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AI# 12433
Regular City Council Meeting
6.16.
04/09/2024:
Information
Agenda Item
Resolution - Business Development:
Consider a resolution authorizing a Commercial Revitalization Grant Program (Facade) expenditure of Market Lubbock, Inc., to be provided to Woodberry Investments, LLC, located at 2619 34th Street, pursuant to Article IV, Section 5, of the Amended and Restated Bylaws of the Market Lubbock Development Corporation.
Item Summary
In May 2023, the City Council authorized the continuation of the Lubbock East Neighborhood Empowerment Zone, and the establishment of the 34th Street Empowerment Zone and the North University Empowerment Zone. This action was taken to encourage redevelopment and revitalization within the City of Lubbock, through the promotion of economic development within the Zones. Through the establishment of the three Zones, Market Lubbock, Inc. has geographic boundaries within which it can implement its Commercial Revitalization Grant Program.
Woodberry Investments, LLC, is renovating their property at 2619 34th Street, located within the 34th Street Empowerment Zone, as designated by the City of Lubbock. The scope of the facade project includes an updated parking lot, exterior paint, and window re-glazing. The cost of the project is estimated to be $17,825, and the requested grant amount is $8,913. The Market Lubbock, Inc. Board of Directors approved this amount at their March 27, 2024 Board Meeting, and recommend approval by the City Council.
Fiscal Impact
The total cost of the project is estimated to be $17,825, with $8,913 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
Market Lubbock Support Documentation
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