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AI# 11727
Regular City Council Meeting
5.4.
10/24/2023:
Information
Agenda Item
Resolution - Business Development:
Consider a resolution approving a Downtown Grant Program (Permittable) expenditure of Market Lubbock, Inc. to be provided to Housing Trust Group Lubbock, LLC, located at 1202 Main Street, pursuant to Article IV, Section 5, of the Amended and Restated Bylaws of the Market Lubbock Development Corporation.
Item Summary
Housing Trust Group (HTG) Lubbock, LLC is renovating their property at 1202 Main Street, which is located within the Downtown Tax Increment Financing District Boundary, as designated by the City of Lubbock. The scope of the permittable project includes demolition, electrical, plumbing and structural improvements.
The cost of the project is estimated to be $12,618,897, and the requested grant amount is $100,000. The Market Lubbock, Inc. Board of Directors approved this amount at their June 28, 2023 Board Meeting, and recommend approval by the City Council.
Fiscal Impact
The City of Lubbock does not have financial responsibility for this grant. The total cost of the project is estimated to be $12,618,897, with $100,000 to be paid by Market Lubbock, Inc. 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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