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AI# 11056
Regular City Council Meeting
5.2.
10/25/2022:
Information
Agenda Item
Resolution - Business Development:
Consider a resolution approving a Downtown Grant Program (Facade) expenditure of Market Lubbock, Inc., to be provided to Flip's LBK, Inc., located at 1406 Avenue Q, pursuant to Article IV, Section 5 of the Amended and Restated Bylaws of the Market Lubbock Development Corporation.
Item Summary
Flip's LBK, Inc. is renovating their property at 1406 Avenue Q, which is located within the Downtown Tax Increment Financing District Boundary, as designated by the City of Lubbock. The scope of the facade project includes landscaping, brick repair, installing security cameras and bike racks, and new lighting and signage.
The cost of the project is estimated to be $32,059, and the requested grant amount is $16,030. The Market Lubbock, Inc. Board of Directors approved this amount at their September 28, 2022 Board Meeting, and recommend approval by the City Council.
Fiscal Impact
The total cost of the project is estimated to be $32,059, with $16,030 to be paid upon completion with the requested grant.
Staff/Board Recommending
D. Blu Kostelich, Chief Financial Officer
Market Lubbock, Inc. Board of Directors
Attachments
Resolution
Market Lubbock Resolution
Market Lubbock Support Documentation
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