Resolution - Business Development: Consider a resolution authorizing a Commercial Revitalization Grant Program (Facade) expenditure of Market Lubbock, Inc., to be provided to Chuck Chapman Electric, Inc., dba CC Electric, located at 1219 Avenue A, 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.
CC Electric is renovating their property at 1219 Avenue A, located within the Lubbock East Neighborhood Empowerment Zone, as designated by the City of Lubbock. The scope of the facade project includes new glass windows and doors, parking lot seal coat, new fencing and gates, and new turf. The cost of the project is estimated to be $34,563, and the requested grant amount is $17,282. 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 $34,563, with $17,282 to be paid by Market Lubbock, Inc. upon completion with the requested grant.
Staff/Board Recommending
D. Blu Kostelich, Chief Financial Officer Market Lubbock, Inc. Board of Directors