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AI# 11883  Regular City Council Meeting 5.18. 09/12/2023:

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 Mackenzie Village Shopping Center, 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.  The owners of the Mackenzie Village Shopping Center are renovating their property at 1708 Parkway Drive, located within the Lubbock East Neighborhood Empowerment Zone, as designated by the City Council. The scope of the facade project includes a new parking lot. The cost of the project is estimated to be $44,636, and the requested grant amount is $22,318. The Market Lubbock, Inc. Board of Directors approved this amount at their August 23, 2023 Board Meeting, and recommend approval by the City Council.

Fiscal Impact

The total cost of the project is estimated to be $44,636, with $22,318 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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