Title
A RESOLUTION AUTHORIZING THE CITY MANAGER TO APPROVE THE ASSIGNMENT OF A COMMUNITY REINVESTMENT ACT AGREEMENT FROM HUDSON 42, LLC TO AURORA 6288 HUDSON, LLC.
Brief Description: This Resolution will authorize the assignment of a CRA Agreements from Hudson 42, LLC, to Aurora 6288 Hudson, LLC. The assignment will allow Aurora 6288 Hudson, LLC, to receive the benefits prescribed in the original agreement.
Body
Legislative History
Resolution No. 18-135, authorized a CRA Agreement with Premier Commercial Realty, LLC and Option Care Enterprises, Inc., located at 6288 Hudson Crossing Parkway; adopted September 18, 2018.
Resolution 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 September 18, 2018.
Resolution No. 18-177, authorized assignment of the CRA Agreement from Premier Commercial Realty, LLC to Hudson 42, LLC; adopted November 20, 2018.
Resolution No. 21-110, authorized assignment of the CRA Agreement from Hudson 42, LLC to Aurora Industrial, LLC; adopted October 5, 2021.
Purpose & Explanation
On October 5, 2021, Council authorized an agreement to be assigned to Aurora Industrial, LLC, that was in the process of purchasing the property. Subsequent to the adoption of Resolution No. 21-110, the City was informed that the entity originally identified by the purchaser, Aurora Industrial, LLC, was no longer the correct assignee of the Agreement. Therefore, this Resolution will authorize the assignment of the CRA Agreement from Hudson 21, LLC, to Aurora 6288 Hudson, LLC.
Timing Considerations
Staff anticipates approval of this matter by the Board of Education on December 13, 2021, and requests that this Resolution be placed on City Council's Consent Agenda on December 7, 2021. The Resolution will be effective 30 days after passage.
Fiscal Impact
Currently Budgeted
Supplemental Appropriation Required
X Approp...
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