Title
A RESOLUTION ACCEPTING THE RECOMMENDATIONS OF THE TAX INCENTIVE REVIEW COUNCIL REGARDING A MODIFICATION OF THE JOB CREATION GRANT AGREEMENT BETWEEN THE CITY OF HUDSON AND BEAUTY SYSTEMS, LLC AND DECLARING AN EMERGENCY.
Executive Summary: The duly appointed TIRC met on November 17, 2014, reviewed the Job Creation Grant Agreement with Beauty Systems, LLC, reviewed Beauty Systems compliance with the agreement, and made a recommendation to this Council to modify said agreement due to Beauty Systems inability to meet certain obligations in the agreement.
Body
Legislative History
Resolution 10-105 was approved by Hudson City Council on August 18, 2010 authorizing the City Manager to enter into the Job Creation Grant Agreement with Beauty Systems, LLC.
Purpose & Explanation
The TIRC recommends that the Job Creation Grant Agreement with Beauty Systems, LLC be modified from a 35% Job Creation Grant to a 25% grant for the remainder of the original five year agreement.
Timing Considerations
None
Fiscal Impact
Currently Budgeted
Supplemental Appropriation Required
X Appropriation Not Required.
Recommendation
Suggested Action
Staff recommends that Council accept the recommendation of the TIRC regarding the Job Creation Grant with Beauty Systems, LLC.
Submitted by,
Jane Howington, City Manager
Charles E. Wiedie, Economic Development Director