HUDSON: The Hudson school board has signed off on a tax abatement agreement with Industrial Land Partners.
The board’s vote was unanimous Monday night.
Industrial Land has agreed to invest at least $10 million in the construction of a 220,000-square-foot commercial and industrial building at Hudson Crossing Business Park. Hudson Crossing is at the intersection of state routes 303 and 8.
The company will receive an abatement of 85 percent of the taxes on its total investment in the project for 15 years.
The new building will house Universal Screen Arts, an Internet retailer that has been headquartered in Hudson for about nine years. It has outgrown its current location on Hudson Industrial Parkway.
In return for the tax abatement, 119 Universal Screen Arts employees will move to the new facility, 18 workers will transfer from a Twinsburg location, and a minimum of 15 new employees will be added within five years. The facility will eventually generate a $6.9 million annual payroll in addition to the real property tax.
Chuck Wiedie, economic development director for Hudson, said the “retention of businesses is probably the most important thing we do.”
He said that he believed the company “had been courted by other communities” in Northeast Ohio and that this tax agreement “will cement the fact that they will stay in Hudson.”
Superintendent Steven Farnsworth said that this agreement in the short term “looks like a real sacrifice; we get hit hard.”
But he added the district has looked long term.
“We need a vibrant, business sector of the community, and then we’ll all benefit,” Farnsworth said.