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7.20.
Regular City Council Meeting
Meeting Date:
04/13/2021
Information
Agenda Item
Resolution - Business Development:
Consider a resolution approving a Downtown Grant Program (Façade) expenditure of Market Lubbock, Inc., to be provided to Plains Realty Investments, LLC, pursuant to Article IV, Section 5 of the Amended and Restated Bylaws of Market Lubbock Development Corporation.
Item Summary
Plains Realty Investments, LLC, is renovating their property at 513 Broadway, which is located within the Downtown Tax Increment Financing District boundary, as designated by the City of Lubbock. The scope of the façade project includes a new parking lot and landscaping.
The cost of the project is estimated to be $41,831, and the requested grant amount is $20,916. The Market Lubbock, Inc. Board of Directors approved this amount at their March 24, 2021 Board Meeting, and recommends approval by the City Council.
Fiscal Impact
The total cost of the project is estimated to be $41,831, with $20,916 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 Resolution
Market Lubbock Supporting Documentation
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