HUDSON: City Council wants to know how much unrealized potential lies in Hudson's business districts.
Matthew Beesley, economic growth board member, made a presentation to council last week on the District 6 area.
Beesley based his figures on an estimate of five employees per 1,000 square feet of business space. He looked at Hudson Crossings, Omni by the Lake, and the Insight and Windstream buildings.
Beesley, who has been involved in commercial real estate for 28 years, relied on his personal knowledge of industry standards, and after researching, which included data from the Bureau of Labor Statistics, he concluded that these properties could accommodate 1,700 new employees.
If these properties were used to their full capacities, 70 million in payroll could be generated.
That 70 million would in turn generate 1.4 million in property taxes each year.
If the sites were built up completely, 75 million in new office, warehouse or industrial space could be created. That figure would generate 2.4 million in real estate taxes annually.
The economic growth board is continuing with this initiative, and will be reporting on District 8 and the youth development center project in the future.