Beacon Journal staff
HUDSON: The Board of Education last week unanimously approved an agreement with the Village of Boston Heights at its meeting.
It is a compensation agreement, contingent upon the village's approval of a tax abatement deal with Homeworks, Inc., doing business as Arhaus, which is relocating to East Hines Hill Road, near its intersection with state Route 8.
If the village approves the 85 percent, 15-year tax abatement, the Hudson school district will receive a lump sum payment of $500,000 that can be used toward completion of the Malson Athletic Center project, scheduled to begin in April 2014.
The District is in the midst of a donor campaign to raise approximately $500,000 by December 31, which will allow it to receive $500,000 in matching funds necessary to complete the $2 million project.
In addition to the $500,000, payable by mid-2015, District Treasurer Kathryn Sines says the schools will receive$126,300 each year from 2016-2020, from Boston Heights.
In 2021 through 2025, they will receive $168,394 each year, and $319,949 annually, in the years from 2026-2030.
Board President David Zuro says these types of tax abatement agreements "are a way of life." He said however, that the board sought "an equitable sharing of the sacrifice," of lost tax revenues, and the compensation agreement just voted in was the result.
Board member James Field said that the agreement was "a great example" of how we can forego revenue, while still benefiting from a tax abatement situation.
The Village Council of Boston Heights will meet on Jan. 7, to decide if they will approve the tax abatement agreement with Arhaus.