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AI# 11806  Regular City Council Meeting 6.9. 08/22/2023:

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 Caprock Laundry Center, pursuant to Article IV, Section 5, of the Amended and Restated Bylaws of Market Lubbock Development Corporation.

Item Summary

In May of 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.  Caprock Laundry Center is renovating their property at 2611 34th Street, located within the 34th Street Empowerment Zone, as designated by the City of Lubbock. The scope of the facade project includes exterior paint, brick repair, and new bollards. The cost of the project is estimated to be $50,000, and the requested grant amount is $25,000. The Market Lubbock, Inc. Board of Directors approved this amount at their July 26, 2023 Board Meeting, and recommend approval by the City Council.

Fiscal Impact

The total cost of the project is estimated to be $50,000, with $25,000 to be paid upon completion by Market Lubbock, Inc. 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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