HomeMy WebLinkAboutResolution - 2006-R0047 - Grant Management Agreement Lease. North And East Lubbock Community Development - 01/26/2006Resolution No. 2006-R0047
January 26, 2006
Item No. 5.20 i
RESOLUTION
WHEREAS, on October 27, 2005, the City Council of the City of LubbockenteredintoaGrant Management Agreement (the "Agreement") with the North & EastLubbockCommunityDevelopmentCorporation ("NELDC"); and
WHEREAS, in the Agreement, the City of Lubbock (the "City") agreed toProvidefundinginthetotalamountofTwoHundredFiftyThousandDollarsandNo/100cents ($250,000.00), ("the Grant Amount") to be paid in the amounts and increments asdeemedappropriateinthesolediscretionoftheCityCouncil; and
WHEREAS, the City provided Sixty Two Thousand Five Hundred Dollars andNoll00Cents ($62,500.00) ofthe Grant Amount on October 27, 2005; and
WHEREAS, the City Council deems it advisable and beneficial to all parties toProvidetheremainderoftheGrantAmounttoNELDCNOWTHEREFORE: in three quarterly payments.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK:
THAT the City Council of the City of Lubbock, Texas does hereby authorize thereleaseoftheremainingGrantAmountdue to the NELDC pursuant to the Agreement inthreequarterlypaymentsintheamountofSixtyTwoThousandFiveHundredDollarsandNo/100 Cents ($62,500.00) each. Said payments shall be made on January 26, 2006, April 1, 2006 and July 1, 2006.
Passed by the City Council this 26th day ofJanuary, 2006.
ATTEST:
Rebecca Garza, City Secretary
APPROIAED S T ONTENT:
Rob Allis , Director usiness Development
11.17.06
ARC CDO GAL MAYOR