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AI# 11396
Regular City Council Meeting
6.4.
03/07/2023:
Information
Agenda Item
Resolution - Business Development:
Consider a resolution authorizing a Downtown Grant Program (Facade) expenditure of Market Lubbock, Inc., to be provided to Cavendar Real Estate of Lubbock III, LLC, pursuant to Article IV, Section 5 of the Amended and Restated Bylaws of the Market Lubbock Development Corporation.
Item Summary
Cavender Real Estate of Lubbock III, LLC, is renovating their property at 1302 19th Street, which is located within the Downtown Tax Increment Financing District Boundary, as designated by the City of Lubbock. The scope of the facade project includes a complete renovation of the exterior of the building and parking lot.
The cost of the project is estimated to be $50,000, and the requested grant amount is $25,000. The Market Lubbock, Inc. Board of Directors approved this amount at their February 22, 2023 Regular Board Meeting, and recommend approval by the City Council.
Fiscal Impact
The total cost of the project is estimated to be $50,000, with $25,000 to be paid upon completion with the requested grant.
Staff/Board Recommending
D. Blu Kostelich, Chief Financial Officer
Market Lubbock, Inc. Board of Directors
Attachments
Resolution
Market Lubbock Resolution
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