Title
Summit County Intergovernmental Memorandum of Understanding for Job Creation and Retention and Tax Revenue Sharing.
Executive Summary: City Council will consider the current “Jobs Preservation Agreement,” to which the City has been a signatory community since 2011.
Body
Legislative History
Hudson City Council has previously authorized participation in this program by Resolution No.s 11-60, 12-75, 14-141, 15-123, and 17-87.
Purpose & Explanation
Since Council first authorized the Summit County Intergovernmental MOU for Job Creation, Retention and Tax Revenue Sharing in 2011, the City has received $282,834 in tax revenue sharing as a result of the program. The City has not been required to make any payments to participating communities. All payments received were from the City of Twinsburg, and the majority of these were the result of the Windstream move.
Timing Considerations
Summit County is asking that signatory communities notify the County by May 11, 2018, of any proposed changes to the current Agreement. If no changes are proposed, the MOU will automatically renew on July 1, 2018.
Fiscal Impact
Currently Budgeted
Supplemental Appropriation Required
X Appropriation Not Required.
Recommendation
Suggested Action
Staff seeks Council input concerning the Summit County Intergovernmental Memorandum of Understanding for Job Creation and Retention and Tax Revenue Sharing.
Submitted by,
Jane Howington, City Manager
Jim Stifler, Economic Development Director
Jeff Knoblauch, Finance Director