Funding the Future: CoverMyMeds Gives Back to Columbus City Schools

May 09, 2019  |  Angela Masciarelli

We share the CEA’s goal of high-quality education, and that is why the Columbus School Board and the City of Columbus approved our investment in a campus in Franklinton. In turn, Columbus City Schools will receive more revenue within just our first year of occupancy than what would have been generated in more than 15 years were the site to remain in its current, undeveloped state.

Without the campus project, the benefits that the city, the schools and our employees will experience would be lost. We applaud the leadership of the School Board, the City of Columbus, and the State of Ohio for creating a revenue source for the Columbus City Schools by giving our future campus in Franklinton equitable tax consideration to that provided to other companies and other locations.

Our new Franklinton campus will allow us to create more than 1,000 new high-quality jobs, secure the capital investment of up to $240M into the community, and enable us to provide a computer science training and careers program for Columbus City Schools students, in addition to new community investments we are making with local partners in adult workforce development and youth STEM education.

We look forward to working with everyone in Columbus to continue making our city a great place for students to learn, and for people to live and work.

Additional Economic Benefits of the Campus Project to Columbus City Schools:

  • The parcels comprising the site for the new CoverMyMeds campus paid $32,821 in 2017 to Columbus City Schools (CCS) in property taxes (“before the campus”).

  • Once the abatement begins (“after the campus is built”), the City will pay CCS an estimated $649,000 per year in revenue sharing.

  • A single year of revenue sharing will be equal to 131% of CCS revenue that would be generated by the site over the next 15 years if it remained undeveloped.

  • Post abatement, the project is expected to generate $3.6 million per year in new property tax revenues to CCS. That is 109.7 times the current annual revenue from the site.

  • These benefits are above and beyond significant income tax and other economic activity that will benefit the entire community, and the more than 1,000 new high-quality jobs that will be created in Columbus.

MEDIA INQUIRIES

Angela Masciarelli
amasciarelli@covermymeds.com

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