Medical Technology Firm to Move Into Shaker Heights Tower East With $70K City Loan

A growing medical technology firm has received a forgivable loan from the City of Shaker Heights to move into Tower East, The Plain Dealer reports.

BioMotiv, a University Hospitals affiliate that opened in the UH Management Services Center in Shaker Heights, expects to grow its team from four to 20 full time equivalents in the next five years, raising its annual payroll from $755,000 to $2.5 million, according to a memo released by Shaker Heights.

The company will use the money to build out the second floor of the building, which has been gutted and vacant for some time.

The city has worked aggressively to fill Tower East with growing companies in recent months, most recently by approving a $250,000 forgivable loan to Equity Engineering to buy, improve and occupy the top three floors of the building.

BioMotiv has agreed to a ten-year lease and the building's owners Rosemont will not charge the company rent for the first six months, which, the memo states, will allow the company to spend about $40,000 on furnishing the space.

"Regardless of the success of BioMotiv, the build out of the second floor space will increase the value of a critical building in the Community," the memo adds.