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6.17.
Regular City Council Meeting
Meeting Date:
06/22/2021
Information
Agenda Item
Resolution - Business Development:
Consider a resolution approving a Downtown Grant Program (Permittable) expenditure of Market Lubbock, Inc. to be provided to N2 Electrical Contractors, LLC, at 701 Broadway, pursuant to Article IV, Section 5, of the Amended and Restated Bylaws of Market Lubbock Economic Development Corporation.
Item Summary
N2 Electrical Contractors, LLC, is renovating their property at 701 Broadway, 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 concrete work, metal work, plumbing, mechanical and electrical work.
The cost of the project is estimated to be $1,165,401, and the requested grant amount is $100,000. The Market Lubbock, Inc. Board of Directors approved this amount at their May 26, 2021 Board Meeting, and recommend approval by the City Council.
Fiscal Impact
The total cost of the project is estimated to be $1,165,401, with $100,000 to be paid upon completion with the requested grant.
Staff/Board Recommending
Jesica McEachern, Assistant City Manager
Brianna Gerardi, Director of Business Development
Market Lubbock, Inc. Board of Directors
Attachments
Resolution
Market Lubbock Resolution
Market Lubbock Supporting Documentation
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