A total of about 90 news workers will move from Ravenna and Stow into Kent thanks to a tax abatement approved by Kent City Council tonight.
Council unanimously approved a tax abatement request from Record Publishing Co., which prints the Record-Courier and several area weekly newspapers, that eliminates 75 percent of the company’s tax burden on its property at 1050 W. Main St. for up to 12 years. Record Publishing plans to invest up to $3 million in the property, according to the tax abatement application filed with Kent.
Estimates show the abatement would save the company between $9,000 and $14,000 annually, or as much as $166,000 over the life of the abatement, depending upon the final valuation of the building after improvements are made.
The company plans to consolidate its weekly division employees in Stow with its daily publication employees in Ravenna — except for press employees — into the Kent office. The Stow office will close, but office space will be kept open in Ravenna for use by reporters and other staff, according to the company's abatement application.
Kent Community Development Director Gary Locke said the city estimates the employees moving to Kent will create about $52,000 annually in income tax revenue for the city.
David Dix, whose family runs Dix Publications and owns Record Publishing, told council members tonight that the application was conservative in terms of how much income tax revenue the jobs will generate for Kent.
"We were very conservative in this application," Dix said. "I’m not saying it’s a guarantee that your income tax is going to exceed what this shows, but I’m pretty sure you’re going to be very pleased with the income tax. Initially it’s better than what we stated on our application."
Look for the full story Thursday on Kent Patch.