Title
A RESOLUTION AUTHORIZING THE CITY MANAGER TO ENTER INTO A COMMUNITY REINVESTMENT AREA (CRA) AGREEMENT WITH UYS PROPERTIES, LLC, AND ANCHOR SEASONS ROAD OWNER, L.L.C., FOR A MEDICAL OFFICE BUILDING AT 231 SEASONS ROAD (PERMANENT TAX PARCEL NO. 3000016).
Brief Description: This is a CRA agreement for a 50% property tax exemption for 15 years for the proposed development of a medical office building near the intersection of State Rt 8 and Seasons Rd.
Body
Legislative History
None.
Purpose & Explanation
This CRA agreement is for a medical office building that will, upon completion, be leased to four medical tenants (two of which are affiliates of Western Reserve Hospital). The project is projected to cost $20.2 million with an estimated new payroll of $11.3 million. The new payroll would generate estimated annual income taxes of $226,000 for the City.
Some employees will be relocated from other Summit County communities which triggers income tax sharing in accordance with the county intergovernmental job creation retention program. The CRA will also require income tax sharing with Hudson City School District.
Attached to this memo is the CRA application and cash flow analysis for the project.
The Hudson Economic Development Incentive Committee recommended City Council consider approval of this CRA.
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 - CRA agreement
Fiscal Impact
Currently Budgeted (Account #, $)
Supplemental Appropriation Required (Account #, $)
X Appropriation Not Required
Does this legislation require use of an emergency clause?
Yes [if so, explain why]
X No
Recommendation
Suggested Action
Staff recommends City Council approve the resolution.
Submitted by,
Jane Howington, City Manager
Jim Stifler, Chief Ec...
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