Title
A RESOLUTION TERMINATING AN AGREEMENT WITH INDUSTRIAL LAND PARTNERS, LLC UNDER THE COMMUNITY REINVESTMENT ACT PROVISIONS; REPEALING RESOLUTION NO. 12-124; AND DECLARING AN EMERGENCY.
Executive Summary: Resolution No. 12-124 was approved by Hudson City Council on September 5, 2012, to provide a tax abatement under a Community Reinvestment Area Agreement to Industrial Land Partners, LLC for the construction of a 220,000 square foot commercial/industrial building in the Hudson Crossing Business Park.
Body
Legislative History
Resolution No. 12-124, approved on September 5, 2012
Purpose & Explanation
The project, as detailed in the Community Reinvestment Area Agreement, was never undertaken. Industrial Land Partners was building the facility for a tenant, and, before the project could begin, the tenant decided not to go forward with the project. Both the builder and the tenant were appreciative of the timeliness with which the City put together the incentive package. We had left the agreement in place, hoping that the project might be resurrected, but since it has not, it is appropriate that we terminate the agreement at this time.
Timing Considerations
None
Fiscal Impact
Currently Budgeted
Supplemental Appropriation Required
X Appropriation Not Required.
Recommendation
Suggested Action
Staff recommends that Hudson City Council approve the termination of this Community Reinvestment Area Agreement.
Submitted by,
Jane Howington, City Manager
Chuck Wiedie, Economic Development Director