Explanation
BACKGROUND: The Columbus Department of Development is proposing to enter into a Columbus Downtown Office Incentive Agreement with Medical Mutual of Ohio.
Founded in 1934, Medical Mutual of Ohio is the oldest, largest health insurance company in Ohio, headquartered in the City of Cleveland. The company provides a range of group and personal health insurance plans for more than 1.6 million customers throughout the United States. In addition, the company offers third-party administrative services for self-insured group customers. Medical Mutual of Ohio serves policyholders, members, brokers and group benefit managers. The company products include SuperMed Classic, SuperMed Plus, SuperMed Select, SuperMed HMO, and also provides prescription drug programs. The firm develops a network of health care providers. The Medical Mutual of Ohio’s subsidiaries include Medical Mutual Services and Antares Management Solutions.
Medical Mutual of Ohio is proposing to expand its Columbus operation by investing approximately $500,000 in leasehold improvements, which includes furniture and fixtures. The company will enter into a long-term lease agreement on a vacant office space consisting of approximately 13,452 square feet, retain 11 full-time jobs and relocate 38 full-time permanent positions (which will be new to Columbus) with annual payroll of approximately $2.2 million from Liberty Township into the Downtown Business District. Medical Mutual of Ohio would qualify for the Columbus Downtown Office Incentive in an amount equal to fifty percent (50%) of the payroll taxes paid on the relocated positions or approximately $82,878.00 over a term up to three (3) years. The Development Department recommends granting the Columbus Downtown Office Incentive program to Medical Mutual of Ohio.
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 Agr...
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