Title
A RESOLUTION AUTHORIZING THE CITY MANAGER TO ENTER INTO A JOB CREATION GRANT AGREEMENT WITH COMPMED ANALYSIS; AND DECLARING AN EMERGENCY.
Executive Summary: This resolution approving the Job Creation Grant with CompMed Analysis will support the company in the growth of their workforce here in Hudson rather than pursuing the idea of opening a branch office in Southern Ohio to serve two new accounts that they have landed.
Body
Legislative History
None.
Purpose & Explanation
This proposed resolution would allow for a 25% grant on the income tax paid by the new employees hired by CompMed Analysis to be paid back to the company for a period of 4 years. Currently the company has 11 full-time and 14 part-time employees. They are proposing to hire 10 new full-time employees and 11 new part-time employees over the next 3 years. These new hires would result in approximately $400,000 of new payroll for the company.
Timing Considerations
Staff would like this to be a consent item, so that the company could begin their hiring as soon as possible.
Fiscal Impact
Currently Budgeted
Supplemental Appropriation Required
X Appropriation Not Required.
Recommendation
Suggested Action
Staff recommends that City Council follow the recommendation of the Economic Development Incentive Committee, which met on August 12, 2015 and unanimously approved this proposal.
Submitted by,
Jane Howington, City Manager
Charles E. Wiedie, Economic Development Director