by Emily Canning-Dean
Reporter
Bedford -- Construction is slated to begin early next month on a Tinkers Creek Commerce Park building that will house two new businesses.
Officials from Hemisphere Development and Hull & Associates Inc. said they were waiting for approval on a tax abatement before they started construction. On March 17, the Bedford Board of Education gave that approval.
Hemisphere Development -- a brownfield redevelopment firm in Cleveland -- and Hull & Associates -- a hazardous waste management company in Solon -- plan to move offices into the 19,000-square-foot building.
Bob Amjad, chief financial officer for Hemisphere Development, said the two businesses will bring 34 jobs to the city and plan to create 19 additional jobs in the next five years.
"We hope to start construction in early April and have it complete by October," Amjad said.
Bedford Law Director Ken Schuman, who presented the abatement proposal to the Board, said the deal will grant the businesses a 70 percent property tax break for 15 years.
The companies together would offer a $1,000 scholarship annually to a district student for the life of the abatement.
Schuman said that, with the abatement, the two companies are projected to pay a total of $25,000 annually in property taxes.
"The school district would get about 60 percent of that, so they would receive $15,000 annually," Schuman said.
The tax abatement will save the companies more than $800,000 over the life of the agreement, Schuman estimated.
Board members told Schuman they wanted to support the businesses.
"We are in favor of jobs," said Board member Joe Mestnik.
"We are glad to help," he said. "Besides, if the business doesn't come into the community, we wouldn't be getting anything."
Schuman said the value of construction and equipment is $3.8 million and the two companies have a combined payroll of more than $2.1 million.
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