Worthington gives Columbus software firm Olive abatement to move headquarters
Columbus-based health-care software company Olive is planning a major investment in the city of Worthington by moving its headquarters to the vacant former Anthem building at 6700 N. High St.
Worthington City Council voted unanimously April 4 to approve a package of financial incentives in anticipation of the company’s move, which is expected to add up to 425 jobs and nearly $75 million in payroll to the city within 10 years, according to a city staff memo.
“It’s a dream come true to be able to invest in this community and to bring lots of new jobs to Worthington,” Olive CEO Sean Lane said at the meeting.
Lane said the company had 200 employees prior to the COVID-19 coronavirus pandemic, and its ranks since have swelled to 1,400.
West New England Avenue:Abatement request expected for boutique hotel near Snow House
“The decision to invest in Worthington was because we think Worthington is a great place to bring people from all over the world,” he said. “We think that growth and progress and development can go hand in hand with all the things that make Worthington special. We intend to preserve all those great things that make Worthington special as we invest in the city.”
“Great companies want to locate in great communities,” council president David Robinson said. “It’s where they work, bring clients, seek recruits, spend their time, sink their roots. The character of their home community expresses and extends their brand. In this way, Olive and Worthington are a great fit, and I enthusiastically welcome them to our town, today and for the long term.”
Worthington’s financial incentive package features a grant “equal to 20% of the actual annual net-new income-tax collections, less any income tax refunds issued to employees of Olive, for a period of 10 years,” with an estimated value of $1,339,542 but worth up to $3 million, according to the staff memo.
In addition, the property has a 10-year, 75% tax abatement scheduled to run from 2024 to 2033. That abatement was set up in 2019 to try to attract prospective buyers, according to Worthington economic-development director David McCorkle.
Lane told council that site plans are not finalized yet, but the company is planning to conduct renovations.
McCorkle played a significant role in the deal, which involved helping facilitate the sale of the property by former Anthem property owner Lawyers Development Corp. to Olive for an undisclosed amount.
“This is a transformational opportunity for Worthington, and we are eager to support Olive’s creation of a Global Headquarters,” McCorkle said in a statement. “Both the Olive team and the seller, Lawyers Development Corporation, were great to work with. We look forward to continued partnerships in the future.”
“I thank the leadership of Olive and city staff, especially economic-development director David McCorkle, for seeing a big opportunity benefiting all and then making it happen,” Robinson said.
According to information from Lawyers Development Corp., which acquired the 231,000-square-foot, 20-acre property in 2017, its sale was a rare move for the company as it doesn’t usually sell its properties. However, it agreed after the city “approached the company with this unique opportunity for the community,” according to a news release.
“The city of Worthington has set a superlative example of how a municipal administration should represent and protect its citizens while supporting well-planned development and use of property within its boundaries,” said Robert Meyers, the sole member of Worthington 17 LLC, which held the property. “I personally am so pleased to have been a small part in the future of a facility that has boundless potential for the Worthington community and the employees and ownership of Olive AI, LLC.”
Olive was valued at more than $4 billion as of July 2021, according to the company’s website.
Lane could not be reached for further comment as of April 5.
@ThisWeekSteve
Read More: Worthington gives Columbus software firm Olive abatement to move headquarters