The company, which makes small parts and pieces for a variety of industries, was founded in 1994 and has been at its current location in Miamisburg for the past 16 years or so, according to Brian Smith, the company’s president. Miami Valley Precision reached out to Miamisburg officials to help with the cost of relocation, which will help neighboring medical device company Aerobiotix to expand, said Chris Fine, the city’s development director.
“Aerobiotix is on a pretty quick growth pace right now,” Fine told city council during its most recent meeting. “They will, in all likelihood, backfill the Miami Valley Precision as they grow into that whole building and become the sole tenant in that building.”
Miami Valley Precision has 14 employees and a payroll of approximately $800,000. Relocation of all 14 employees will cost the company between $190,000 to $240,000 in relocation, which includes tenant fit in the new space and the relocation of the company’s machines.
The company does not have plans to add employees in the near term, however historically it has had up to upwards of 30 employees at its location.
The $20,000 grant will be paid out in two annual installments of $10,000 each, Fine said.
“Although structured as a grant, there are repayment provisions built into the agreement in the event the company does not meet their thresholds or their stated obligations,” he said.
Under the agreement, the funds “will only be credited toward expenses directly tied to physical improvements/upgrades” to the company’s new space. Reimbursement “will be made only from city funds other than moneys raised by taxation.”
Smith said the city of Miamisburg “has always been great to work with.”
“This, in addition to the assistance with the relocation cost, made it an easy decision to stay in the city,” he said.
The relocation will ideally occur before the end of September, Smith said.
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