Resolution - Business Development: Consider a resolution authorizing a Construction and Funding Agreement with the City of Lubbock, Lubbock Experience, Inc., a 501(c)(3) nonprofit organization, and the Central Business District Tax Increment Financing Reinvestment Zone (CBD TIF), a tax increment reinvestment zone created by the City pursuant to Chapter 311, Texas Tax Code, for the provision of funding for the construction of a Civic Park that will serve as a civic gathering space in Downtown Lubbock. |
On June 9, 2020, the City Council approved Resolution No. 2020-R0187 to approve and adopt the Updated Downtown Master Plan, as recommended by the CBD TIF Board of Directors. The plan included many recommendations for downtown redevelopment. Green space is a key component in the city's plan for downtown redevelopment, and one of the recommendations is for a large, centralized Civic Park on Broadway at the former Lubbock Power & Light location. This park will serve as a multi-functional "living room" for all of Lubbock, filling a great need for an iconic and vibrant hub of activity in the heart of downtown. On September 28, 2021, the City Council approved Resolution No. 2021-R0388 approving the Civic Park project to be located at 1301 Broadway, utilizing the Wind + Water design as created by TBG Partners and as recommended by the CBD TIF Reinvestment Zone Board. On August 24, 2021, the City Council approved a grant from Helen Jones Foundation, Inc. for $500,000 to be used for the construction of the downtown Civic Park. On September 28, 2021, the City Council approved a grant from the CH Foundation for an additional $500,000, also to be used for park construction. Both grants required the full granted amount to be expended on or before December 31, 2022. On December 14, 2021, the City Council approved Contract 16316 with TBG Partners for professional services for design development and construction documents for the Civic Park. On April 12, 2022, the City Council approved Public Works Contract 16456 with Intercon Demolition for the demolition of the Lubbock Business Center building at 1301 Broadway. These contracts represent the only construction-related expenditures related to Civic Park construction in Calendar Year 2022. Because of this, the Foundations agreed to reimburse the CBD TIF for expenses related to demolition and/or design development for the park for an amount not to exceed $500,000 from each entity. At their November 15, 2022 Regular Board Meeting, the CBD TIF Advisory Board voted to approve a transfer of $1 million to Lubbock Experience, Inc. for the construction of the park, following a reimbursement of expenses of the same amount to Capital Improvement Project 92399. |