Title
A RESOLUTION AUTHORIZING THE CITY MANAGER TO ENTER INTO A COMMUNITY REINVESTMENT ACT AGREEMENT WITH HUDSON 21, LLC. (As Amended 10/18/2016)
Executive Summary: Hudson 21, LLC is desirous of building an approximate 21,600 square-foot commercial/industrial building on Lot #1 (Parcel No. 30-10145) on Hudson Crossing Parkway in the Hudson Crossing Business Park, Hudson, Ohio, provided 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 21,600 square-foot commercial/industrial building at an approximate cost of $2,500,000. This new construction will provide multi-tenant office building space (office, educational and recreational), allowing for the creation of at least 50 new full-time positions with an approximate payroll of $1,300,000 with 36 months of construction completion.
Timing Considerations
The company would like to break ground in Fall 2016, which would allow for construction completion in late Spring 2017. The Board of Education has been notified
Pursuant to Ohio Revised Code Section 5709.83, a copy of the Resolution, including the proposed Agreement and the Community Reinvestment Area Tax Incentive Application, was delivered to the Board of Education Office on October 4, 2016. Council may take action on this Resolution as early as October 18, 2016.
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 Hudson 21, LLC.
Submitted by,
Jane Howington, City Manager
James Stifler, Economic Development Director