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			7.4.
Regular City Council Meeting
Meeting Date: 09/28/2021
Information
Agenda Item
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.
Item Summary
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.
Fiscal Impact
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.
Staff/Board Recommending
Blu Kostelich, Chief Financial Officer
Attachments Resolution MLI Grant Management Agreement

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