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AI# 11555
Regular City Council Meeting
6.9.
05/23/2023:
Information
Agenda Item
Resolution - Business Development:
Consider a resolution amending Resolution No. R2018-R0395, amending the program requirements and eligibility, and authorizing the establishment of the 34th Street Empowerment Zone and the North University Empowerment Zone for the purpose of encouraging redevelopment and revitalization within the City of Lubbock, through the promotion of economic development within these zones, as well as the Lubbock East Neighborhood Empowerment Zone.
Item Summary
Chapter 278 of the Texas Local Government Code allows the City of Lubbock to create Neighborhood Empowerment Zones in order to encourage redevelopment and revitalization within the City. Through the establishment of the 34th Street Empowerment Zone and the North University Empowerment Zone, and the continuation of the Lubbock East Neighborhood Empowerment Zone, Market Lubbock, Inc. will have a geographic boundary within which it will implement its Commercial Revitalization Grant Program. The Commercial Revitalization Grant Program will provide an opportunity for certain commercial property improvement projects within the Empowerment Zones to be eligible for the reimbursement of a portion of the project costs.
Fiscal Impact
There is no fiscal impact to the City of Lubbock in establishing the 34th Street and North University Empowerment Zones. Any eligible reimbursement under the Commercial Revitalization Grant Program, administered by Market Lubbock, Inc., within the Empowerment Zones, will be presented to the City Council for approval.
Staff/Board Recommending
D. Blu Kostelich, Chief Financial Officer
Market Lubbock, Inc. Board of Directors
Attachments
Resolution (cc) - Empowerment Zones
Exhibit A
Exhibit B
Exhibit_C
Exhibit_D (c)
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