City of Hudson, Ohio - File #: 23-127

• File #: 23-127
• Version: 1
• Type: Ordinance
• Status: Passed
• File created: 8/23/2023
• In control: City Council
• On agenda: 12/12/2023
• Final action: 12/12/2023
• Title: AN ORDINANCE AUTHORIZING THE CITY MANAGER TO EXECUTE AN AMENDMENT TO THE AGREEMENT WITH ARLINGTON VALLEY FARMS, LLC, OR ITS ASSIGNEE, FOR THE LLC'S LEASE-PURCHASE OF THE REAL PROPERTY LOCATED AT 5369 HUDSON DRIVE, HUDSON, OHIO. Brief Description: A Second Amendment to the Land Installment Contract has been requested by the Buyer to change the Closing Date from February 1, 2024 to July 1, 2024 to align with the anticipated closing of a USDA loan financing the purchase. Additionally, monthly installment payments of ten thousand and 00/100 dollars ($10,000.00) would be continued from February 1, 2024 to June 30, 2024.
• Sponsors: Jeffrey L. Anzevino
• Indexes: Economic Development
• Related files: 17-49, 16-36, 17-176

Date	Ver.	Action By	Action	Result
12/12/2023	1	City Council	adopted on third reading	Pass
11/28/2023	1	City Council Workshop	item forwarded
11/14/2023	1	City Council	postponed to a date certain	Pass
10/24/2023	1	City Council Workshop	item forwarded
10/17/2023	1	City Council	second reading
10/10/2023	1	City Council Workshop	item forwarded
10/3/2023	1	City Council	first reading
9/26/2023	1	City Council Workshop	item forwarded

Title
AN ORDINANCE AUTHORIZING THE CITY MANAGER TO EXECUTE AN AMENDMENT TO THE AGREEMENT WITH ARLINGTON VALLEY FARMS, LLC, OR ITS ASSIGNEE, FOR THE LLC'S LEASE-PURCHASE OF THE REAL PROPERTY LOCATED AT 5369 HUDSON DRIVE, HUDSON, OHIO.
Brief Description: A Second Amendment to the Land Installment Contract has been requested by the Buyer to change the Closing Date from February 1, 2024 to July 1, 2024 to align with the anticipated closing of a USDA loan financing the purchase. Additionally, monthly installment payments of ten thousand and 00/100 dollars ($10,000.00) would be continued from February 1, 2024 to June 30, 2024.
Body
Legislative History
Previous legislation permitted the purchase of the former RAMCO property and the sale of one of the buildings.
Resolution No. 16-36, authorizing purchase of property located at 5369 Hudson Drive and 1220 and 1239 Hudson Gate Drive, passed March 15, 2016.
Resolution No. 17-49, authorizing the sale of property located at 1239 Hudson Gate Drive, passed March 21, 2017.
Ordinance 17-176 authorizing the proposed amendments to the purchase agreement with Arlington Valley Farms.
Purpose & Explanation
The purpose of the legislation is to allow the City Manager to execute a Second Amendment to the Land Installment Contract with Arlington Valley Farms as requested by the Buyer to align with the anticipated closing of a USDA loan financing the purchase. A summary of the key changes from the First Amendment are shown below.
1. Commencement Date of Installation Payment. Sections 2(A) and 2(B) are herby deleted in their entirety and replace with the following:
A. Commencing April 1, 2018 until November 30, 2019, Buyer shall make no Installment Payments (hereinafter defined) to Seller under this Agreement, except for Buyer's responsibility for real estate taxes, insurance, expenses related to maintaining the Premises, and any other obligations of Buyer under this Agreement;
B. Commencing on December 1, 2019, and on the first day of ea...