Title
A RESOLUTION AUTHORIZING THE CITY MANAGER TO ENTER INTO A COMMUNITY REINVESTMENT ACT AGREEMENT WITH PREMIER COMMERCIAL REALTY, LLC AND OPTION CARE ENTERPRISES, INC. FOR PARCEL #7 AT HUDSON CROSSING PARKWAY; AND DECLARING AN EMERGENCY.
Executive Summary: Premier Commercial Realty, LLC desires to construct a 42,000 square-foot regional compounding center on Lot #7 of Hudson Crossing Parkway in Hudson Crossing Business Park for Option Care Enterprises, which is currently located in Brecksville and desirous of relocating to Hudson, provided the appropriate development incentives are available to support the economic viability of their project.
Body
Legislative History
None.
Purpose & Explanation
To provide real property tax abatement to support the construction of an approximate 42,000 square-foot commercial/industrial building at an approximate cost of $6,300,000. This new construction will provide office and warehouse building space for Option Care's company headquarters, allowing for the transfer of 148 full-time and 0 part-time employees from Brecksville with an existing annual payroll of $7,903,136, as well as the hiring of 16 new full-time and 0 new part-time employees over the course of 3 years, estimated to result in an additional annual payroll of $992,077.
Timing Considerations
The company would like to break ground in Fall 2018, which would allow for construction completion by Spring 2019.
Pursuant to Ohio Revised Code Section 5709.83, a copy of the Community Reinvestment Area Tax Incentive Application (Exhibit 1 of this Resolution) was timely delivered to the Board of Education Office. A copy was also timely delivered to the Clerk of Council for the City of Brecksville, and a copy was timely received by the Ohio Development Services Agency via Certified Mail.
At its meeting on September 10, 2018, the Board of Education passed Resolution #18-09-10-08, (Exhibit 2 of this Resolution) approving the Tax Abatement and CRA Agreement, subject t...
Click here for full text