by Andrea ColeAssociate EditorStow -- Karvo Paving President George Karvounides plans to move his company to Hudson Drive with the help of a tax agreement.During its July 26 meeting, City Council approved a 10-year, 100 percent abatement tax incentive agreement for Karvo Paving.Karvounides said he plans to move the business from Cuyahoga Falls into the former Excelsior Marking building at 4524 Hudson Drive.The plans include adding a 5,264-square-foot facility to the site currently comprising a 60,000-square-foot building. The project is expected to cost $1.32 million, and that includes a $150,000 investment in machinery and equipment and a $50,000 investment in furniture and fixtures.The existing building and the addition would be used for offices and equipment repair, maintenance and storage, said Karvounides, adding his company does highway and municipal road construction. Karvo Paving currently has 120 employees, and Karvounides expects to hire at least six more.Stow Economic Development Coordinator Chuck Wiedie said because taxes for an existing building cannot be abated, only the taxes for the addition can be abated. The company will be exempt from paying the annual amount of $4,256 in property taxes for the new facility owed to the city for 10 years.Under the agreement, Karvo will continue paying the schools $4,967 a year in property taxes, the same as they would have without the abatement.According to the agreement, the company will bring in $2.4 million annually in payroll for its 120 existing employees, and Stow will receive $40,000 in annual income tax. The company will bring in $200,000 in payroll annually for the newly-hired six employees, and Stow will receive $4,000 annually in income tax revenue, the same amount without the tax agreement.The agreement also states the project must be completed by May 2008."We're looking forward to moving to Stow," said Karvounides. "We're going to start with the plans, and we're looking at possibly moving in February."E-mail: acole@recordpub.comPhone: 330-686-3947