CINCINNATI, OH - Medpace, Inc., a leader in clinical research for the pharmaceutical and biotechnology industries, has announced its intention to relocate its new corporate headquarters in the City of Cincinnati as part of a new 30-acre development in the Cincinnati neighborhood of Madisonville.
Cincinnati City Council voted Wednesday to approve a Job Creation Tax Credit (JCTC) incentive for Medpace. Construction is expected to begin in 2009. Medpace projects its office occupancy will be phased-in over several years, beginning in 2010.
Medpace will bring its current Norwood workforce of approximately 600 employees to the City of Cincinnati, as well as add 760 new jobs for a total of over 1,300 jobs by the year 2014. Most of the jobs will be in clinical development.
According to Cincinnati City Manager Milton Dohoney in a report submitted to City Council, the City has estimated that this incentive could save Medpace approximately $7.5 million over the 8 years of the Agreement. The City in return will get approximately $41.7 million in new corporate profits tax and local income taxes from Medpace for the 16 years the company must remain in the City under the JCTC Agreement.
Medpace will be the anchor tenant in a proposed development in Madisonville called Midtown Crossing. The size and scope of the development located on the 4800 block of Red Bank Expressway is subject to the availability of tax incentive financing and general market conditions. However, Medpace does intend to occupy up to 350,000 square feet on the site to accommodate the expected growth in its workforce.
The Midtown Crossing site was formerly home to the NuTone Company which manufactured a variety of home products from doorbells to exhaust vents. The plant closed in 2006, eliminating over 400 jobs.