Emerald Parkway in Dublin to a company-owned building at 5000 Britton Parkway in Hilliard.
Verizon also will add 500 new jobs in the next five years.
Meeks said company officials have predicted a payroll of $126 million by the end of 2018.
The move to the Britton Parkway site, where 400 employees currently work, is expected to be complete by the end of the second quarter in 2014.