Bio Science Park expanding
WORTHINGTON -- The Bio Science Park will be adding an additional 15,732 square-foot building to the site as the Worthington City Council approved during its Monday meeting the sale of more than five acres of land to Bioverse.
WORTHINGTON - The Bio Science Park will be adding an additional 15,732 square-foot building to the site as the Worthington City Council approved during its Monday meeting the sale of more than five acres of land to Bioverse.
The building would be the company’s office/manufacturing facility and permanently house Bioverse’s operations. The established asking price for the 5.497 acres of land is $150,872, which breaks down to $.63 cents per square-foot.
The city’s land acquisition policy allows for the actual sale price of real estate to be reduced by the present value of the property taxes generated by a new facility over a 20-year period at an interest rate of five percent. Bioverse also agreed to construct building improvements that will have an estimated market value for tax purposes of at least $1,138,600, and that the improvements are commenced within 12 months and completed within 24 months.
The new facility will create a minimum of eight full-time jobs within two years and retain its existing nine full-time positions during the same period.
“This really is a perfect scenario,” Worthington Mayor Mike Kuhle said. “We negotiated to get them into the Bio Science building and the three incubator spots, and they’ve utilized that to grow their business. Now they’re at a point (where) they’re now going to move out and invest in Worthington, and it’s a company that we really want to keep out there. ... And as they move out, we have another company that will take up some of the spots in there.”
Also approved during the meeting was a public hearing to establish the Northland Mall site as a tax increment finance (TIF) property district. This action is a small, but important step in moving the planned redevelopment of the mall site forward.
Last year, the council expressed its intentions to explore establishment of a TIF district to encourage the redevelopment of the Northland Mall property and the surrounding area. While making the area into a TIF district doesn’t necessarily mean the city has the right to develop the property yet, it does benefit a new developer should one be acquired.
“The TIF district identifies eligible expenditures on which a new developer can seek compensation,” Worthington Director of Community and Economic Development Brad Chapulis said. “What we’re trying to do is lay that out there so that we can encourage redevelopment to occur.”
Council members unanimously approved the public hearing to take place at 7 p.m. April 27.
In other business, the council also approved a proposal that will add one new liquor store retail clerk at the Worthington Municipal Liquor Store.
Liquor Store Manager Dan Wycoff requested the addition of a new three-fourths retail liquor store clerk position with the same job requirements as a part-time retail clerk. The position would include the addition of working 30 hours per week - mainly daytime hours with occasional night and weekend hours - at an established rate of $13 per hour.
The employee would also be offered participation in the city’s health insurance plan and receive three-fourths of the city’s contribution to health insurance premiums. That rate is dependent on which plan the employee would choose and whether coverage would be single or family.
Wycoff said during the meeting that due to an increase of sales, a loss of a couple employees and a need for filling those daytime hours were some of the reasons that created a need for this position.