Title
A RESOLUTION AUTHORIZING THE CITY MANAGER TO ENTER INTO A COMMUNITY REINVESTMENT ACT AREA AGREEMENT WITH RAMCO ASSOCIATES, LLC; AND DECLARING AN EMERGENCY.
Executive Summary: Ramco Associates, LLC is desirous of building an approximate 165,000 square-foot commercial/industrial building on Hudson Industrial Parkway in the Hudson Industrial Park, Hudson, Ohio provided that 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 165,000 square-foot commercial/industrial building at an approximate cost of $12,000,000.00. This new construction will allow for the retention of 120 full-time employees and the creation of 20 new full-time jobs within 48 months of occupancy.
Timing Considerations
Company would like to break ground in the spring of 2015 which would allow occupancy by the end of 2015.
Fiscal Impact
Currently Budgeted
Supplemental Appropriation Required
X Appropriation Not Required.
Recommendation
Suggested Action
Staff recommends that Hudson City Council authorize the City Manager to enter into the Community Reinvestment Area Agreement with Ramco Associates, LLC.
Submitted by,
Jane Howington, City Manager
Charles E. Wiedie, Economic Development Director