Title
A RESOLUTION AUTHORIZING THE CITY MANAGER TO ENTER INTO A COMMUNITY REINVESTMENT ACT AGREEMENT WITH PREMIER COMMERCIAL REALTY, LLC; AND DECLARING AN EMERGENCY.
Executive Summary: Premier Commercial Realty, LLC is desirous of building an approximate 125,000 square-foot commercial/industrial building on Lot #4 on Hudson Crossing Parkway in the Hudson Crossing Business 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 125,000 square-foot commercial/industrial building at an approximate cost of $6,500,000.00. This new construction will provide speculative space, allowing for the creation of at least 60 new full-time positions with an approximate payroll of $3,000,000.00 with 36 months of construction completion.
Timing Considerations
Company would like to break ground in July of 2016 which would allow for construction completion in the first quarter of 2017.
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 Agreement with Premier Commercial Realty, LLC.
Submitted by,
Jane Howington, City Manager
Charles E. Wiedie, Economic Development Director