HUDSON: If all property were to be developed in Hudson's business districts, there could be $431 million worth of new commercial and/or industrial buildings in the city.
Economic Development Director Chuck Wiedie, and Matt Beesley from the Economic Growth Board, reported the results of their research to council on at last week’s workshop.
Council had requested that the economic development potential of the city be determined by looking at undeveloped land, vacant and existing building potential, as well as numbers of potential new employees that would be brought to Hudson by such development.
Wiedie and Beesley based their research on an office personnel ratio of four employees per 1000 square feet of commercial/industrial space.
It is their estimate that the $431 million in new office/industrial space would generate $11 million in real property taxes per year, portions of which would be shared with the county and the school district.
Approximately 5,200 new jobs would be created in those commercial/industrial spaces.
Those jobs would create payroll in the range of $216,000,000, with $4.3 million in income tax generated per year. Currently the city receives approximately $16-17 million in tax revenues, so the $4.3 million represents roughly one quarter of their annual collection.
Council member Dennis Hanink said that the $4.3 million would be helpful, but "is not a silver bullet" to solve the city's future problems and economic needs.
Alex Kelemen agreed, saying it would not be enough to take "us out of financial distress" in the future, and cited the need to give tax incentives to new business, as a cause of reducing potential revenues.
Wiedie said that this initial report would be followed up by several more presentations from the Economic Growth Board in the coming month.
He said that Council has been presented with information on growth potential, and now will receive a report on how progress toward economic growth can be tracked and measured.
The third presentation will be on marketing techniques and how the plan towards maximizing growth potential can be effectuated.