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$10,000 incentive approved for new office building

Three-story, 54,000-square-foot building will be leased in part to Capital Women's Care

December 14, 2010|HEATHER KEELS | heather.keels@herald-mail.com

HAGERSTOWN — The Washington County Commissioners voted unanimously Tuesday to approve a $10,000 cash incentive to help with the construction of a new professional office building off Eastern Boulevard.

The three-story, 54,000-square-foot building, to be constructed by Investor Trilogy Enterprises Inc. in Light Business Park, will be leased in part to Capital Women’s Care, a group of obstetrics and gynecology practices, said Timonthy R. Troxell, executive director of the Hagerstown-Washington County Economic Development Commission.

The county’s incentive will help offset Hagerstown’s permit and improvement fees connected with the project, he said.

The city has also agreed to contribute $10,000 toward those fees, Troxell said.

In Hagerstown, Capital Women’s Care currently has about 42 full-time employees and expects to hire an additional 10 employees within a year of occupying the space, he said.

It is projected that they will create an additional 20 full-time positions within the following three years, he said.

Tax revenue generated by the project will also make the incentive a good investment, Troxell said.

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“While it’s an upfront cost of $10,000 to us, the county actually will be receiving nearly $40,000 in excise tax revenue from the construction project, as well as, once the building is up, real estate taxes that will generate from this project will be about $56,000 a year,” he said.

Capital Women’s Care will lease the third floor of the building, Troxell said. The other two floors will also be available for lease, most likely to other medical offices, he said.

The total cost of the project is estimated at $8.6 million, he said.

That project has also been approved for $7.5 million in tax-free, federal Recovery Zone Facility Bonds, Troxell said.

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