The building at 1619 Commerce Dr. that housed weekly newspapers is now empty.
On Friday, the staff of about 40 full-time employees moved into a refurbished building in Kent.
in June, which prints the Record-Courier and several area weekly newspapers, that eliminated 75 percent of the company’s tax burden on their property at 1050 W. Main St. for up to 12 years. Record Publishing planned to invest up to $3 million in the property, according to the tax abatement application filed with Kent.
Estimates show the abatement will save the company between $9,000 and $14,000 annually, or as much as $166,000 during the life of the abatement, depending upon the final valuation of the building after improvements are made.
Kent Community Development Director Gary the city estimates the employees moving to Kent will create about $52,000 annually in income tax revenue for the city.
Stow's Mayor Sara Drew said she is sad to see the company move out of Stow, but wishes the business success at the new building in Kent.
"The city of Stow is sorry to lose the offices of the Record Publishing papers, including the Stow Sentry. I am confident that even though the Stow Sentry offices will no longer be located in our community, the paper will continue its commitment to comprehensive coverage of the events in our city," she said. "I wish Record Publishing much success in its new headquarters and look forward to a continued positive relationship between the Sentry and the city of Stow."
As far as the empty building goes, the mayor said the city will pursue finding a new tenant.
"As always, the efforts of the administration are focused on ensuring that commercial properties are used to their capacity and that vacant space if filled with quality tenants in the quickest manner possible," Drew said. "The overall occupancy rate on Commerce Drive exceeds 90 percent and I am pleased with all the activity seen in that area in recent months."