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File #: 21-145    Version: 1 Name:
Type: Resolution Status: Passed
File created: 11/17/2021 In control: City Council
On agenda: 12/7/2021 Final action: 12/7/2021
Title: A RESOLUTION AUTHORIZING THE CITY MANAGER TO APPROVE THE ASSIGNMENT OF A COMMUNITY REINVESTMENT ACT AGREEMENT FROM HUDSON 42, LLC TO AURORA 6288 HUDSON, LLC. Brief Description: This Resolution will authorize the assignment of a CRA Agreements from Hudson 42, LLC, to Aurora 6288 Hudson, LLC. The assignment will allow Aurora 6288 Hudson, LLC, to receive the benefits prescribed in the original agreement.
Sponsors: Craig Shubert
Indexes: Economic Development
Attachments: 1. Resolution No. 21-145
Related files: 21-110, 18-135, 18-136, 18-177

Title

A RESOLUTION AUTHORIZING THE CITY MANAGER TO APPROVE THE ASSIGNMENT OF A COMMUNITY REINVESTMENT ACT AGREEMENT FROM HUDSON 42, LLC TO AURORA 6288 HUDSON, LLC.

Brief Description:  This Resolution will authorize the assignment of a CRA Agreements from Hudson 42, LLC, to Aurora 6288 Hudson, LLC.  The assignment will allow Aurora 6288 Hudson, LLC, to receive the benefits prescribed in the original agreement.

Body

Legislative History

Resolution No. 18-135, authorized a CRA Agreement with Premier Commercial Realty, LLC  and Option Care Enterprises, Inc., located at 6288 Hudson Crossing Parkway; adopted September 18, 2018.

Resolution No. 18-136, authorized a tax-sharing agreement between the City and the Schools relating to the CRA Agreement between the City, Premier and Option Care Enterprises; adopted September 18, 2018.

Resolution No. 18-177, authorized assignment of the CRA Agreement from Premier Commercial Realty, LLC to Hudson 42, LLC; adopted November 20, 2018.

Resolution No. 21-110, authorized assignment of the CRA Agreement from Hudson 42, LLC to Aurora Industrial, LLC; adopted October 5, 2021.

Purpose & Explanation

On October 5, 2021, Council authorized an agreement to be assigned to Aurora Industrial, LLC, that was in the process of purchasing the property.  Subsequent to the adoption of Resolution No. 21-110, the City was informed that the entity originally identified by the purchaser, Aurora Industrial, LLC, was no longer the correct assignee of the Agreement.  Therefore, this Resolution will authorize the assignment of the CRA Agreement from Hudson 21, LLC, to Aurora 6288 Hudson, LLC.

Timing Considerations

Staff anticipates approval of this matter by the Board of Education on December 13, 2021, and requests that this Resolution be placed on City Council’s Consent Agenda on December 7, 2021.  The Resolution will be effective 30 days after passage.

Fiscal Impact

          Currently Budgeted

          Supplemental Appropriation Required

  X     Appropriation Not Required.

Recommendation

Suggested Action

Staff recommends that Hudson City Council approve this Resolution, allowing the City Manager to approve the assignment of the CRA Agreement with Hudson 42, LLC, to Aurora 6288 Hudson, LLC.

Submitted by,

Jane Howington, City Manager

Matthew Vazzana, City Solicitor