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AI# 11912  Regular City Council Meeting 6.7. 09/12/2023:

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, as adopted by Resolution No. 5089.

Item Summary

The City approved Resolution No. 5089, January 25, 1996, authorizing the City and Market Lubbock, Inc. (MLI) to execute a grant management agreement wherein the base grant amount was set at 3.000 cents of the ad valorem tax rate.  The City Council approved amendments previously as follows: September 26, 2013, November 24, 2014, November 17, 2020, September 28, 2021, and December 13, 2022,  The FY 2023-24 Operating Budget and Capital Program adjusted this amount for FY 2023-24 and makes changes to how Market Lubbock, Inc. is funded.  The amendment changes the language on what the funding is based on.  This change will tie the funding to what is approved in the Budget each year and will prevent having to amend the grant agreement with MLI each year.

Fiscal Impact

This amendment ties the MLI agreement to the funding approved in the budget each year so that it is not necessary to amend the agreement each year.

Staff/Board Recommending

D. Blu Kostelich, Chief Financial Officer

Attachments Resolution - Amendment to Grant Mgmt Agmt Amendment to Grant Mgmt Agmt

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