Mayor & City Commission Approve Clinical Trial & Consulting Services’ (CTI) Incentive Agreement; Providing New Jobs & Collaboration Opportunities

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COVINGTON, KY – The Mayor and City Commission recently authorized the occupational tax rebate incentive agreement with Clinical Trial & Consulting Services (CTI), providing benefits for both CTI and the City; including the creation of approximately 500 new job opportunities.

Included within the incentive agreement, the City approved the occupational tax rebate beginning in 2021, maximizing CTI’s opportunities for tax credits.

City Manager Larry Klein stated, “The incentive agreement is a win-win for both parties. CTI’s decision to relocate its headquarters to Covington is affirmation that the City’s investment in its Riverfront Commons project and other public infrastructure to attract new businesses, employers and residents, is paying off. It’s an exciting time in Covington. There is a lot of positive energy here and people want to be a part of it.

“We are enthusiastic to welcome a company of CTI’s caliber to join Covington’s Riverfront and look forward to the outstanding job opportunities and economic impact it will create for the City.”

On August 17, CTI confirmed it would be relocating its global headquarters to the RiverCenter Towers, creating a significant increase in additional revenue and employment throughout Covington.

"We are thrilled for CTI to be starting a new chapter at RiverCenter," stated Timothy J. Schroeder, Founder and CEO. 

"The local amenities including the Northern Kentucky Convention Center, the Riverfront Commons Park, and the adjacent hotels are important attributes for retention and recruitment of CTI team members. As we continue to expand the company presence in the Tri-state area, we hope to become a model for other companies, in growing our footprint throughout this incredibly rich region. It is a transformative time in the company's history, and we will look back positively on this decision and its impact on the company's ability to move life-changing therapies to patients around the world."

CTI provides therapeutic expertise to pharmaceutical and biotechnology industries. The company currently has 7 locations in the United States. Working on projects across six continents, the company has a significant international presence including approximately 20 locations and incorporations outside the US in North America, South America, Europe, and Pacific-Asia (with several in process across Pacific-Asia).

CTI will begin to transition its employees in early 2017 and estimates approximately 500 new jobs to be filled by 2027.

Mayor Sherry Carran stated, “CTI is an amazing company that is respected in the global life science industry.  CTI’s move to Covington will not only mean the bringing of jobs and the leasing of space at RiverCenter; CTI will also bring an energy and connectivity that could possibly make Covington and NKY a hub of life sciences.  CTI’s collaboration with Bexion (Covington based) on a new cancer treatment is an example of the exciting 'life-changing therapies’ that CTI develops.

"A heartfelt thanks to CTI and CEO Tim Schroeder for their decision to make Covington their new corporate headquarters."

Dan Tobergte, President/CEO, Northern Kentucky Tri-ED added, “Northern Kentucky Tri-ED is quite pleased in CTI’s confidence in the entire Northern Kentucky region to house CTI’s Global HQ operations.

“Covington, Kenton County, the NKY Convention Center, the Catalytic Fund, Corporex, the Commonwealth and other entities showed true collaboration that helped solidify this monumental decision.”

Other benefits include CTI’s significant contribution to the City’s occupational tax revenue base as well as its relocation to the RiverCenter Towers.

Development Manager Donald Warner stated, “CTI’s presence in the RiverCenter Towers will serve as a great asset in helping to bolster efforts related to both the Riverfront Commons as well as the plaza area in front of the towers.”

On joining the Northern Kentucky region, Northern Kentucky Tri-ED provided data confirming CTI will become the largest private sector health sciences employer in Covington. Additionally, the organization will rank 15th for overall largest employers in Northern Kentucky. 

Press release updated  on 11/7/2016 to include quote from CTI Founder and CEO Timothy J. Schroeder.