Council to Hear Incentive for Revolutionary New Gene Therapy Company
children-focused biotech company to invest $74 Million in capital
[COLUMBUS-OH] At the start of 2020, City Council outlined its
vision for Columbus. The major tenets are building pathways out of poverty,
creating good paying jobs and strengthening neighborhoods. On Monday, February
24, 2020, the Department of Development presented ordinance 0436-2020, an
Enterprise Zone agreement with Andelyn Biosciences that will bring 170 net new
full-time permanent positions and $74 million in new private investment to the
Council is scheduled to vote on the legislation during the Monday, March 2,
"We have focused our work on helping residents build
pathways out of poverty," said Columbus City Councilmember Emmanuel V. Remy.
"In this case, 90 of the new jobs created require an associate's degree or
Andelyn Biosciences, a new for-profit subsidiary of Nationwide Children's
Hospital, Inc., is committed to saving the lives of children with untreatable
genetic diseases through cutting-edge gene therapy developed here in Columbus.
The goal is to create therapies to solve life-threatening conditions such as
Spinal Muscular Atrophy, Cystic Fibrosis, Parkinson's disease and ALS. The
facility will be the first of its kind in Central Ohio.
"Not only does this project enhance economic opportunities,
but it also invests real dollars into a vacant piece of property where this new
company can be a leading voice in transforming the national gene therapy
landscape," Councilmember Remy continued.
The Department of Development recommended a 15 year/100%
Enterprise Zone Tax Abatement on the real property improvements for the 7.8+
acres of undeveloped land located near the southwest corner of Lane Avenue and
Carmack Road. The land is currently owned by the State of Ohio and is exempt
from property taxes. Following the abatement period, it will generate an
estimated $2.5 million in new real estate taxes per year.
The new facility is expected to bring in an annual payroll of
$15.4 million. The average salary starts at $69,000 and extends to $279,000 per
year. During the term of the tax abatement, both the City of Columbus and
Columbus City Schools are scheduled to receive more than $2.5 million in net
new income tax revenues.
"This project represents a major win for Columbus. It will
be central Ohio's first commercial-scale Good Manufacturing Practices clinical
manufacturing facility devoted to gene therapies," said Michael Stevens,
Department of Development interim director.
Columbus City Schools also negotiated with Nationwide Children's
Hospital to provide a minimum of five additional clinicians to work during
regular school hours in the fields of primary care or behavioral health valued
at $330,000 annually. This is in addition to the $3.2 million in support
services the hospital currently provides to the district, including primary
care and mobile care units, school-based health centers and asthma programs.
"This is a unique opportunity to support an innovative new
business and ensure Columbus can produce life-changing medical products,"
said Council President Shannon G. Hardin.
"We are focused on building strong neighborhoods. This agreement brings
millions in capital investment to a vacant lot, good paying jobs, and advanced
medical research to our community."