Resolution - Business Development: Consider a resolution approving a Downtown Grant Program (Permittable) expenditure of Market Lubbock, Inc., to be provided to Sherwood Design and Construction, LLC, at 1611 Avenue L, pursuant to Article IV, Section 5, of the Amended and Restated Bylaws of Market Lubbock Economic Development Corporation.
Item Summary
Sherwood Design and Construction, LLC, is renovating their property at 1611 Avenue L, 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 demolition of the existing facade, new concrete, windows and doors.
The cost of the permittable project is estimated to be $75,550, and the requested grant amount is $7,555. The Market Lubbock, Inc. Board of Directors approved this amount at their May 26, 2021 Board Meeting, and recommend approval by the City Council.
Fiscal Impact
The total cost of the project is estimated to be $75,550, with $7,555 to be paid upon completion with the requested grant.
Staff/Board Recommending
Jesica McEachern, Assistant City Manager Brianna Gerardi, Director of Business Development Market Lubbock, Inc. Board of Directors