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File #: 3263-2018    Version: 1
Type: Ordinance Status: Passed
File created: 11/16/2018 In control: Economic Development & Small Business Committee
On agenda: 12/3/2018 Final action: 12/6/2018
Title: To authorize the Director of the Department of Development to apply for and accept a grant from the Roadwork Development (629) Account of the Ohio Development Services Agency valued at up to $1,000,000.00 for costs associated with the completion of public roadwork improvements in support of the expansion of operations by CoverMyMeds LLC; and to declare an emergency. ($1,000,000.00)
Explanation
BACKGROUND: To authorize the Director of the Department of Development to apply for and accept a grant from the Roadwork Development (629) Account of the Ohio Development Services Agency (the “Grantor”) valued at up to $1,000,000 for costs associated with the completion of public roadwork improvements in support of the relocation and expansion of operations by CoverMyMeds LLC (“CoverMyMeds”). At the end of the grant period, any repayment of unencumbered balances required by the grantor is hereby authorized and any unused City match monies may be transferred back to the City fund from which they originated in accordance with all applicable grant requirements.

CoverMyMeds, in collaboration with a real estate development partner, is desirous of constructing or causing the construction of one (1) new approximately 200,000-square-foot Class A office building, ancillary campus amenities and surface parking (“Phase 1”), and, subject to market conditions, may construct or cause the construction of another one (1) Class A office building of up to approximately 200,000 square feet along with one or more associated parking structures containing up to approximately 1,150 parking spaces at a later date (“Phase 2”) (the building or buildings, related amenities, and parking structure or structures that are actually constructed shall be collectively referred to as the “Project”) to serve as a new headquarters campus for CoverMyMeds.

In total, this new headquarters campus Project is expected to support the retention and relocation of approximately 592 existing full-time permanent employment positions with an associated annual payroll of approximately $43,162,000 from their current offices located at 2 Miranova Place, Columbus, Ohio 43215 and 41 South High Street, Columbus, Ohio 43215 to the Project Site. Additionally, CoverMyMeds expects to create approximately 1,032 net new full-time permanent employment positions with an associated annual payroll of approxima...

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