Title
A RESOLUTION AUTHORIZING THE CITY MANAGER TO APPROVE THE ASSIGNMENT OF A COMMUNITY REINVESTMENT ACT AGREEMENT FROM HUDSON 21, LLC TO AURORA 725 STREETSBORO, LLC.
Brief Description: This Resolution will authorize the assignment of a CRA Agreement from Hudson 21, LLC, to Aurora 725 Streetsboro, LLC. The assignment will allow Aurora 725 Streetsboro, LLC, to receive the benefits prescribed in the original agreement.
Body
Legislative History
Resolution No. 16-160 authorized a CRA Agreement with Hudson 21, LLC, located at 725 West Streetsboro Street (owned by Hudson 21, LLC; tenants include: Sweet Kiddies Flexible Childcare Center, Julie Rudgers Croft, D.D.S., and Goldfish Swim School); adopted October 18, 2016.
Resolution No. 21-109 authorized the Agreement to be assigned 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 at 725 West Streetsboro Street. Subsequent to the adoption of Resolution No. 21-109, 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 725 Streetsboro, LLC. There is no related agreement with the Hudson School District, so the Board of Education does not need to take any related action.
Timing Considerations
Staff 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 21, LLC to Aurora 725 Streetsboro, LLC.
Submitted by,
Jane Howington, City Manager
Matthew Vazzana, City Solicitor