Title
A RESOLUTION AUTHORIZING THE CITY MANAGER TO APPROVE THE ASSIGNMENT OF A COMMUNITY REINVESTMENT ACT AGREEMENT FROM HUDSON 125, LLC TO AURORA INDUSTRIAL, LLC.
Brief Description: This Resolution will authorize the assignment of a CRA Agreement from Hudson 125, LLC, to Aurora Industrial, LLC. The assignment will allow Aurora Industrial, LLC, to receive the benefits prescribed in the original agreement.
Body
Legislative History
Resolution No. 16-110, authorized a CRA Agreement with Premier Commercial Realty, LLC for a building located on Lot #4 on Hudson Crossing Parkway; adopted June 21, 2016.
Resolution No. 16-122, authorized a revised CRA Agreement with Premier and an Agreement between Premier, the Hudson City School District and the City for payments in lieu of taxes; adopted July 19, 2016.
Resolution No. 16-202, authorized an assignment of the CRA from Premier to Hudson 125, LLC, located at 6279 Hudson Crossing Parkway (tenants include: Alpha Technologies and Universal Screen Arts); adopted December 20, 2016.
Purpose & Explanation
This Resolution will authorize the assignment of the CRA Agreement from Hudson 125, LLC, to Aurora Industrial, LLC.
Timing Considerations
Staff anticipates approval of this matter by the Board of Education on October 11, 2021 and requests that this Resolution be placed on City Council’s Consent Agenda on October 5, 2021. The Resolution will be effective 30 days after passage.
Fiscal Impact
Currently Budgeted
Supplemental Appropriation Required
X Appropriation Not Required.
Recommendation
Suggested Action
Staff recommends that Hudson City Council approve this Resolution, allowing the City Manager to approve the assignment of the CRA Agreement with Hudson 125, LLC to Aurora Industrial, LLC.
Submitted by,
Jane Howington, City Manager
James Stifler, Economic Development Director