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:
The project is expected to create 170 jobs.