Mogadore company is moving to Hudson

By Laura Freeman Hudson Hub-Times Published:

Hudson City Council has unanimously approved a resolution with Yxlon International authorizing a Job Creation Grant Agreement. The company is moving to Hudson from Mogadore.

Yxlon International, a leading supplier of industrial X-ray and Computed Tomography systems for non-destructive material testing, plans to lease approximately 11,185 square feet of office space at 5675 Hudson Industrial Parkway in Hudson to create 15 full-time permanent jobs by Dec. 31, 2015. A full-time employee works 25 or more hours each week. The company must have 14 of the 15 employees by Dec. 31. The company is now located on Gilchrist Road in Mogadore.

Hudson Councilman David Basil recused himself from the vote, which took place Wednesday.

The city created the Job Creation Grant Program in 2005 to provide development incentives for the development of the project.

The increase in the number of employees new to Hudson will result in approximately $1.34 million of additional annual payroll in Hudson when the maximum employment level is achieved, according to officials. Yxlon will received a 30 percent grant of payroll taxes new to Hudson in the first five years. The maximum payroll upon which the grant is based shall be $2.01 million.

If Yxlon does not achieve at least 90 percent of payroll projections, it would receive reduced incentives, and if the company fails to meet 75 percent of payroll in any given year, the grant would not be awarded that year.

Grant payments are made by April 15 if Yxlon files its forms by February of each year and meets the eligibility requirements.

The City of Hudson may terminate the agreement upon recommendation of the Economic Development Incentive Committee, which evaluates all companies receiving incentives and recommends changes to Council if any.

Email: lfreeman@recordpub.com

Phone: 330-541-9434

Facebook: Laura Freeman, Record Publishing

Twitter: @LauraFreeman_RP

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