Title
A RESOLUTION AUTHORIZING THE CITY MANAGER TO ENTER INTO A TWO-YEAR EXTENSION TO THE SECOND AMENDMENT TO THE DEVELOPMENT AGREEMENT WITH THE ALLSTATE INSURANCE COMPANY.
Brief Description: In 2017 City Council approved the second extension of the first amendment to the 2012 development agreement with the Allstate Insurance Company located on Executive Parkway in Hudson Ohio. The two (2) year economic development electric rate extension agreement commenced on June 30, 2017 and will expire on July 1, 2019. Staff recommends the continuance of this "E" Rate agreement via a third extension.
Body
Legislative History
Resolution No. 12-104 authorizing a development agreement with Allstate Insurance Company for 2012-2015.
Resolution No. 15-74 authorizing the extension of development agreement and establishing the current "E" rate for the Allstate Insurance Company for 2015-2017 (1st amendment).
Resolution No. 17-48 authorizing the second extension of the development agreement and establishing the current "E" rate for the Allstate Insurance Company for 2017-2019
Purpose & Explanation
The current "E" electric rate agreement with the Allstate Insurance Company is a flat rate of $0.075 per kWh. The term of the current rate agreement extension will expire on July 1, 2019. The terms and conditions of the current agreement continue to be met. The terms and conditions will remain unchanged from the current agreement and shall be detailed as such in this third extension.
Upon the close of the current term, the new "E" electric rate agreement for the Allstate Insurance Company shall remain at $0.075 per kWh with no power cost adjustment for a term of two years, after which the rate agreement will be reevaluated. This third extension of the agreement will commence on July 1, 2019 and expire on June 30, 2021.
Legal Authority for Proposed Legislation
Pursuant to Charter Section 6.04, Contracts & Purchasing:
Competitively bid and advertised for two consecutive weeks; bi...
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