Title
A RESOLUTION AUTHORIZING THE CITY MANAGER TO ASSIGN AN AMENDED JOB CREATION GRANT AGREEMENT FROM MDC ACQUISITION CO., LLC TO WBC GROUP, LLC; AND DECLARING AN EMERGENCY.
Executive Summary: On May 19, 2010 Council passed Resolution 10-69 to authorize a Job Creation Agreement with Premier Development Partners, LLC to support the construction of a new headquarters and distribution center in the Hudson Crossing Business Park. On August 10, 2010 Council passed Resolution 10-98 to amend the aforementioned agreement, assigning it to MDC Acquisition Co., LLC. This amendment will allow this agreement to be assigned to the operating entity actually creating the jobs.
Body
Legislative History
10-69 approved on May 19, 2010 created a Job Creation Grant with Premier Development Partners, LLC
10-98 approved on August 10, 2010 assigned the Job Creation Grant to MDC Acquisition Co., LLC
Purpose & Explanation
This amendment will allow for the assignment of this Job Creation Grant to the operating company that is actually creating the jobs and will allow it to receive the benefits prescribed in the original and amended agreements.
Timing Considerations
Would request that this resolution be placed on the Consent Agenda of Hudson City Council.
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 enter into an amended Job Creation Grant Agreement with MDC Acquisition Co., LLC, approving the assignment of said agreement to WBC Group, LLC.
Submitted by,
Charles E. Wiedie EDFP
Economic Development Director