Explanation
BACKGROUND: The Department of Development is proposing to enter into a Columbus Downtown Office Incentive Agreement with CoverMyMeds, LLC. CoverMyMeds, LLC, founded in March 2008, is a company that provides a web based tool that allows healthcare professionals to quickly submit prior authorization forms for all drugs and all drug healthcare plans. The company currently has two offices. The main office is located in downtown Columbus at 130 E. Chestnut Street, and the second office is located in Twinsburg Ohio.
CoverMyMeds, LLC is expanding the Columbus location by moving into the adjacent office to add an additional 3,200 square feet. The company will invest a total of $756,000 in real property improvements and personal property. The 61 new positions will create approximately $3.9 million in additional payroll and approximately $98,625 annually in City income tax revenue. CoverMyMeds, LLC will retain 11 full time permanent employees with an annual payroll of $1.1 million. Based on the estimate of new job creation and payroll, CoverMyMeds, LLC would qualify for the Columbus Downtown Office Incentive of an amount equal to fifty percent (50%) of the payroll taxes paid on the new positions or $147,937 for three (3) years. The company will enter into a 5 year lease contract with Whitman Company at the project site.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of the Department of Development to enter into a Columbus Downtown Office Incentive Agreement with CoverMyMeds, LLC as provided in Columbus City Council Resolution 0088X-2007, adopted June 4, 2007.
Body
WHEREAS, the City desires to increase employment opportunities and encourage the establishment of new jobs in the City in order to improve the overall economic climate of the City and its citizens; and,
WHEREAS, the Department of Development has received a completed application for the Columbus Downtown Office Incentive P...
Click here for full text