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AI# 11118
Regular City Council Meeting
7.8.
11/16/2022:
Information
Agenda Item
Resolution - Business Development:
Consider a resolution approving a Downtown Grant Program (Permittable) expenditure of Market Lubbock, Inc., to be provided to JAC Enterprises, LLC, located at 1624 Mac Davis Lane, pursuant to Article IV, Section 5 of the Amended and Restated Bylaws of the Market Lubbock Development Corporation.
Item Summary
JAC Enterprises, LLC is renovating their property at 1624 Mac Davis Lane, 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 replacing the roof, asbestos abatement, and plumbing work.
The cost of the project is estimated to be $87,690, and the requested grant amount is $8,769. The Market Lubbock, Inc. Board of Directors approved this amount at their October 26, 2022 Board Meeting, and recommend approval by the City Council.
Fiscal Impact
The total cost of the project is estimated to be $87,690, with $8,769 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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