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Regular City Council Meeting
Resolution - Finance:
Consider a resolution authorizing the Mayor to execute an amendment to the Grant Management Agreement between the City of Lubbock and Market Lubbock, Inc., dated January 25, 1996.
The City approved Resolution No. 5089, January 25, 1996, authorizing the City and Market Lubbock, Inc. (MLI) to execute a grant agreement wherein the base grant amount was set at 3.000 cents of the ad valorem tax rate rate. The City Council approved amendments previously as follows:
FY 2012-13 reduced to 2.937 cents of the City’s ad valorem tax rate
FY 2013-14 reduced to 2.705 cents of the City’s ad valorem tax rate
FY 2014-15 reduced to 2.315 cents of the City’s ad valorem tax rate
FY 2020-21 reduced to 2.2468 cents of the City’s ad valorem tax rate
The FY 2021-22 Operating Budget and Capital Program adjusted this amount for FY 2021-22. This item reconciles the grant agreement with the Approved FY 2021-22 Budget, and sets the grant amount to MLI to an amount equal to 2.21707 cents of the City’s ad valorem tax rate, less the amount budgeted by the City for Economic Development for FY 2021-22.
The amendment conforms the MLI agreement so it will be consistent with the Economic Development tax rate of 2.21707 cents, of the City’s ad valorem tax rate, approved in the FY 2021-22 Operating Budget.
Blu Kostelich, Chief Financial Officer
MLI Grant Management Agreement
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