City Council Will Vote On Incentive Grants For 2 Local Businesses

Mentor City Council can vote on a pair of incentive grants that are being offered to businesses during an organizational meeting 7:30 p.m. today at .

The first grant would go to Metal Seal Precision, a Willoughby manufacturer, that is and relocating to 7333 Corporate Drive in Mentor.

The manufacturers make a wide range of screw machine products for automobile, propane, firearm, power sports and several other industries.

Arrow Machine, which is housed for the moment on Tyler Boulevard, has 50 employees. Metal Seal has 85 employees who will all be moving to Mentor. Additionally Arrow's Treasurer Rick Sippola said

Consequently, the company's payroll is expected to leap from $1.9 million in 2012 to $6.9 million in 2013.

If the company maintains that payroll from 2013 to 2021, it will create more than $1 million in income tax revenue for the city during the next decade, according to the proposed legislation.

According to the grant, the combined Metal Seal and Arrow Machine would be entitled to keep $500,000 of that money over the next 10 years.

The companies' consolidation and relocation involves a $5.1 million investment, .

Similarly, the Council can also vote for a grant for Cardiovascular Consultants, a private practice cardiology office that plans to buy and occupy the former Carpet Liquidators building at 7200 Mentor Ave.

The business will invest $2.4 million into the project, which includes $850,000 for the building and $1.2 million for improvements.

Moreover, it will bring 36 employees to the city and a payroll of $2.3 million. During the next two years, Cardiovascular Consultants intends to hire four more people, which will bump their payroll to $2.5 million.

The business is expected to produce $341,000 in new income tax revenue during the next seven years. If Council approves the grant and the business maintains a minimum payroll of $2.3 million, it is entitled to keep $102,300 of that money as an incentive grant over the next seven years.