ValueCare Pharmacy, LLC (ValueCare), located in Brecksville (Cuyahoga County), has been awarded a 45 percent tax credit for a five-year term to establish a closed-door pharmacy operation. The value of the tax credit is estimated at $342,236 over the term, and the company would be required to maintain operations at the project site for 10 years.

ValueCare will be an institutional pharmacy and is being formed to provide traditional institutional pharmacy services to various types of skilled nursing facilities. Institutional pharmacies are specially licensed and designed pharmacy dispensing operations that serve the needs of patients in various types of skilled nursing facilities. ValueCare will replace a current Kentucky-based national pharmacy vendor. ValueCare will then expand its operations to serve other customers both inside and outside Ohio.

The company proposes to lease and renovate an existing 14,000 square-foot building and invest in new machinery and equipment. The facility will be used as a closed-door pharmacy to service ValueCare's client base. This $518,300 project is expected to create 46 jobs within the first three years of the project's initial operations.

The Job Creation Tax Credit is a refundable tax credit against the business corporate franchise or income tax. The credit equals a percentage of new state income tax withheld on new, full-time employees in Ohio.

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