Beachwood City Council voted to authorize a 30-year, 100% tax increment financing package and two job-creation grants for Trailhead Biosystems, Inc., at its 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 within 10 years of relocating to Beachwood.
A three-year job-creation incentive grant will rebate the company 30% of income taxes owed to the city of Beachwood, according to the language in the ordinance. A second job-creation occupancy grant will award the company $100,000 on the date of the certificate of occupancy in Beachwood.
Council voted 6-0 on the tax increment financing package and the job-creation incentive grant and 5-1 on the job-creation occupany grant. Council president James Pasch was absent. Councilman Mike Burkons dissented on the job-creation occupancy grant. Voting in favor on all three votes were council members Justin Berns, Alec Isaacson, Barbara Bellin Janovitz, Eric Synenberg and June Taylor.
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.”