Title
Discussion: Establishing a Community Improvement Corporation (CIC)
Executive Summary: Hudson’s Economic Growth Board (EGB) has recommended the use of a Community Improvement Corporation (CIC) as a tool to assist the City in accomplishing its economic development goals. If a CIC is established, the EGB would cease to exist. Supporting materials are provided for review prior to the meeting, and a discussion is planned for Tuesday’s meeting. EGB members attending will include Ed Devlin, Kerri Keller, and Keith Curley.
Body
Legislative History
Ordinance No. 72-75, designating the Hudson Community Improvement Corporation, adopted December 4, 1972.
Purpose & Explanation
The Hudson Economic Growth Board (EGB) has analyzed what a Community Improvement Corporations (CIC) is and how it is used. Based on their research, the EGB has provided the attached materials to support their belief that a CIC would be a useful tool for the City of Hudson.
Timing Considerations
Pending approval, the existing legislation will be brought current, and a reconstituted Board for the new CIC would be established in early 2017.
Fiscal Impact
Currently Budgeted
Supplemental Appropriation Required
X Appropriation Not Required.
Recommendation
Suggested Action
Staff recommends that Hudson City Council approve creating a Community Improvement Corporation (CIC) and permit the “freshening” of existing legislation (Ordinance No. 72-75) in late 2016, early 2017.
Submitted by,
Jane Howington, City Manager
Jim Stifler, Economic Development Director