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AI# 10327
Regular City Council Meeting
6.15.
12/14/2021:
Information
Agenda Item
Resolution - Business Development:
Consider a resolution approving a program or expenditure of the Lubbock Economic Development Alliance (LEDA), to be provided to Bandera Ventures, LP, pursuant to Section 501.073 of the Texas Local Government Code.
Item Summary
Bandera Ventures, LP has contracted with the Lubbock Economic Development Alliance for construction of speculative buildings in the Lubbock Business Park.
On June 27, 2018, the Lubbock Economic Development Alliance Board of Directors approved a Purchase and Sale Agreement with Bandera Ventures, LP, for the purchase of 10.837 acres of land in the Lubbock Business Park, as identified as Lot 22, for the Purchase Price of $100. This agreement included an option for the future purchase of the property identified as Lot 21 in the Lubbock Business Park.
On December 28, 2018, Bandera Ventures, LP exercised their purchase option for 13.996 acres on Lot 21 in the Lubbock Business Park for the purchase price of $100.
On July 28, 2021, the Lubbock Economic Development Alliance Board of Directors approved a Purchase and Sale Agreement with Bandera Ventures, LP, for the purchase of 40 acres of land in the Lubbock Business Park, as identified as Lots 32, 33, 37, 45 and 46, for the purchase price of $100.
Fiscal Impact
LEDA will provide Bandera Ventures, LP with the following:
10.837 acres in the Lubbock Business Park for a purchase price of $100 (Lot 22)
13.996 acres in the Lubbock Business Park for a purchase price of $100 (Lot 21)
40 acres in the Lubbock Business Park for a purchase price of $100 (Lots 32, 33, 37, 45 and 46)
Staff/Board Recommending
Jesica McEachern, Assistant City Manager
Lubbock Economic Development Alliance Board of Directors
Attachments
Resolution
Exhibit A - Bandera 1
Exhibit A - Bandera 2
Exhibit A - Bandera 3
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