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Asurint - A Fast Growth Company that Agrees, Cleveland Rocks
Asurint, a growing technology-based company, is the developer and designer of an integrated system of background screening products including technology used in drug testing that serve public and private corporations. The growing 12-year old company outgrew their 12,000 sq. ft. of space at 1501 Euclid Avenue in the Playhouse Square District.
Asurint hired Allegro Realty to identify locations in downtown and Northeast Ohio in 2014. After an extensive site search, locations were narrowed down to only two: 1111 Superior Avenue (formerly Eaton Center) and a location in Independence, Ohio.
The costs to relocate to the Downtown Cleveland location were more expensive to the company and their employees. However to make this location more attractive to Asurint, the City approved a financial package in the total amount of $435,000 comprised of the following: a $180,000 Vacant Property Initiative (“VPI”) forgivable loan; a $100,000 UDAG forgivable loan; and a Job Creation Incentive Program (“JCIP”) grant in the amount of $155,000 to offset costs with tenant improvements to the vacant space in the building and parking costs associated with the new employees.
The current payroll is $5 million and is expected to grow to $12 million in 3-years. Total project costs incurred by Asurint to relocate to 1111 Superior Avenue are $1.34 million. The landlord is investing over $1.1 million in construction and renovation costs to the vacant space. Total project investment at 1111 Superior Avenue is approximately $2.44 million.
Asurint, which was formed in 2004, is projected to grow from 104 full-time jobs to 224 jobs with an estimated payroll of $12 million by 2018. They recently made the top 10 list of Cleveland-based companies making the “Inc. 5000” list as one of the fastest growing companies at #2,581.
“We're very excited to have them stay in Cleveland,” city economic development director Tracey Nichols told Cleveland City Council at a hearing on July 15. “They've taken a little bit of extra space so they can grow into it and we look forward to seeing that growth.”
For more information in regards to this project or how the Department of Economic Development can assist your business, please contact Kevin Schmotzer at 216.664.3720 or email@example.com.
Read the original article posted by Inc 500