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AI# 12818  Regular City Council Meeting 5.21. 09/10/2024:

Information

Agenda Item

Resolution - Business Development: Consider a resolution authorizing a Downtown Grant Program (Permittable) expenditure of Market Lubbock, Inc., to be provided to YWCA of Lubbock, located at 1500 14th Street, pursuant to Article IV, Section 5, of the Amended and Restated Bylaws of the Market Lubbock Development Corporation.

Item Summary

YWCA of Lubbock is renovating their property at 1500 14th Street, which is located within the Downtown Tax Increment Financing District Boundary, as designated by the City of Lubbock. The scope of the permittable project includes electrical, plumbing, and a full renovation of the interior of the building.  The cost of the project is estimated to be $5,401,779, and the requested grant amount is $100,000. The Market Lubbock, Inc. Board of Directors approved this amount at their August 28, 2024 Board Meeting, and recommend approval by the City Council.

Fiscal Impact

The total cost of the project is estimated to be $5,401,779, with $100,000 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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