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AI# 12719
Regular City Council Meeting
6.16.
08/13/2024:
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 VCC Management, LLC, dba Vogue College, located at 1712 34th Street, pursuant to Article IV, Section 5, of the Amended and Restated Bylaws of the Market Lubbock Development Corporation.
Item Summary
In May 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.
VCC Management, LLC is renovating their property at 1712 34th Street, located within the 34th Street Empowerment Zone, as designated by the City of Lubbock. The scope of the facade project includes parking lot repair and exterior painting. The cost of the project is estimated to be $49,200, and the requested grant amount is $24,600. The Market Lubbock, Inc. Board of Directors approved this amount at their July 24, 2024 Board Meeting, and recommend approval by the City Council.
Fiscal Impact
The total cost of the project is estimated to be $49,200, with $24,600 to be paid upon completion by Market Lubbock, Inc. with the requested grant.
Staff/Board Recommending
Bill Howerton, Deputy City Manager
Brianna Brown, Business Development Director
Market Lubbock, Inc. Board of Directors
Attachments
Resolution
Market Lubbock Resolution
Market Lubbock Support Documentation
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