HomeMy WebLinkAboutResolution - 2021-R0365 - Amendment to Grant Management Agreement with Market Lubbock Inc. 9.28.21Resolution No. 2021-R0365
Item No. 7.4
September 28, 2021
RESOLUTION
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK:
THAT the Mayor of the City of Lubbock is hereby authorized and directed to execute for and
on behalf of the City of Lubbock, an Amendment to the Grant Management Agreement by and
between the City of Lubbock and Market Lubbock Economic Development Corporation, d/b/a
Market Lubbock, Inc. and related documents. Said Amendment is attached hereto and
incorporated in this resolution as if fully set forth herein and shall be included in the minutes
of the City Council.
Passed by the City Council on September 28, 2021
DANIEL M. POPE, MAYOR
ATTEST:
Rebe ca Garza, City Sec et
APPROVED AS TO CONTENT:
B u ostel'ch, Chief Financial Officer
APPROVED AS TO FORM:
Pelli &Leis�u&e,Assis%tant City Attorney
RES.Amend MLI Grant Mgmt
09.15.21
Resolution No. 2021-R0365
STATE OF TEXAS §
§ KNOW ALL MEN BY THESE PRESENTS:
COUNTY OF LUBBOCK
AMENDMENT TO GRANT MANAGEMENT AGREEMENT BETWEEN
THE CITY OF LUBBOCK AND MARKET LUBBOCK ECONOMIC
DEVELOPMENT CORPORATION, d/b/a MARKET LUBBOCK, INC.
This Amendment is entered into by the City of Lubbock (referred to herein as "City"), a
Home Rule Municipality of Lubbock County, Texas, and Market Lubbock Economic
Development Corporation, d/b/a Market Lubbock, Inc. (herein after called "MLI").
WITNESSETH:
WHEREAS, the City Council of the City of Lubbock approved Resolution No. 5089,
January 25, 1996 authorizing the City and MLI to execute a Grant Management Agreement
wherein the base grant amount was set at an amount equal to 3 cents of the City's ad valorum tax
rate; and
WHEREAS, on September 14, 2021 the City Council approved Tax Rate Ordinance 2021-
0012E adjusting the City's ad valorum tax rate for the Fiscal Year 2021-2022; and
WHEREAS, City and MLI desire to conform the Grant Management Agreement to this
adjustment by amending the Agreement as described herein;
NOW THEREFORE, City and MLI agree to the following amendment:
ARTICLE II, Section 2.03(a) is amended to read as follows:
"2.03. Grant Terms.
(a) Grant Amount. The base grant amount shall be an amount equivalent to 2.1707 cents of
the City's ad valorum tax rate less the amount budgeted by the City for Economic
Development for the current year. Additionally, the City of Lubbock may from time to
time make separate grants of funds for specific projects which grants shall be in addition
to the amounts described above.
Annual Payment. All funds payable to MLI with respect to any fiscal year shall be paid in
four (4) equal quarterly installments, on October 1, January 1, April 1, and June 1 of each
fiscal year, beginning October 1, 2021, or as may be subsequently determined by City and
MLI. Upon receipt of such funds, MLI shall deposit the same in a separate account
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established by MLI for that purpose at a federally -insured state or national bank or other
savings institution in Lubbock, Texas. At MLI's option, such account may be an interest -
bearing account, in which case all interest accrued thereon shall be used by MLI only for
the purposes described in this Agreement in accordance with the terms of a budget
approved by City."
Executed this 28th day of
CITY OF LUBBOCK
DANIEL M. POPE, MAYOR
ATTEST:
Qz,�� J)c -
Rebe ca Garza, City Se( ret
APPROVED AS TO CONTENT:
Blu Kostelic , Chief Financial Officer
APPROVED AS TO FORM:
I & -
K lli Leisure, Assistant City Attorney
Grant Agmt-Mkt Lubb.Amend_FY21-22
September .2021.
MARKET LUBBOCK ECONOMIC
DEVELOPMENT CORPORATION,
a
ET LUBBOCK, INC.
OSBORNE, CEO
Date: / G��
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