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AI# 11614
Regular City Council Meeting
5.6.
05/23/2023:
Information
Agenda Item
Resolution - Business Development:
Consider a resolution approving a Downtown Grant Program (Facade) expenditure of Market Lubbock, Inc., to be provided to Davis W. Smith, P.C., located at 1220 Avenue K, pursuant to Article IV, Section 5 of the Amended and Restated Bylaws of the Market Lubbock Development Corporation.
Item Summary
Davis W. Smith, P.C. is renovating his property at 1220 Avenue K, which is located within the Downtown Tax Increment Financing District Boundary, as designated by the City of Lubbock. The scope of the facade project includes exterior painting, new lighting and signage, and woodwork.
The cost of the project is estimated to be $21,950, and the requested grant amount is $10,975. The Market Lubbock, Inc. Board of Directors approved this amount at their April 25, 2023 Board meeting, and recommend approval by the City Council.
Fiscal Impact
The City of Lubbock does not have financial responsibility for this grant. The total cost of the project is estimated to be $21,950, with $10,975 to be paid by Market Lubbock, Inc. 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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