New Albany Village Council approved two abatements for new companies that plan to open in the research and information district of the business park.

New Albany Village Council approved two abatements for new companies that plan to open in the research and information district of the business park.

During last week's council meeting, abatements for Nationwide Mutual Insurance Co. and PharmaForce, which will anchor the new research and information district, were unanimously approved.

Nationwide was given a 15-year, 65-percent abatement.

The company will employ 40 at the New Albany data center and have a payroll of $2.4-million.

The facility should generate more than $350,000 in taxes for the community, including $24,000 for Plain Township and $10,000 for the New Albany Parks and Recreation.

Community development director Jennifer Chrysler said the development is expected to generate at least $300,000 for the school district -- more if a facility larger than the 120,000-square-foot building is constructed.

"At the end of the day, it could be larger," she said.

The building that will house 40 employees could be as large as 240,000 square feet and cost about $800 per square foot. It could be appraised at $36-million, Chrysler said.

"We are so proud to have a company like Nationwide in New Albany," Mayor Nancy Ferguson said. "I hope it will be a great partnership between the village and Nationwide."

The PharmaForce development, which is expected to employ 200 in a new corporate headquarters and a research and production facility, received a 10-year, 100-percent tax abatement.

Mike Medors, PharmaForce chief financial officer, told council members the facility in New Albany will join five others in the country.

According to Chrysler, the first phase of PharmaForce's development will be 70,000 square feet. When the development reaches 150,000 square feet, the abatement will extend to 15 years.

Council members said they were pleased to have PharmaForce as an anchor for the new district of the business park.

"Nancy (Ferguson) and I both went through there on a tour, and it was amazing," council member Colleen Briscoe said. "I was flabbergasted."

In other matters, the annexation of 53 acres at 7127 E. Walnut St. from Plain Township into the village was approved.

Chrysler said the Bailey family requested to annex the family farm to allow development in the research and information district of the business park. Part of the land was sold, but the family still will live on a portion of the land.

"It reduces the amount of land in the school district (that can be developed for residential housing)," Ferguson said.

Council also heard the first reading of the 2009 budget.

Finance director Jamie Nicholson said council will have a work session before the second and final hearing of the ordinance.