Explanation
BACKGROUND: The Columbus Department of Development is proposing to enter into a dual-rate Jobs Growth Incentive Agreement with Sarepta Therapeutics, Inc. 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, for a term of up to five (5) consecutive years.
Sarepta Therapeutics, Inc. was established in 1980 in Corvalis, Oregon. Sarepta is a global commercial biotechnology company focused on genetic medicine for rare diseases. The company is in the process of building the world's largest gene therapy manufacturing capacity. The company's pipeline is focused on several RNA and Gene therapy technologies. The company commenced central Ohio operations in 2018 and is currently building out its Gene Therapy Center of Excellence in Columbus.
Sarepta Therapeutics, Inc. is proposing to invest approximately $1,500,000 in computers, $14,000,000 in machinery and equipment, $1,500,000 in furniture and fixtures, and $15,000,000 in leasehold improvements to establish operations at 3435 Stelzer Road, Columbus, Ohio 43219, parcel number 010-257355. With this project, the company plans to relocate and retain 38 existing full-time permanent positions with an associated annual payroll of $4,462,000 from 5200 Blazer Parkway, Dublin, Ohio 43017. Additionally, Sarepta Therapeutics, Inc. will create 100 new full-time permanent positions with a cumulative estimated annual payroll of approximately $12,300,000 to support its growth.
Sarepta Therapeutics, Inc. is requesting a dual-rate Jobs Growth Incentive from the City of Columbus to assist with this expansion project. This legislation is presented as 30 day legislation.
FISCAL IMPACT: No funding is required for this legislation
Title
To authorize t...
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