OSU Innovation District scores largest-ever Columbus jobs incentive at $47 million

The Ohio State University “has landed the largest economic incentive in Columbus history — projected at $47 million over the next 25 years — for the 12,000 high-paying jobs expected in its west campus Innovation District,” Columbus Business First reports in a December 13, 2021 article. The university and its partners are “investing up to $4 billion to redevelop some 270 acres” into a mixed-use development “focused on interdisciplinary research to speed advances in fields including advanced energy, cancer treatment and substance abuse treatment and prevention,” according to the article. In a December 15, 2021 article, Columbus Business First reports the “promise of attracting Fortune 500 companies” in a “truly transformative project” qualified the project for the 40% incentive payment on income tax withholding for the jobs expected to generate nearly $1 billion in payroll. City tax collections will increase by $70.5 million over the deal’s lifetime. For more, read the December 13 and December 15 Columbus Business First articles. 

Economic Development, Financial Incentives, State Updates