Beachwood council to discuss tax incentive plan for Cleveland business | Local News
Beachwood City Council will consider a 30-year, 100% tax increment financing package and a three-year job-creation grant for Trailhead Biosystems, Inc., at its 7 p.m. Oct. 18 meeting.
The biotech company plans to move its headquarters from 1000 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.
The three-year job-creation grant would be for $100,000, according to the language in the ordinance.
Trailhead Biosystems, Inc., started development of its research…
