Title
A RESOLUTION AUTHORIZING THE CITY MANAGER TO APPROVE THE ASSIGNMENT OF A COMMUNITY REINVESTMENT ACT AGREEMENT FROM HUDSON 125, LLC TO AURORA 6279 HUDSON, LLC.
Brief Description: This Resolution will authorize the assignment of a CRA Agreement from Hudson 125, LLC, to Aurora 6279 Hudson, LLC. The assignment will allow Aurora 6279 Hudson, 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.
Resolution No. 21-111, authorized an assignment of the CRA from Hudson 125, LLC to Aurora Industrial, LLC, adopted October 5, 2021.
Purpose & Explanation
On October 5, 2021, Council authorized an agreement to be assigned to Aurora Industrial, LLC, that was in the process of purchasing the property. Subsequent to the adoption of Resolution No. 21-111, the City was informed that the entity originally identified by the purchaser, Aurora Industrial, LLC, was no longer the correct assignee of the Agreement. Therefore, this Resolution will authorize the assignment of the CRA Agreement from Hudson 21, LLC, to Aurora 6279 Hudson, LLC.
Timing Considerations
Staff anticipates approval of this matter by the Board of Education on December 13, 2021, and requests that this Resolution be placed on City Council's Consent Agenda on December 7, 2021. The Resolution will be effective 30 days after passage.
Fiscal Impact
Currently Budgeted
...
Click here for full text