The loan will be forgiven if Cat-Wood maintains a $1.75 million payroll over the next five years in Moraine, according to the agreement approved Thursday by the city council.
The money is to be used to improve the parking lot on the 1.7- acre property at 2701 Lance Road in Moraine in anticipation of use by the company’s 32 employees by the end of the year
Cat-Wood is to buy the building for $635,000, Wood said.
“It’s a good location for us,” he said, noting Cat-Wood’s vendors are in Dayton and employees live in the Kettering area.
The company works for aerospace companies, including General Electric, Wood said.
Started in 1994 by Wood and partner Gary Catron in the bay of a building on Compark Road in Centerville, Cat-Wood moved to a new 10,000 square foot building at 100 Fortune Road in West Carrollton in 1998.
Catron died in 2001, as the company continued to grow.
“Right now we’ve got it packed full,” Wood said. “We’re more than doubling our capacity. Hopefully we’ll grow as much as we did in the last 13 years.”
Next year Wood plans to purchase new machinery and expand business “once we get moved in and squared away.” Four employees would likely be hired.
Contact this reporter at (937) 225-2261 or lbudd@DaytonDailyNews.com.
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