The Economic Development Authority on Thursday approved two grants to companies planning to bring about 58 new jobs to the city.

The authority approved a $45,000 Economic Development Investment Program grant for Canada Metal Pacific Ltd., a manufacturer of die castings and machining technologies for the marine, energy, telecommunications, transportation and forestry industries, according to city spokeswoman Diana Klink.

The company plans to establish is first U.S. manufacturing operation at 2000 Amedeo Court. Its capital investment will be in excess of $3.3 million in equipment, Klink stated, and the company plans to hire more than 50 people in the next five years.

The other grant was for $30,000 to Massimo Zanetti Beverage USA, which already has a location on Progress Road. It plans to invest $1.5 million in a new coffee bagging operation for a higher-end product line. The project will result in the creation of eight new full-time jobs, Klink stated.

The Economic Development Investment Program grant program is calculated based upon future tax revenue generation to the city for companies in select industries. All agreements made through the program include language that allows the EDA to get its money back if the company does not fulfill its promises.