Kendle International will stay in the Carew Tower downtown for at least the next ten years, thanks to a city incentive package.
Cincinnati city council approved unanimously a property investment reimbursement agreement that would pay the company up to $204,750 over the next five years, leveraging $4.4 million in building improvements. The City's funding will be the local match of the nearly $488,000 in Job Creation Tax Credit money offered by the Ohio Department of Development.
The agreement will also bind Kendle into a ten-year lease, with two five-year renewal options. Kendle's lease at the Carew Tower was set to expire in 2009. The company will use the funds to renovate 130,000 square feet on nine floors of the tower to accommodate an expected 75 new employees.
The city will be reimbursed by the earnings tax revenues from the new employees and is expected to gain $9.3 million in new revenue over the life of the lease, including $8.5 million from the retained jobs. To accommodate the growth, the company had been considering sites in Norwood, Blue Ash, Covington, Newport and Downtown.
In addition to remaining committed to a vibrant, dynamic downtown, Kendle Global Corporate Communications Specialist Bill Wherle says that the company wants to build Cincinnati's reputation as a technology center.
"Greater diversity in the types of companies and industries Cincinnati attracts is important to the future growth of Cincinnati," Wherle said. "Science and technology will play an increasingly important economic role in our region. We want to contribute to this growth and help build Cincinnati’s reputation as a key player in the biotechnology industry."
Kendle currently employs 558 information technology and back office workers at the tower.
Kendle International provides clinical research and regulatory consultancy services to biopharmaceutical companies and employs 3,000 worldwide.
Writer: Kevin LeMaster
Sources: Bill Wherle, Kendle Global Corporate Communications; Cincinnati city council documents
Photograhy: Carew Tower Scott Beseler
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