Title
AN ORDINANCE AMENDING THE JOB CREATION GRANT PROGRAM.
Executive Summary: This amendment will add another level for a business to participate in the Job Creation Grant Program. Currently the beginning level is 50 new jobs or $1 million in new payroll which allows for a 5 year agreement. This amendment will allow a business that commits to 20 new jobs or $250,000 of new payroll, to receive a grant with a term of 4 years. There are no other proposed changes to the original ordinance.
Body
Legislative History
05-39, An Ordinance adopting a Job Creation Grant Program
Purpose & Explanation
Hudson City Council has heard presentations from Matt Beesley, a member of the Hudson Economic Growth Board, regarding Hudson at build-out. In his last presentation he recapped the available existing office space in Districts 6 & 8 and shared that there is approximately 400,000 square feet available. We also learned that most of the available space, unlike the Windstream building, will be utilized by smaller businesses with a smaller number of employees and payroll. This proposal will allow us to attract these smaller businesses and help them grow in Hudson. There is no other change to the original ordinance proposed.
Timing Considerations
None
Fiscal Impact
Currently Budgeted
Supplemental Appropriation Required
X Appropriation Not Required.
Recommendation
Suggested Action
Staff recommends that Hudson City Council approve this amendment to the Job Creation Grant Program.
Submitted by,
Charles E. Wiedie EDFP
Economic Development Director