DevelopOhio

A plan that will bring over $95.5 million in investment to redevelop the remaining eight acres of Medpace Inc.’s Madisonville campus was unanimously approved by Cincinnati City Council, the Cincinnati Business Courier reports. Medpace and its development partner, RBM Development, will “create a $60 million, 217-room hotel and conference center; two new office buildings totaling 160,000 square feet…and multiple commercial buildings” on the property. The City expects the project to bring 220 temporary construction jobs and 774 permanent jobs. The deal includes a tax increment financing district that will direct increases in property tax revenue back to the site for infrastructure improvements, which could include parking garages and lots, pedestrian bridges, walkways, and improvements to roadways. In addition, amendments to a “job creation tax credit agreement between the city and Medpace” will allow Medpace to “keep the 55 percent income tax credit it has already earned and continue to earn at that rate for the rest of the agreement,” while Medpace agrees to stay in Madisonville through 2022. For more, read the full article.