Title
A RESOLUTION AUTHORIZING THE CITY MANAGER TO APPROVE THE ASSIGNMENT OF A COMMUNITY REINVESTMENT ACT AGREEMENT FROM PREMIER COMMERCIAL REALTY, LLC TO HUDSON 42, LLC; AND DECLARING AN EMERGENCY.
Executive Summary: This Resolution will authorize the assignment of a CRA Agreement from Premier Commercial Realty, LLC, to Hudson 42, LLC, a newly named entity with the same partners. The assignment will allow Hudson 42, LLC, to receive the benefits prescribed in the original agreement.
Body
Legislative History
Res. No. 18-135 authorized a CRA Agreement with Premier Commercial Realty, LLC, and Option Care Enterprises, Inc. to support the construction of a regional compounding center in the Hudson Crossing Business Park., adopted September 18, 2018.
Res. No. 18-136 authorized a tax-sharing agreement between the City and the Schools relating to the CRA Agreement between the City, Premier and Option Care Enterprises, adopted on September 18, 2018.
Purpose & Explanation
This Resolution will authorize the assignment of a CRA Agreement from Premier Commercial Realty, LLC, to Hudson 42, LLC.
Timing Considerations
Staff anticipates approval of this matter by the Board of Education on November 19, 2018, and requests that this Resolution be placed on City Council’s Consent Agenda on November 20, 2018. The Resolution includes emergency language and will be effective immediately upon passage.
Fiscal Impact
Currently Budgeted
Supplemental Appropriation Required
X Appropriation Not Required.
Suggested Action
Staff recommends that Hudson City Council approve this Resolution, allowing the City Manager to approve the assignment of the CRA Agreement with Premier Commercial to Hudson 42, LLC.
Recommendation
Submitted by,
Jane Howington, City Manager
James Stifler, Economic Development Director