Agenda - View Meetings (All)

AI# 11226 Image of Lubbock City Logo 2021

Regular City Council Meeting

5.6.

12/13/2022:

Information

Agenda Item

Resolution - Finance: Consider a resolution authorizing the Mayor to execute an amendment to the Grant Management Agreement between the City of Lubbock and Market Lubbock, Inc., dated January 25, 1996.

Item Summary

The City approved Resolution No. 5089, January 25, 1996, authorizing the City and Market Lubbock, Inc. (MLI) to execute a grant management agreement wherein the base grant amount was set at 3.000 cents of the ad valorem tax rate. The City Council approved amendments previously as follows:

1. FY 2012-13 reduced to 2.937 cents of the City's ad valorem tax rate
2. FY 2013-14 reduced to 2.705 cents of the City's ad valorem tax rate
3. FY 2014-15 reduced to 2.315 cents of the City's ad valorem tax rate
4. FY 2020-21 reduced to 2.2468 cents of the City's ad valorem tax rate
5. FY 2021-22 reduced to 2.21707 cents of the City's ad valorem tax rate

The FY 2022-23 Operating Budget and Capital Program adjusted this amount for FY 2022-23. This item reconciles the grant agreement with the Approved FY 2022-23 Budget and FY 2022 Tax Rate, and sets the grant amount to MLI to an amount equal to 1.9629 cents of the City's ad valorem tax rate, less the amount budgeted by the City for Economic Development for FY 2022-23.

The amendment also changes the agreement to automatically change with the adoption of the budget each year.

Fiscal Impact

The amendment conforms the MLI agreement to be consistent with the Economic Development tax rate of 1.9629 cents of the City's ad valorem tax rate, approved in the FY 2022-23 Operating Budget.

Staff/Board Recommending

D. Blu Kostelich, Chief Financial Officer

Attachments

Resolution

Contract Amendment