HomeMy WebLinkAboutResolution - 2017-R0356 - North And East Lubbock Neighborhood Infastructure Program Fund - 09/28/2017Resolution No.2017-R0356
Item No.7.14
September 28,2017
RESOLUTION
WHEREAS,through Resolution No. 2005-R0522, the City Council established the Low-
to-Moderate Income Neighborhood Infrastructure Program (the "Program")that provided
funding for sidewalks, paving, park improvements,and grant matches to obtain additional
monies for improvements incertain neighborhoods inthe Cityof Lubbock (the "City");and
WHEREAS,through Resolution No.2013-R0154 (the "Fund Resolution") the City
Council replaced the Program with the North and East Lubbock Neighborhood and
Infrastructure Program Fund (the "Fund");and
WHEREAS,through Resolution No.2014-R0395,the City Council provided a specific
funding source for the Fund and defined certain duties of the North and East Lubbock
Community Development Corporation related to the Fund; and
WHEREAS,the City Council desires to amend Resolution 2014-R0395 in order to
establish a multi-year financing plan for the Fund to provide redevelopment in the north
and east areas of the City by the Community Development Department; and
WHEREAS,the City Council finds that it would further the public benefit and better serve
the public health, safety, and welfare of the citizens of the City of Lubbock to so amend the
Fund Resolution beginning in Fiscal Year 2017-2018;and NOW THEREFORE,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK:
1.THAT the City Council of the City of Lubbock, Texas does hereby amend Resolution
No.2013-R0154 (the "Fund Resolution")as follows:
a. Paragraph3 of the FundResolutionshallbe replacedwiththe following language:
"Sixty-eight percent (68%) of General Fund oil and gas royalty revenues
received from City of Lubbock mineral interests and deposited in General Fund
Account 100.6238.00533 shall be transferred to the North and East Lubbock
Neighborhood and Infrastructure Program Fund and shall be used exclusively
for north and east Lubbock redevelopment by the Community Development
Department of the City of Lubbock, and twenty-two percent (22%)of General
Fund oil and gas royalty revenues received from City of Lubbock mineral
interests and deposited in General Fund Account 100.6238.00533 shall be
transferred to the Central Business District Tax Increment Financing
Reinvestment Zone Fund for downtown redevelopment and neighborhood
projects;and"
b. Paragraph 4 of the Fund Resolution shall be replaced with the following language:
"Because the income received from the City's Mineral Interests may fluctuate,
depending upon market conditions,allocations of the funds will be determined
by the actual amount of oil and gas royalty revenues received;and"
c. Paragraph 5 of the Fund Resolution shall be replaced with the following language:
"The Mayor shall be authorized and directed to execute any and all documents
that may be deemed necessary to effectuate the purposes of the Resolution."
d. Paragraph 6 of the Fund Resolution shall be removed in its entirety.
2. THAT the remainder of the Fund Resolution shall remain in full force and effect except
as amended herein.
3. THAT the amendments to the Fund Resolution approved by the City Council in
Resolution No. 2014-RO395 are hereby superseded and replaced by the amendments
provided herein.
Passed by the City Council on September 28, 2017
DANIEL M. POPE, MAYOR
ATTEST:
Reb cca Garza, City Se ret
APPROVED AS TO CONTENT:
Blu ostelich Chief Fi`n'_a-ii&W Officer
APPROVED AS TO FORM:
P
Justin Pruitt. MsiAant City A
ccdocs/RES. Amendment to 2013-RO154 and 2014-RO395 —North and East Lubbock Neighborhood Infrastructure Program Fund
August 30, 2017