Title
A RESOLUTION AUTHORIZING THE CITY MANAGER TO BOTH APPROVE THE ASSIGNMENT OF A COMMUNITY REINVESTMENT ACT AGREEMENT FROM HUDSON 42, LLC TO AURORA INDUSTRIAL, LLC AND TO AMEND THE TERM CONCERNING THE SAME.
Brief Description: This Resolution will authorize the assignment of a CRA Agreements from Premier Hudson 42, LLC, to Aurora Industrial, LLC. The assignment will allow Aurora Industrial, LLC, to receive the benefits prescribed in the original agreement. The Resolution will further authorize amending the term.
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.
Purpose & Explanation
This Resolution will authorize the assignment of the CRA Agreement from Hudson 42, LLC, to Aurora Industrial, LLC, and will authorize amending the term of the Agreement. The term is proposed to be amended to accommodate the unforeseen impacts caused by the COVID-19 Pandemic that delayed construction.
Timing Considerations
Staff anticipates approval of this matter by the Board of Education on October 11, 2021 and requests that this Resolution be placed on City Council’s Consent Agenda on October 5, 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 Industrial, LLC, and to amend the term of the Agreement.
Submitted by,
Jane Howington, City Manager
James Stifler, Economic Development Director