Explanation
BACKGROUND: The need exists to enter into a Job Creation Tax Credit Agreement with Quantum Health, Inc. The Ohio Tax Credit Legislation (Section 718.15 of the Ohio Revised Code) authorizing such agreements became effective January 14, 1993 and requires the City to enter a Council-approved agreement between the City and a participating company.
Quantum Health, Inc. was founded in 1999 by Kara Trott, after two years of extensive consumer research related to healthcare delivery. The company provides coordinated healthcare programs for self insured employee health benefit plans. The model developed by Quantum Health, Inc. helps clients and patients to better navigate the healthcare system in a manner that provides improved care and lower costs. Quantum Health, Inc. has 230 existing employees at the site in north Columbus. They are currently leasing 53,400 square feet on several floors of the facility. Due to rapid growth, the company has outgrown its existing space at the site.
The project involves the lease of an additional 41,888 square feet at 7450 Huntington Park Drive in Columbus. The company plans to expand operations at the project site witha fixed-asset investment of approximately $3.4 million for furniture and equipment. Quantum Health, Inc. will retain 230 full-time permanent positions and create 525 full-time permanent positions.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of the Department of Development to enter into a Job Creation Tax Credit Agreement of sixty-five percent (65%) for a period of eight (8) years with Quantum Health, Inc. in consideration of the company's investment of $3.4 million in machinery, equipment, furniture and fixtures and the creation of 525 new permanent full-time positions.
Body
WHEREAS, pursuant to Section 122.17 of the Ohio Revised Code, the State of Ohio is authorized to establish the Tax Credit Authority and to execute agreements with taxpayer...
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