Wednesday, December 2, 2009

CRA tax exemption approved for new Medpace HQ

Cincinnati City Council has approved the execution of a Community Reinvestment Area LEED tax exemption agreement with RBM Development Company, LLC for the construction the new Medpace headquarters on the former site of the NuTone plant at in Madisonville.

Following construction, Medpace will receive a 15-year, 100 percent property tax exemption from the increased assessed value of the 7.5-acre property in return for its purchase of the planned $15 million, 132,000-square-foot office building constructed to LEED standards.

The new building will allow Medpace to move 462 employees from its current headquarters in Norwood, which will increase to 535 employees by 2013 and a possible additional 800 employees by 2014.

The relocated jobs alone will add $29 million in taxable payroll to the City of Cincinnati.

At the same meeting, council passed an ordinance establishing a capital improvement program project account for a $3 million Clean Ohio Revitalization Fund grant that was awarded November 20.

These funds, which had previously been deposited in the Community Development Project Fund, will be used for environmental remediation and building demolition at the site.

Site work is expected to begin within the next couple of months, and construction of the office building could be completed by October 2010.

Additional retail and mixed-use space anticipated for the development is not covered under the CRA LEED tax exemption agreement.

Previous reading on BC:
Tax exemption for Medpace building, jobs considered (11/11/09)
Public meeting to be held on NuTone remediation grant (9/8/09)
Madisonville: NuTone redevelopment (5/29/07)