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Columbus Council Approves Abatement For Children's Hospital Subsidiary

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Columbus City Council last night approved a 15-year, 100 percent property tax abatement for a for-profit pharmaceutical company created by Children’s Hospital. 

Andelyn Biosciences will save nearly 28 million dollars in the deal. The Columbus Board of Education previously approved the deal, forfeiting 19.7 million over the term but recovering 4.7 million through a 50 percent income-tax sharing agreement. Hospital spokesperson Libbey Hoang says the firm will be a wholly owned subsidiary and all profits will go back to the hospital:

But longtime city hall critic and failed council candidate Joe  Motil says the deal simply enriches the pockets of powerful organizations:

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The project is expected to create 170 jobs. 

 

Jim has been with WCBE since 1996. Before that he worked as a reporter at another Columbus radio station, and for three newspapers in Southwest Florida.
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