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AI# 10288
Regular City Council Meeting
6.14.
12/14/2021:
Information
Agenda Item
Resolution - Business Development:
Consider a resolution approving a Downtown Grant Program (Permittable) expenditure of Market Lubbock, Inc., to be provided to Reside Lubbock, LLC, pursuant to Article IV, Section 5 of the Amended and Restated Bylaws of Market Lubbock Development Corporation.
Item Summary
Reside Lubbock, LLC is renovating their property at 902 Buddy Holly Avenue, 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 and plumbing repair, and interior painting.
The cost of the project is estimated to be $163,573, and the requested grant amount is $16,357. The Market Lubbock, Inc. Board of Directors approved this amount at their November 17, 2021 Board Meeting, and recommend approval by the City Council.
Fiscal Impact
The cost of the project is estimated to be $163,573, with $16,357 to be paid upon completion with the requested grant.
Staff/Board Recommending
Jesica McEachern, Assistant City Manager
Market Lubbock, Inc. Board of Directors
Attachments
Resolution
Market Lubbock Supporting Documentation
Market Lubbock Resolution
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