The purpose of this Memorandum of Understanding is to authorize the transfer of grant funding provided by Helen Jones Foundation, Inc. from the City of Lubbock to Lubbock Experience, Inc. for the construction of the downtown civic park. On July 26, 2022, the City Council approved a grant from Helen Jones Foundation, Inc. for $500,000 to be used for the construction of the downtown Civic Park. On August 23, 2022, the City Council approved a second $500,000 grant from Helen Jones Foundation, Inc. to be used for the same purpose. On April 26, 2022, the City Council approved Resolution No. 2022-R0209 with Lubbock Experience, Inc.(LEI), stating that LEI would be responsible for the construction and construction oversight of the Park, and as such, it is necessary to transfer this grant funding to LEI. On June 9, 2020, the City Council approved Resolution No. 2020-R0187, to approve and adopt the Updated Downtown Master Plan, as recommended by the Central Business District (CBD) Tax Increment Financing (TIF) Board of Directors. The plan included many recommendations for downtown redevelopment. Green space is a key component in the City's plan for downtown redevelopment, and one of the recommendations is for a large, centralized Civic Park on Broadway at the former Lubbock Power & Light location. This park will serve as a multi-functional "living room" for all of Lubbock, filling a great need for an iconic and vibrant hub of activity in the heart of downtown. On September 28, 2021, the City Council approved Resolution No. 2021-R0388, approving the Civic Park Project to be located at 1301 Broadway, utilizing the Wind + Water design, as created by TBG Partners, and as recommended by the CBD TIF Reinvestment Zone Board. |