HomeMy WebLinkAboutResolution - 2018-R0113 - LEDA Grant - Texas Ave - 03/22/2018Resolution No. 2018-RO 113
Item No. 6.14
March 22, 2018
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 806 Concepts,
LLC d/b/a The Library Bar, is hereby approved pursuant to Section 5 of the Amended and
Restated Bylaws of the Corporation.
Passed by the City Council on March 22, 2018
DANIEL M. POPE, MAYOR
ATTEST:
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Reb cca Garza, City Secre ary
APPROVED AS TO CONTENT:
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W. Jarr Atkinson, City Manager
APPROVED AS TO FORM:
Justin PK1-tt,\hssistaAt City Attorney
ccdocs/RES. Macke ubbock Expenditure — 806 Concepts, LLC d.b.a The Library Bar — Downtown Grant Program
March 5, 201
RE 18-19
RESOLUTION APPROVING 806 CONCEPTS, LLC
dba THE LIBRARY BAR
1701 TEXAS AVENUE
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,
February 28, 2018, 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 Mark Martinez, with 806 Concepts, LLC, dba The Library
Bar, at 1701 Texas Avenue, Lubbock, Texas. 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 806 Concepts, LLC dba The Library Bar, located at 1701 Texas Avenue, Lubbock
Texas, $4,953 towards renovating the exterior of the building, which is located within the
Downtown TER The scope of work includes installing a glass garage door, painting The Library
Bar neon sign on the front of the building totaling $9,905 in (fagade) expenses.
WHEREAS, The Board of Directors of MLI finds that an Economic Development Grant
and Contract offering the incentive for providing assistance to updating the 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, Ms. Regina Johnston, and Seconded by director,
Mr. Calvin Davis, it was approved,
IT WAS RESOLVED that MLI offer and, if accepted by Recipient, enter into an Economic
Grant and Contract with 806 Concepts, LLC, dba The Library Bar at 1701 Texas Avenue,
Lubbock, Texas. This Economic Development Grant and Contact will be on the normal terms and
conditions of such Downtown (Facade) Grant Program and Contract offered by MLI to existing
businesses and business prospects and authorize the CEO to enter into and negotiate Performance
Agreement.
Linda Davis, Secretary
M A R K E T
LUBBOCK-
Downtown Grant Program
March 22, 2018
Total Capital - $4,181,615
Total Grants - $129,953
• The Library Bar —1701 Texas
o Grant Type — Farade (50% up to $25,000)
o Expense Total = $9,905
o Grant Total = $4,953
c Board Approval — February 28, 2018
• Double Tree Hotel — 505 Ave Q
Grant Type — Permittable (10% up to $100,000)
Expense Total = $3,980,000
Grant Total = $100,000
Board Approval — February 28, 2018
• Double Tree Hotel — 505 Ave Q
o Grant Type — Fagade (50% up to $25,000)
o Expense Total = $191,710
o Grant Total = $25,000
o Board Approval — February 28, 2018
1500 Broadway, 6°h Floor, Lubbock, Texas 79401 Phone (806) 749-4500