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news release:
Job Creation Tax Credit Approved for Rapid MR
International Opening Operations in Ohio
Columbus, OH, July 31: Governor Bob Taft today announced that the Ohio Tax
Credit Authority has approved Job Creation Tax Credits for 12 companies involved
in business location or expansion projects that, if located in Ohio, are
expected to create 729 jobs and retain 1,195 positions.
RAPID MRI International, LLC (RAPID MRI), to be located in Columbus (Franklin
County), has been awarded a 35 percent tax credit for a five-year term to expand
its first North American facility. The value of the tax credit is estimated at
$50,102 over the term, and the company would be required to maintain operations
at the project site for 10 years. RAPID Biomedical GmbH was founded in Wuerzburg,
Germany by Professor Axel Haase and Ulrike Haase as an affiliate of the Physics
Institute of Wuerzburg. RAPID Biomedical GmbH produces and sells products to be
used in Magnetic Resonance Imaging units, referred to as "MRI coils," to make
MRI examinations more accurate and efficient. RAPID Biomedical GmbH, with 24
employees in Germany, is the only company in the world that develops and
produces MRI coils for all purposes and field strengths. The company will open
operations as RAPID MRI, LLC in the United States in 2006 to cater specifically
to the North American market. RAPID MRI, proposes to invest $89,000 on leasehold
improvements and $305,000 in new machinery and equipment. The company will lease
a 3,000 square-foot facility, which will be used for servicing RAPID Biomedical
products, producing new RAPID MR International products, and for research and
development. Ohio is in competition with the states of Iowa and Massachusetts,
as well as the province of Ontario, Canada for this more than $394,000 project,
which is expected to create 11 jobs within the first three years of the
project's initial operations. The company is also exploring partnerships with
various Ohio research entities as part of the state’s Third Frontier project.
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