Title
A RESOLUTION AUTHORIZING THE CITY MANAGER TO ENTER INTO A JOB CREATION GRANT AGREEMENT; AND DECLARING AN EMERGENCY.
Brief Description: A proposed business is requesting a 50% income tax credit for 10 years. The company will relocate to Hudson to an existing facility within the District 6 Western Hudson Gateway.
Body
Legislative History
Resolution No. 05-39, passed May 4, 2005, Council created the Job Creation Grant Program pursuant to Article XVIII, Section 3 and Article VIII, Section 13 of the Ohio Constitution.
Purpose & Explanation
The Hudson Economic Development Incentive Committee met on January 9, 2024, and voted unanimously to recommend to Council approval of a 50% Job Creation Grant (reimbursement of payroll taxes collected) for a period of Ten (10) years.
The company is proposing to relocate into the City of Hudson from outside of Summit County Ohio.
Legal Authority for Proposed Legislation
Pursuant to Charter Section 6.04, Contracts & Purchasing:
Competitively bid and advertised for two consecutive weeks; bid tab attached: [Yes/No/NA])
Joint or Cooperative Purchase Program
Professional Services
X Other, with adoption of Resolution No. 05-39, passed May 4, 2005, Council created the Job Creation Grant Program pursuant to Article XVIII, Section 3 and Article VIII, Section 13 of the Ohio Constitution.
Fiscal Impact
Currently Budgeted (Account #, $)
Supplemental Appropriation Required (Account #, $)
X Appropriation Not Required
Does this legislation require use of an emergency clause?
X Yes, Final transfer of property, lease and improvements are contingent upon incentive approval. Desire to relocate could be delayed significantly without the emergency.
No
Recommendation
Suggested Action
Staff recommends that City Council consider the unanimous recommendation of the Economic Development Incentive Committee and approve this Job Creation Grant incentive.
Submitted by,
Thomas J Sheridan, City Manager
Greg Hannan, Community Development Director
Katie Behnke, Economic Development Manager