Title
A RESOLUTION AUTHORIZING THE CITY MANAGER TO APPROVE THE ASSIGNMENT OF A COMMUNITY REINVESTMENT ACT AGREEMENT FROM PREMIER COMMERCIAL REALTY, LLC TO HUDSON 125, LLC.
Executive Summary: This Resolution will authorize the assignment of a CRA from Premier Commercial Realty, LLC, to Hudson 125, LLC, a newly named entity with the same partners. The assignment will allow Hudson 125, LLC, to receive the benefits prescribed in the original agreement.
Body
Legislative History
Res. No. 16-110 created a CRA with Premier Commercial Realty, LLC, to support the construction of a new commercial/industrial building in the Hudson Crossing Business Park., adopted June 21, 2016.
Res. No. 16-122 authorized a revised CRA with Premier Commercial Realty, LLC, and an agreement between Premier, the Schools, and the City for payments in lieu of taxes, adopted on July 19, 2016.
Purpose & Explanation
This Resolution will authorized the assignment of a CRA from Premier Commercial Realty, LLC, to Hudson 125, LLC, for the 125,000 SF spec. building being built on Hudson Crossing Parkway. Kevin Callahan and Spencer Pisczak are the managing partners in both entities. Hudson 125, LLC is an isolated ownership entity exclusive to the building mentioned above, and this Resolution would allow Hudson 125 to receive the benefits prescribed in the original agreement.
Timing Considerations
Staff requests that this Resolution be placed on the Consent Agenda of Hudson City Council.
Fiscal Impact
Currently Budgeted
Supplemental Appropriation Required
X Appropriation Not Required.
Suggested Action
Staff recommends that Hudson City Council approve this Resolution, allowing the City Manager to enter into an amended CRA Agreement with Premier Commercial Realty, LLC, approving the assignment of said agreement to Hudson 125, LLC.
Recommendation
Submitted by,
Jane Howington, City Manager
James Stifler, Economic Development Director