Title
A RESOLUTION AUTHORIZING THE CITY MANAGER TO ENTER INTO A JOB CREATION GRANT AGREEMENT WITH PARTSSOURCE, INC; AND DECLARING AN EMERGENCY.
Brief Description: PartsSource Inc. is requesting a 50% income tax credit for 10 years. The company, currently located in Aurora, Ohio, will relocate their headquarters operations to two floors within the facility at 50 Executive Parkway. The company operates an E-commerce platform for medical parts and services. PartsSource anticipates investing $2.1 million and will employ 300+ staff at the facility.
Body
Legislative History
Resolution No. 05-39, passed May 4, 2005, Council created the Job Creation Grant Program pursuant to Article XVIII, Section 3 and Article VIII, Section 13 of the Ohio Constitution.
Resolution No. 23-157, passed December 19, 2023, Council amended the Job Creation Grant Program pursuant to Article XVIII, Section 3 and Article VIII, Section 13 of the Ohio Constitution.
Purpose & Explanation
The Hudson Economic Development Incentive Committee met on February 13, 2024, and voted unanimously to recommend to Council approval of a 50% Job Creation Grant (reimbursement of payroll taxes collected) for a period of Ten (10) years for PartsSource on Executive Parkway.
Legal Authority for Proposed Legislation
Pursuant to Charter Section 6.04, Contracts & Purchasing:
Competitively bid and advertised for two consecutive weeks; bid tab attached: [Yes/No/NA])
Joint or Cooperative Purchase Program
Professional Services
X Other, with adoption of Resolution No. 05-39, passed May 4, 2005, Council created the Job Creation Grant Program pursuant to Article XVIII, Section 3 and Article VIII, Section 13 of the Ohio Constitution.
Fiscal Impact
Currently Budgeted (Account #, $)
Supplemental Appropriation Required (Account #, $)
X Appropriation Not Required
Does this legislation require use of an emergency clause?
X Yes, Final transfer of property, lease and improvements are contingent upon incen...
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