Title
A RESOLUTION AUTHORIZING THE CITY MANAGER TO EXECUTE THE SECOND AMENDMENT TO THE COMMUNITY REINVESTMENT AREA AGREEMENT WITH MANNESCHI & BENEDETTI, LLC AND CEIA USA, LTD TO INCORPORATE THE HEADQUARTERS EXPANSION INTO THE ABATED PARCEL; AND DECLARING AN EMERGENCY.
Brief Description: This Resolution will authorize the second amendment to the Community Reinvestment Area Agreement with Manneschi & Benedetti, LLC and CEIA USA, Ltd. for the headquarters building at 6336 Hudson Crossing Parkway, Hudson, Ohio 44236 to incorporate the proposed building expansion to be added to the abated parcel.
Body
Legislative History
Resolution No. 18-133, authorizing a CRA Agreement with Manneschi & Benedetti, LLC and CEIA USA, Ltd., located at parcel #6 of Hudson Industrial Parkway; adopted September 18, 2018.
Resolution No. 18-134, authorizing a Tax Sharing Agreement between the City and the Hudson City School District related to CRA Agreement with Manneschi & Benedetti, LLC and CEIA USA, Ltd.; adopted September 18, 2018. The Hudson Board of Education authorized the tax sharing agreement at their board meeting on September 10, 2018.
Resolution No. 21-112, authorizing the City Manager to amend the term of the Community Reinvestment Areas Agreement with Manneschi & Benedetti, LLC and CEIA USA, Ltd; adopted October 5, 2021. The Hudson Board of Education approved this amendment on October 25, 2021.
Purpose & Explanation
In 2018, Manneschi & Benedetti, LLC and CEIA USA, Ltd. was awarded a Community Reinvestment Area 50% property tax abatement for fifteen (15) years for the construction of a new headquarters facility at 6336 Hudson Crossing Parkway, Hudson, Ohio 44236. In conjunction, the City and the Hudson City School District entered into a Tax Sharing Agreement for the property whereby the City of Hudson and the School District share equally all new revenue generated by the project for incentive agreement years two through fifteen. New revenue is defined as: (1) the taxes levie...
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