COLUMBUS, Ohio – A South Side steel foundry that plans to hire more than 500 workers was one of eight businesses receiving tax breaks from the state.
The Ohio Tax Credit Authority Monday approved a 65 percent, eight-year Job Creation Tax Credit for Columbus Steel Castings Company, which says it expects to create 550 full-time jobs, doubling its work force as a result of an expansion of its facility at 2211 Parsons Avenue, according to the office of Gov. John Kasich and Columbus2020.
The expansion at Columbus Castings, which has manufactured cast-steel parts for the railroad and mining industries since 1881, is expected to generate $15.2 million in additional annual payroll while retaining $19.6 million.
CoverMyMeds expects to create 116 full-time positions, generating $7.4 million in additional annual payroll and retaining $2.3 million in existing payroll, as a result of the company’s $3 million project outfitting new, larger office space and developing a specialized internal training program.
The authority approved a 40 percent, six-year Job Creation Tax Credit for the project.
CoverMyMeds’ software network helps physicians, pharmacists, and their staff complete prior authorization requests.
The company plans to spend $1.2 million to move from its existing space in the Arena District to larger quarters in the Scioto Mile downtown. The company will invest an additional $2 million to create an internal training program to recruit and develop software engineers.
The two tax credit approvals were among eight granted by the authority for $102.2 million in projects that will impact 2,576 jobs, according to Kasich’s office.