Title
A RESOLUTION AUTHORIZING AN AGREEMENT BETWEEN THE CITY OF HUDSON, HUDSON CITY SCHOOL DISTRICT, FORTEC MEDICAL, INC. AND 10125 WELLMAN REAL ESTATE, LLC FOR PAYMENTS IN LIEU OF TAXES AND TAX SHARING RELATED TO A COMMUNITY REINVESTMENT ACT AGREEMENT ENTERED INTO BETWEEN THE CITY, FORTEC MEDICAL AND WELLMAN REAL ESTATE FOR CONSTRUCTION OF A NEW CORPORATE HEADQUARTERS IN HUDSON; AND DECLARING AN EMERGENCY. (as revised 1-17-17)
Executive Summary: This Resolution is necessary to authorize a compensation agreement with the Hudson City School District, ForTec Medical and Wellman Real Estate, related to a Community Reinvestment Act (CRA) Agreement.
Body
Legislative History
Resolution No. 16-197, authorizing the City Manager to enter into a CRA Agreement with ForTec and Wellman Real Estate, currently pending Council action.
Purpose & Explanation
Resolution No. 16-197 is currently in the legislative process, and it is anticipated that City Council will adopt this Resolution.
This additional proposed Resolution would authorize a separate compensation agreement with the School District, ForTec and Wellman.
Timing Considerations
None.
Fiscal Impact
Currently Budgeted
Supplemental Appropriation Required
X Appropriation Not Required.
Recommendation
Suggested Action
Staff recommends that Hudson City Council pass this Resolution.
Submitted by,
Jane Howington, City Manager
James Stifler, Economic Development Director