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AI# 10656
Regular City Council Meeting
7.28.
04/26/2022:
Information
Agenda Item
Resolution - Business Development:
Consider a resolution authorizing a License Agreement with Lubbock Experience, Inc., a 501(c)(3) nonprofit organization, for the construction of a Civic Park that will serve as a civic gathering space in Downtown Lubbock.
Item Summary
This License Agreement is the next step in the process to complete the Civic Park Project. Execution of this agreement will take place following the demolition of existing structures at 1301 Broadway, the future location of the Civic Park. Upon execution of this agreement, Lubbock Experience, Inc. will assume temporary possession of the site located at 1301 Broadway. This site was previously designated and reserved by the Lubbock City Council for this purpose.
Lubbock Experience, Inc. will assume responsibility to cause the construction of the Civic Park, with an estimated opening date of 2024. Significant private funds will be raised for the project, as well as a prior approval of funds from the Central Business District Tax Increment Financing Reinvestment Zone. Upon completion of the Civic Park, the license agreement will expire, and the property will revert to the City.
The proposed agreement facilitates the prompt and efficient construction of the Civic Park. This will be the sole agreement between the City of Lubbock and Lubbock Experience, Inc. for the construction of the Civic Park.
Fiscal Impact
None
Staff/Board Recommending
Jesica McEachern, Assistant City Manager
Central Business District Tax Increment Financing Reinvestment Zone Board
Attachments
Resolution - Lubbock Experience, Inc.
License Agreement - Lubbock Experience, Inc.
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