Heading Logo

Council amends tax incentive agreement

by Laura Freeman | Reporter Published: February 10, 2013 12:00 AM

Hudson -- A property tax abatement for a new business in the Hudson Crossing Business Park will begin a year later after Council's approval Feb. 6.

The city's 15-year, 100 percent property tax abatement agreement with Face-Off LLC was scheduled to begin in 2011 but construction wasn't completed until August, meaning the abatement would have only been applicable for four months.

Council agreed to change the starting year to 2012, which would be payable in 2013.

Face-Off owns the property at 6333 Hudson Crossing Parkway which houses Meyer Distributing, a medical supply company.

Council approved the tax abatement in August 2010. The agreement called for Face-Off/Meyer Distributing to build a 62,400-square-foot headquarters and distributions center, invest $5 million, and create 140 jobs in three years with a payroll of $6.7 million.

[Article continues below]

Meyer Distributing did not move into the building until August 2011. The investment was nearly $6.4 million with 118 full-time employees and a $2.6 million payroll reported at the end of 2012 when the tax incentive was reviewed by the city's Tax Incentive Review Council, according to Chuck Wiedie, Hudson economic development director.

Council amended the agreement with Face-Off LLC to commence in 2012 but not due and payable until 2013, which is when the property would first be taxable if it was not exempt from taxation.

Email: lfreeman@recordpub.com

Phone: 330-541-9434

Rate this article

Do you want to leave a comment?   Please Log In or Register to comment.