Hamilton City Council recently approved an economic development agreement that will assist Coolants Plus in moving its wholesale and distribution business from West Chester to Hamilton in the next few months.

Jody Gunderson, city economic development director, said the agreement includes a $50,000 forgivable, commercial revolving loan for Coolants Plus in exchange for moving the company and its 15 full-time jobs to the former Pease Warehouse and Kitchen Showroom site at 2570 Van Hook Avenue.

The agreement also calls for Coolants Plus to create four additional full-time jobs within three years of the completed expansion, and those jobs must be retained at least one year. If the company does not create a job, it will have to repay the city $12,500 for each job not created.

Because the agreement is being funded through the commercial revolving loan fund, there will be no impact on the city’s General Fund budget, Gunderson said.

“This is a good fit for the city,” Gunderson said. “The company has been growing considerably over the past few years, and they’ve outgrown their current site, and they also have a desire to own their own real estate.”

The company will also be entering a 10-year lease for the facilities, according to the agreement.

In addition to the loan, the city will also be absorbing the costs to extend electrical service from the utility pole to the new electric service points and will be waiving any connection, meter fee or other utility infrastructure costs associated in providing this new electric service. The city will also provide a one-time, $3,000 rebate to assist in off-setting these capital costs.

Gunderson said the closing of the agreement is set for March 6.

According to the agreement, the total cost of the project is estimated at $67,000, and the company will be purchasing equipment for facility improvements such as new docks and ramps.

Coolants Plus is a wholesaler and distributor of chemicals, additives and lubricants that is currently located at 348 Circle Freeway Drive.