Title
A RESOLUTION AUTHORIZING THE CITY MANAGER TO ENTER INTO A COMMUNITY REINVESTMENT ACT AGREEMENT WITH FORTEC MEDICAL, INC. AND 10125 WELLMAN REAL ESTATE, LLC, FOR PARCEL #2 AT HUDSON CROSSING PARKWAY; AND DECLARING AN EMERGENCY. (as revised 1-17-17)
Executive Summary: ForTec Medical is currently located in Streetsboro and is desirous of relocating to Hudson and building an approximate 68,400 square-foot commercial / industrial building on Lot #3 of Hudson Crossing Parkway in Hudson Crossing Business Park, 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 60,000 square-foot commercial/industrial building at an approximate cost of $4,750,000. This new construction will provide office and warehouse building space for ForTec Medical's company headquarters, allowing for the transfer of 70 full-time and 13 part-time employees from Streetsboro with an existing annual payroll of $8,500,000 and relocation of assets valued at $4,500,000, as well as the hiring of 50 new full-time and 5 new part-time employees over the course of five years, estimated to result in an additional annual payroll of $835,000.
Timing Considerations
The company would like to break ground in February, 2017, which would allow for construction completion by October, 2017.
Pursuant to Ohio Revised Code Section 5709.83, a copy of the Community Reinvestment Area Tax Incentive Application was delivered to the Board of Education Office on November 16, 2016. A copy was also delivered to the Clerk of Council for the City of Streetsboro on November 16, 2017, and a copy was received by the Ohio Development Services Agency on November 21, 2016, via Certified Mail.
At its meeting on January 5, 2017, the Board of Education passed Resolution #17-01-05-08, a copy of which is attached.
Resolution No. 1...
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