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File #: 1949-2018    Version:
Type: Ordinance Status: Passed
File created: 6/29/2018 In control: Economic Development & Small Business Committee
On agenda: 7/23/2018 Final action: 7/25/2018
Title: To authorize the Director of Development to enter into a dual-rate Jobs Growth Incentive with CoverMyMeds LLC (“CoverMyMeds”) for a term of up to eight (8) consecutive years consideration of a total investment of approximately $240,000,000, the retention and relocation of approximately 592 existing full-time permanent employment positions, and the creation of approximately 1,032 net new full-time permanent employment positions by December 31, 2022.
Attachments: 1. ORD1949-2018 CoverMyMeds LLC - Site Map (JGI), 2. ORD1949-2018 CoverMyMeds LLC - Fact Sheet (JGI), 3. AMENDED ORD1949-2018 CoverMyMeds LLC - Fact Sheet (JGI).pdf
Explanation
BACKGROUND: The Columbus Department of Development is proposing to enter into a dual-rate Jobs Growth Incentive Agreement with CoverMyMeds LLC (“CoverMyMeds”) in an amount equal to (i) thirty percent (30%) of the City of Columbus income tax withheld on the Columbus payroll of new employees and (ii) thirty-five percent (35%) of the City of Columbus income tax withheld on the Columbus payroll of new employees, who are also City of Columbus residents at the end of each calendar year, both for a term of up to eight (8) consecutive years.

CoverMyMeds LLC (“CoverMyMeds”), an operating company under McKesson Corporation, is a leader in electronic prior authorization (ePA) solutions, and one of the fastest growing health care technology companies in the U.S. CoverMyMeds’ software suite automates the medication prior authorization process for more than 500 electronic health records (EHR) systems, 49,000 pharmacies, 700,000 providers and most health plans and Pharmacy Benefit Managers (PBMs). By ensuring appropriate access to medications, the company helps its customers avoid billions of dollars each year in administrative waste and avoidable medical spending caused by prescription abandonment.

CoverMyMeds, in collaboration with a real estate development partner, intends to initially construct one (1) new approximately 200,000-square-foot Class A office building and ancillary amenities and may, at a later date, construct another one (1) approximately 200,000-square-foot Class A office building (total of approximately 400,000 square feet), one or more associated parking structures (hereinafter collectively referred to as the “Project”) to serve as a new headquarters campus for CoverMyMeds. This new headquarters campus will be developed in two phases with the first phase (“Phase 1”) including the construction of the first office building, the ancillary campus amenities, and surface parking. At a later date, a potential second phase (“Phase 2”) of the Proje...

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