Resolution - Business Development: Consider a resolution approving a Downtown Grant Program (Facade) Expenditure of Market Lubbock, Inc., to be provided to N2 Electrical Contractors, LLC, at 701 Broadway, pursuant to Article IV, Section 5 of the Amended and Restated Bylaws of Market Lubbock Economic Development Corporation.
Item Summary
N2 Electrical Contractors, LLC, is renovating their property at 701 Broadway, which is located within the Downtown Tax Increment Financing District boundary, as designated by the City of Lubbock. The scope of the facade project includes a renovation of the aluminum-framed entrance to the property.
The cost of the project is estimated to be $61,920, and the requested grant amount is $25,000. 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 $61,920, with $25,000 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