HomeMy WebLinkAboutResolution - 2017-R0484 - Market Lubbock Expenditure - Western Bank - 12/18/2017Resolution No. 2017-RO484
Item No. 6.23
December 18, 2017
RESOLUTION
WHEREAS, pursuant to Article IV, Section 5 of the Amended and Restated Bylaws of the
Market Lubbock Economic Development Corporation (the "Corporation"), the City Council
of the City of Lubbock (the "City Council"), as the Corporation's authorizing unit, has the
authority to approve all programs and expenditures of the Corporation; and
WHEREAS, the City Council finds that it is in the best interest of the public to approve the
program or expenditure, as proposed to the City Council by the Corporation, as set forth in
Exhibit "A" attached hereto and incorporated herein by reference; NOW THEREFORE:
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK:
THAT the program or expenditure of the Corporation, in the amount set forth in Exhibit
"A" attached hereto and incorporated herein by reference, to be provided to Western Bank,
is hereby approved pursuant to Section 5 of the Amended and Restated Bylaws of the
Corporation.
Passed by the City Council on December 18, 2017
DANIEL M. POPE, MAYOR
ATTEST:
0. 0, )K
Reb cca Garza, City Secr ary
APPROVED AS TO CONTENT:
W. Jarr&t Atkinson, City Manager
APPROVED AS TO FORM:
J tin Pr it As istant City Attorney
ccdocs ES. Market Lubbock Expenditure — Western Bank — Downtown Grant Program
December 6, 2017
M A R K E T
1 1 Lz--Vj�
1 1
Downtown Grant Program
December 6, 2017
• Western Bank — 1617 Broadway
o Grant Type — Permittable (10% up to $100,000)
o Expense Total = $3,166,369
o Grant Total = $100,000
o Board Approval — December 6, 2017
1500 Broadway, 6th Floor, Lubbock, Texas 79401 Phone (806) 749-4500
MARKET LUBBOCK, INC. — DOWNTOWN GRANT PROGRAM
1617 Broadway
(Western Bank)
TOTAL SCOPE OF WORK = $3,166,369
PERMITTABLE GRANT = $100,000
Downtown Grant Program
Presented to MLI Board
December 6, 2017
Project 1617 Broadway
Western Bank provides community based financial services to customers, employees, communities, and
shareholders in Texas and is relocating their headquarters to 1617 Broadway, located within the
Downtown TIF. The scope of work will include a complete renovation of the current building totaling
$3,166,369 in expenses.
The MLI Board is being asked to consider a Downtown Permittable Grant for Western Bank totaling
$100,000 at 1617 Broadway.
M A R K E T
LUBBOCK,l
Project Profile - Downtown
The information requested on this form will be used by Market Lubbock, Inc. for analysis of your project.
MLI CONTACT INFORMATION
Jorge Quirino Phone: 806.723.8241
Special Projects
Market Lubbock, Inc. Email: jorge.quirino@lubbockeda.org
1500 Broadway, Sixth Floor
Lubbock, TX 79401
*Applications must be received by MLI prior to pulling a City permit or starting construction
*Scope of work must be approved by the City of Lubbock (more detail on page 3)
Project Property Address 11617 Broadway
V 1_IIGn/'1L IIYrVnivl /'111VIY
Company Name
Street Address
City, State, Zip
Company Website
Mwv 1 1 nG %1V1v1rM1Y 1
Western Bank
1617 Broadway
Lubbock, TX 79423
western ban konline.com
GENERAL INFORMATION ABOUT
Name
Dan Odom
Title
President
Phone Number
806-786-5039
Email
dodomewesb
Date 02/15/17
COMPANY BACKGROUND
Is the firm registered with the Secretary of State's Office to do business in Texas? Yes Ct
Are you in good standing with the State of Texas? Yes
you answered "No" to either of the above two questions, please explain
Is the firm and/or principals delinquent on any federal, state or local tax obligations? No Cf
Has the company or principals of the company had prior bankruptcies or lawsuits? No
you answered "Yes" to either of the above two questions, please explain
1 MLI 11/16/2017
INFORMATION ABOUT THE PROJECT
Project Name (MLI Use) 11617 Broadway Western Bank
LCAD R#'s (MLI Use)
Grant Type (Check One): Permittable ❑ Fagade ❑
ueiauea rroteci aummary ana uescnpuon or vvorK:
Total remodel of existing bank structure.
Project's NAICS Code (North American Industry Classification System) 1522110
NAICS Description lCommercial Bankin
City Permit Total Amount (if applicable) $2,800,000
Summary of Itemized Expenses: Projected MLI Approved Reimbursement
MLI USE
see attached $3,166,369 $100.000
TOTAL[ $3,166,369 1 $100,000
Final bids will be used to calculate the project cost and grant amount.
2 MLI 11/16/2017
Scope of work must be approved by the City of Lubbock
The link below includes the City documents used to determine compliance:
https://www.ci.lubbock.tx.us/departmental-websites/departments/planning/area-redevelopment
■ 1999 Design Standards for Central Business District
■ Central Business District — CB-2
■ Central Business District — CB-3
■ Central Business District — CB-4
■ Central Business District — CB-5
■ Central Business District — CB-6
■ Downtown Public Improvements Design Standards
The property owner or leasee is responsible for communicating directly with the City of Lubbock to
determine if any aspects of the scope of work require permits as well as determining if public
improvements will be required.
MLI USE
Required during grant review process:
City Written Verification of Permit & Public Improvement Needs
Detailed & Itemized Construction Bid Proposal(s)
or Schedule of Values w/Architectural Plans
Before Picture (prior to construction beginning)
0
Architectural Renderings (if applicable)
Architectural Plans (if applicable)
0
Texas State Comptroller Report (MLI)
P-1
Texas Secretary of State Report (MLI)
Required after completion of construction:
Certificate of Occupancy or Similar City Document (Permit)
❑
City Written Verification of Guideline Compliance (Non -Permit)
❑
Proof of Payment:
Paid Invoices
❑
Canceled Checks, Bank or Credit Card Statement
❑
After Picture (once construction is complete)
❑
3 MLI 11/16/2017
TOTAL INTERIOR RENOVATION ($3,166,369)
ARCHITECTURAL PLANS (Full 55 page set available)
WESTERN BANK HEADQUARTERS
LUBBOCK TEXAS
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Schedule of Values
'CAT
BASE BID
New Priciing
1 &� 3
Site Work and Con cr et c
$ 213, 62G
2
Asphalt &-- Seal Coat
$ 13,258
4
masz>nry
$ 141,000
5
EIFS
$ 29,755
G
Structural Steel
$ 151,760
7
Steel Erection
$ 68,300
8
Pergola
$ 35,000
9
MilhxTork
$ 121,220
10
Tops
$ 66,000
11
Plastic Wall Panels
$ 18,211
12
Roofing
$ 149,550
13
Hollow Metal D oors f Hardware
$ 27,950
14
Glass
$ 330,582
15
Stainless Steel Handrails
$ 172,960
16
D rywall
$ 291,500
17
Ceramic Tile/Resilient Flooring
$ 125,000
18
T erran o
$ 31,840
19
PaintinR
68,675
20
Special Equipment
$ 4,600
21
Toilet Partitions / Accessories
$ 14,000
22
Fire E xtinguishers
$ 897
23
Plumbing
$ 426,855
24
Fire Sprinklers
$ 100,300
25
E lectrical
$ 452,738
26
Lighted h1irrors
$ 7,900
27
E Iffvator
$ 84,830
28
Fern-nts
$ 8,062
29
Clean -Up
$ 10,000
As of June 2, 2017
ITOTAL
$ 3,166,369
RE 17-70
RESOLUTION APPROVING CIRCLE I BANK GROUP, INC.
(DBA WESTERN BANK)
THE STATE OF TEXAS
COUNTY OF LUBBOCK
At a regular meeting of the Board of Directors of MARKET LUBBOCK ECONOMIC
DEVELOPMENT CORPORATION, INC., a Texas nonprofit corporation (MLI), on Wednesday,
December 6, 2017, held in conformity with the bylaws, after due notice as therein provided, a
quorum being present and acting, the following resolution was unanimously adopted:
WHEREAS, MLI presented to members of the Board the proposal of a possible Economic
Development Grant and Contract to Circle I Bank Group, Inc. (dba Western Bank). The terms and
conditions of such Economic Development Grant and Contract, other than the normal terms and
conditions applicable to all such Economic Development Grant and Contracts by the Corporation,
are described generally as follows, to wit:
Grant Western Bank, $100,000 towards the cost of renovating the interior and exterior of
the building, which totals $3,166,369 in (permittable) expenses to their facility located at 1617
Broadway, Lubbock, Texas 79401.
WHEREAS, The Board of Directors of MLI finds that an Economic Development Grant
and Contract offering the incentive for providing assistance to renovate their facility meet and
comply with the qualifications and purposes of the Corporation for the granting of such Economic
Development Grants and Contracts.
Upon Motion by Director, Mr. Barry Orr, and Seconded by Director, Mr. Mark Griffin,
IT WAS RESOLVED that MLI offer and, if accepted by Recipient, enter into an Economic
Grant and Contract with Circle 1 Bank Group, Inc. (dba Western Bank). This Economic
Development Grant and Contract will be on the normal terms and conditions of such Downtown
Grant Program and Contract offered by MLI to existing businesses and business prospects and
authorize the CEO to enter into and execute all documents related to the Economic Grant and
Contract.
borne, President & CEO
Linda Davis, Secretary