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Council OKs tax incentive for ForTec

ForTec will build 68,400-square-foot building at Hudson Crossing

By LAURA FREEMAN Reporter Published: January 25, 2017 12:00 AM
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HUDSON -- Council Jan. 17 unanimously approved two resolutions to approve a 15-year 100 percent property tax exemption incentive for ForTec Medical Inc. headquarters to relocate to Hudson Crossing Parkway.

The company is currently located at 10125 Wellman Road in Streetsboro.

Both the Hudson School Board and Hudson City Council approved a 15-year Community Reinvestment Area tax incentive for construction of the approximately $6 million building.

In a Community Reinvestment Area agreement, the city grants a tax exemption of new real property improvements for a specific number of years.

ForTec is a leading mobile surgical equipment company owned by Hudson resident Drew Forhan.

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"Here is an excellent business run by an excellent businessman," said Council member William Wooldredge.

Council member Alex Kelemen said it was the type of development they like to see in the city.

"Congratulations to all parties involved," Kelemen said. "A local businessman is coming home. Congratulations to the economic development director."

Mayor David Basil congratulated the Economic Development Director James Stifler and the Hudson Board of Education for their efforts in the two resolutions.

"We are excited to have a market leader such as ForTec in Hudson," Stifler said. "Not only will the company bring high-paying healthcare technology jobs to Hudson, but the founders' ongoing commitment to our city makes ForTec an excellent addition to our business community."

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ForTec Medical Inc. will build a 68,400 square-foot national headquarters in Hudson Crossing business park. The company will bring 133 new full and part-time jobs and approximately $9.35 million in payroll to the city. Eighty-three of those jobs will come right away, with the addition of 50 more jobs over a 5-year period, according to Communications Manager Jody Roberts.

Long-time Hudson residents Drew and Nancy Forhan started the company in 1988 with one truck and one laser, Roberts said. They saw a need for a new model providing hospitals and physicians with access to surgical technologies that was simpler and less expensive. The Forhans' entrepreneurial spirit and drive made the company into a national surgical equipment provider that now has outgrown its current space in Streetsboro.

ForTec was faced with a decision to expand its current facility in Streetsboro, or look for a new location, she said.

The Forhans have been active in the Hudson community for many years, most recently with Drew heading up the Hudson Community Foundation and Nancy being on the Board of the Hudson Heritage Association.

"Supporting our growth aspirations will require the retention of our current team along with the attraction of new talent," Forhan said. "Designing a headquarters from the ground up in Hudson will allow us to meet the customized needs of the ForTec team for years to come."

ForTec national headquarters will be one of four new buildings scheduled for construction in the Hudson Crossing Business Park in 2017.

ForTec anticipates starting construction by Wellman Read Estate LLC on the new facility in the first quarter of 2017.

Email: lfreeman@recordpub.com

Phone: 330-541-9434

Twitter: @LauraFreeman_RP


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