Resolution - Business Development: Consider a resolution approving a Downtown Grant Program (Permittable) expenditure of Market Lubbock, Inc., to be provided to Duncan Bradley Green, located at 504 Avenue G, pursuant to Article IV, Section 5, of the Amended and Restated Bylaws of the Market Lubbock Development Corporation.
Item Summary
Duncan Bradley Green is renovating his property at 504 Avenue G, 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 heating, ventilation, and air conditioning (HVAC), electrical, plumbing, and demolition.
The cost of the project is estimated to be $498,000, and the requested grant amount is $49,800. The Market Lubbock, Inc. Board of Directors approved this amount at their February 28, 2024 Board Meeting, and recommend approval by the City Council.
Fiscal Impact
The total cost of the project is estimated to be $498,000, with $49,800 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