Beachwood City Council will consider a 30-year, 100% tax increment financing package and two job-creation grants for Trailhead Biosystems, Inc., at its 7 p.m. Oct. 18 meeting.
The biotech company plans to move its headquarters from 10000 Cedar Ave. in Cleveland to 23215 Commerce Park and bring 22 employees and a payroll of $1.77 million.
The company plans to purchase the parcel for $2,487,500 and to undertake renovations of approximately $2 million.
Payroll is expected to expand to approximately $3.62 million in year three, and to approximately 59 employees and approximately $4.48 million in year within 10 years of relocating to Beachwood.
A three-year job-creation incentive grant would rebate Trailhead Biosystems 30% of income taxes owed to the city of Beachwood, according to the language in the ordinance. A job-creation occupancy grant would be for $100,000.
Trailhead Biosystems, Inc., started development of its research platform in 2013 under OH-Alive, a state of Ohio-supported grant that supported its research at Case Western Reserve University and Cleveland Clinic, according to its website. It incorporated in 2015.
“We are the pioneer of HD-Doe (high-dimensional design of experiments) technology,” its website reads. “Our platform merges developmental biology and cell therapeutics with cutting-edge hardware, computerized experimental design, and analysis to perform process-specific parameter optimization in the development of cell therapies.”
To watch the meeting, residents can watch on Spectrum channel 1020 and AT&T U-verse channel 99. The meeting can also be seen at bit.ly/3pbwxX1.