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AI# 13006  Regular City Council Meeting 5.25. 11/12/2024:

Information

Agenda Item

Resolution - Business Development: Consider a resolution approving a Downtown Grant Program (Permittable) expenditure of Market Lubbock, Inc., to be provided to Pat Kelly Properties, located at 1101 Main Street, pursuant to Article IV, Section 5, of the Amended and Restated Bylaws of the Market Lubbock Development Corporation.

Item Summary

Pat Kelly Properties is renovating their property at 1101 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 HVAC, plumbing, electrical, interior, and roof repairs.  The cost of the project is estimated to be $307,661, and the requested grant amount is $30,766. The Market Lubbock, Inc. Board of Directors approved this amount at their October 23, 2024 Board Meeting, and recommends approval by the City Council.

Fiscal Impact

The total cost of the project is estimated to be $307,661, with $30,766 to be paid upon completion by Market Lubbock, Inc. with the requested grant.

Staff/Board Recommending

Bill Howerton, Deputy City Manager  Brianna Brown, Business Development Director  Market Lubbock, Inc. Board of Directors

Attachments Resolution Market Lubbock Resolution Market Lubbock Support Documentation

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