Title
A RESOLUTION AUTHORIZING THE CITY MANAGER TO ASSIGN A JOB CREATION GRANT AGREEMENT FROM NORANDEX DISTRIBUTION, INC. TO AMERICAN BUILDERS & CONTRACTORS SUPPLY CO., INC.; AND DECLARING AN EMERGENCY.
Executive Summary: On May 7, 2008 Hudson City Council passed Resolution 08-55 to authorize a Job Creation Grant Agreement with Norandex Distribution, Inc. Norandex is in the process of being acquired by American Builders & Contractors Supply Co., Inc. (“ABC”) and upon closing of the proposed transaction, ABC intends to merge Norandex into ABC, with ABC as the surviving entity.
Body
Legislative History
Resolution No. 08-55, authorized the City Manager to enter into a Job Creation Grant Agreement with Norandex Distribution, Inc., passed on May 7, 2008.
Purpose & Explanation
Assignment of the Job Creation Grant Agreement from Norandex Distribution, Inc. to American Builders & Contractors Supply Co., Inc. (“ABC”) will assist in facilitating the orderly progression of the proposed acquisition.
Timing Considerations
None]
Fiscal Impact
Currently Budgeted
Supplemental Appropriation Required
X Appropriation Not Required.
Recommendation
Suggested Action
Staff recommends that City Council authorize the City Manager to assign the Job Creation Grant Agreement from Norandex Distribution, Inc. to American Builders & Contractors Supply Co., Inc. (“ABC”).
Submitted by,
Jane Howington, City Manager
Charles E. Wiedie, Economic Development Director