Title
A RESOLUTION AUTHORIZING THE CITY MANAGER TO ENTER INTO A JOB CREATION GRANT AGREEMENT WITH FLEETHQ PARTNERS, LLC; AND DECLARING AN EMERGENCY.
Brief Description: FleetHQ Partners, LLC is requesting a 50% income tax credit for 10 years with a year three benchmark of $11.3M in payroll. (Note: Given uncertainties around the pandemic and the ongoing potential for work from home, this figure (and the application figures) are based on 60% of the company's actual current and projected payrolls.)
Body
Legislative History
None.
Purpose & Explanation
The Hudson Economic Development Incentive Committee met on July 27, 2020, and voted unanimously to recommend to Council approval of a 50% Job Creation Grant for a period of Ten (10) years which would cover income taxes paid by employees being transferred from Independence (177 employees) and all new hires (38 new employees over the first three years). This company was just named one of NEO's Top Workplaces.
The company is finalizing the purchase of City-owned land on Boston Mills Road, for $1.1 million. The purchase and sale assumes this job creation incentive.
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, with adoption of Resolution No. 05-39, passed May 4, 2005, Council created the Job Creation Grant Program pursuant to Article XVIII, Section 3 and Article VIII, Section 13 of the Ohio Constitution.
Fiscal Impact
Currently Budgeted (Account #, $)
Supplemental Appropriation Required (Account #, $)
X Appropriation Not Required
Does this legislation require use of an emergency clause?
X Yes, this would be very beneficial given the fast track timeline for Aug '21 occupancy
No
Recommendation
Suggested Action
Staff recommends that City Council follow the unanimous recommendation o...
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