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AI# 10697
Regular City Council Meeting
7.20.
05/10/2022:
Information
Agenda Item
Resolution - Business Development:
Consider a resolution approving a Downtown Grant Program (Permittable) expenditure of Market Lubbock, Inc., to be provided to Paper Cut, LLC, located at 1211 Avenue F, pursuant to Article IV, Section 5 of the Amended and Restated Bylaws of the Market Lubbock Development Corporation.
Item Summary
Paper Cut, LLC is renovating their property at 1211 Avenue F, which is located within the Downtown Tax Increment Financing District boundary, as designated by the City of Lubbock. The scope of the permittable project includes a new roof, new parking lot, HVAC, plumbing, framing, electrical, and door and window replacement.
The cost of the project is estimated to be $253,300, and the requested grant amount is $25,330. The Market Lubbock, Inc. Board of Directors approved this amount at their April 27, 2022 Board Meeting, and recommend approval by the City Council.
Fiscal Impact
The total cost of the project is estimated to be $253,300, with $25,330 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 Support Documentation
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