Medpace headquarters in Madisonville (Source: Cincinnati Business County).
Medpace Holdings Inc. will receive city incentives of $33 million for its massive 1,500-job expansion at the company’s developing headquarters in Madisonville.
The incentives that will be given to Medpace, the Cincinnati-based medical research company, are in addition to one from the state’s private economic development agency, JobsOhio.
The value of those incentives is not yet announced in public since JobsOhio has yet to execute the agreement, however, the company will not be receiving state job creation tax credits, according to Cincinnati Business Courier in Local 12.
The 1,500 new jobs have an initial annual payroll of $90 million, while the nearly 2,100 maintained ones have an annual payroll of $211 million.
The city charges a 1.8% income tax on employee wages. The incentive applies to 1,255 retained jobs and 1,500 new jobs over a 14-year term, with an additional 844 retained jobs over a four-year period. Overall, Medpace has to retain the jobs in the city until 2044 under the agreement.
Councilman Reggie Harris said, “We know that growth and opportunities like this are key to our financial viability.”
The Cincinnati City Council unanimously approved the incentives on June 14, making Medpace the 12th largest public firm in the region, according to The Business Journals.
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