Two Manufacturers Plan Expansion In Dublin, Ohio, Based On Locally Proposed Incentives
Navidea Biopharmaceuticals plans to expand its facility in Dublin in a project that includes the addition of 20 new jobs and additional corporate office space.
The biopharmaceutical company is focused on the development and commercialization of innovative precision diagnostic agents for those impacted by cancer and Alzheimer’s disease. In March 2013, Navidea’s Lymphoseek radiopharmaceutical agent received US FDA approval for use in lymphatic mapping procedures to assist in the localization of lymph nodes draining primary tumors for patients with breast cancer or melanoma.
The city’s Economic Development Authority proposal to Navidea includes a five-year, 10 percent Performance Incentive on 2014-2018 withholdings collected, capped at $92,000 for the retention of 40 full-time jobs and the creation of 20 new full-time jobs by the end of 2019. Navidea must also commit to a minimum seven year lease agreement for a building located in Dublin.
“Navidea is pleased to be partnering with the City in continuing our growth here in Dublin and supporting job creation in the region,” said Brent Larson, Executive Vice President and CFO of Navidea Biopharmaceuticals. “We are proud to have Dublin as our base of operations since 1994 and look forward to many more years benefitting from the region’s outstanding assets.”
Another firm Persistent Systems, a global software product development company based in India with U.S. headquarters in California, has plans to open a Midwest regional office in Dublin.
As an incentive the company received approval from the State of Ohio Tax Credit Authority on June 24, 2013 for a 45 percent tax credit for seven years tied to the creation of 30 new IT jobs. Dublin’s proposed economic development agreement to Persistent Systems includes a four-year performance incentive of 15 percent for a five-year lease, valued at $26,000. The company plans to select its Dublin office location by August 1, 2013.
City Council will vote on both EDAs at its August 12 meeting.
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