CardioInsight is moving to Independence. And the state wants to make sure it stays there for a while.
The medical device company, which was bought by Medtronic for $93 million last year, received a state tax credit that requires it to remain in Independence for at least eight years.
The state believes it’s an important to “anchor the company here,” according to a document describing the tax credit. The state described Medtronic as a “worldwide leader in the biomedical industry.”
As part of the deal, CardioInsight has committed to doubling the size of its staff and its payroll by the end of 2018. Today, it employs 28 people at BioEnterprise Corp.’s medical technology incubator in Cleveland’s University Circle area.
The company will claim the Job Creation Tax Credit against new payroll it creates in Independence. It has yet to finalize a lease in the city, but it plans to renovate an existing location.
If CardioInsight meets all of the state’s requirements, the 1.8% tax credit will allow it to save an estimated $231,000 over five years.
Read the full story at Crain’s Cleveland Business.