Editor's note: This article was updated at 1 p.m.
The leaders of Enlight Advisors were unhappy with just some of their tax dollars going back to Shaker Heights.
President Amy Fulford and partner Troy Meinhard already aid the city as residents. Soon, their small business will provide Shaker with tax funds as well.
Shaker Heights City council on Monday approved a $68,000 Vision Fund forgivable loan that will help Enlight move from Beachwood to Shaker. The consulting firm will add onto a loft office in Shaker Commons on Chagrin Boulevard. It hopes to move in by February.
"It adds to a community we're a part of," Meinhard said following the city council meeting. "I feel good about the fact that all of my taxes will go to Shaker now."
Enlight has been on Commerce Park in Beachwood since 2005. Now, the firm will sign a five year lease to be near the city's fire house and several retailers that have been added to Shaker Commons in the past few years.
The firm has six employees and plans to add two more in the next year. During the span of its five-year lease, the company's income-tax projects are:
- 2013 - $33,162
- 2014 - $35,394
- 2015 - $40,306
- 2016 - $44,265
"We get a fine new business and a fine tenant for this loft space on the south side of Chagrin," Mayor Earl Leiken said. "We are delighted that (Enlight) will be coming to Shaker Heights."
Fulford is also a member of the Shaker Heights Board of Education. Councilwoman Nancy Moore told the audience that the loan to Enlight is not a conflict of interest. Additionally, building owner Blue Water Capital is investing $230,000 to improve the office space.
Enlight, which consults small-to-mid-sized businesses and Cleveland organizations like Team NEO, will be able to pay back the loan in two years.
"Beachwood's got plenty of taxes from their large business tax base and Shaker doesn't have that," Meinhard said. "It feels good to really be a part of the community."