|
Medpace to relocate to Cincinnati
More than 1,300 jobs to be created in the City
|
After a very extensive search
in both Southwest Ohio and Northern Kentucky, Medpace, Inc. has decided
to relocate their new corporate headquarters to the former NuTone site on
Red Bank Road within the City of Cincinnati. Medpace anticipates they
will occupy 350,000 sq. ft. of new office space by 2014. The
company will continue to maintain a presence at their Norwood location
until their final lease ends in 2013. They will move employees to the
new Cincinnati campus over 5 years with
approximately 1,339 jobs occupying the entire 350,000 sq. ft. space by 2014. The
new corporate campus will include three separate office buildings of
between 110,000 to 130,000 sq. ft. each. The average salary for their employees will be $70,192.
The City offered Medpace, Inc. a Job Creation Tax Credit (JCTC) of 55% for 8 years. The City's Economic Development Division has estimated that this incentive could save Medpace approximately $7.5 million over the 8 years. In return, approximately $41.7 million in new corporate profits tax and local income taxes will be generated by Medpace, Inc. for the benefit of the City during the 16 years the company must remain in the City under the JCTC Agreement.
The City is very pleased to have won this new corporate headquarters project. Medpace is an exceptional locally owned company that has been expanding and growing rapidly over recent years. We are very excited to have Medpace commit to this location and create new jobs within the Madisonville neighborhood and tax revenues for the City.
The full City Council is expected to vote on Wednesday, October 8.
Medpace, Inc. is an international drug development services company employing
over 535 people within Greater Cincinnati. The company provides
comprehensive clinical research support to the pharmaceutical industry
and is primarily focused in late-stage drug development. Medpace was
established in 1992 and has been located at its existing headquarters
in Norwood since 2000. Medpace also maintains operations in over 40
countries outside the US, and globally employs over 700.
|
