09.04.14
AtriCure Inc. has found a new home.
The West Chester, Pa.-based medical device maker has been granted at tax break from Ohio to create 30 new jobs in connection with the firm’s plan to move its headquarters to Mason, a city about 22 miles from downtown Cincinnati.
The 40 percent, six-year tax credit approved by the Ohio Tax Credit Authority is contingent upon AtriCure adding $1.8 million in payroll by the end of 2018. That means the new jobs will pay an average annual salary of $60,000.
AtriCure also must retain about 170 local jobs that total about $11.1 million in existing payroll –- an average salary of more than $65,600 annually. The estimated value of the tax credit is a total of $134,849 over the six years.
The company is best known for making medical devices to treat atrial fibrillation, a common malady characterized by an irregular and fast heartbeat.
AtriCure is expected to locate a total of 200 science and technology jobs at the new headquarters in the company’s first five years there. As part of the tax credit agreement, AtriCure will have to maintain its operations in Mason for at least nine years.
“The proposed project involves the construction of a corporate headquarters as well as other facilities,” the office of Gov. John Kasich said in announcing the tax credit. “These include: executive offices, R&D laboratories, a manufacturing clean room, an assembly area, physician training classrooms, and distribution/warehouse space.”
AtriCure will claim the Ohio credit on income tax revenue generated at the location in excess of the company’s baseline income tax revenue, the governor’s office said.
Groundbreaking is expected later this year on a two-story building that will encompass 85,000 square feet on a 10.5-acre campus in Mason’s OakPark District. The site, near the intersection of Western Row and Innovation Way, is close to Interstate 71 in Warren County. AtriCure hopes to move into the new building in late 2015 or early 2016. Mason offered the company $2.9 million in financial incentives over a 15-year period, including a tax abatement.
The company now occupies four buildings that encompass about 50,000 square feet in West Chester. That means the new headquarters will be almost 70 percent larger.
AtriCure has a total of 292 employees, including about 170 locally as well as workers in satellite offices in Minnesota, California
and Europe.
The West Chester, Pa.-based medical device maker has been granted at tax break from Ohio to create 30 new jobs in connection with the firm’s plan to move its headquarters to Mason, a city about 22 miles from downtown Cincinnati.
The 40 percent, six-year tax credit approved by the Ohio Tax Credit Authority is contingent upon AtriCure adding $1.8 million in payroll by the end of 2018. That means the new jobs will pay an average annual salary of $60,000.
AtriCure also must retain about 170 local jobs that total about $11.1 million in existing payroll –- an average salary of more than $65,600 annually. The estimated value of the tax credit is a total of $134,849 over the six years.
The company is best known for making medical devices to treat atrial fibrillation, a common malady characterized by an irregular and fast heartbeat.
AtriCure is expected to locate a total of 200 science and technology jobs at the new headquarters in the company’s first five years there. As part of the tax credit agreement, AtriCure will have to maintain its operations in Mason for at least nine years.
“The proposed project involves the construction of a corporate headquarters as well as other facilities,” the office of Gov. John Kasich said in announcing the tax credit. “These include: executive offices, R&D laboratories, a manufacturing clean room, an assembly area, physician training classrooms, and distribution/warehouse space.”
AtriCure will claim the Ohio credit on income tax revenue generated at the location in excess of the company’s baseline income tax revenue, the governor’s office said.
Groundbreaking is expected later this year on a two-story building that will encompass 85,000 square feet on a 10.5-acre campus in Mason’s OakPark District. The site, near the intersection of Western Row and Innovation Way, is close to Interstate 71 in Warren County. AtriCure hopes to move into the new building in late 2015 or early 2016. Mason offered the company $2.9 million in financial incentives over a 15-year period, including a tax abatement.
The company now occupies four buildings that encompass about 50,000 square feet in West Chester. That means the new headquarters will be almost 70 percent larger.
AtriCure has a total of 292 employees, including about 170 locally as well as workers in satellite offices in Minnesota, California
and Europe.