HomeMy WebLinkAboutResolution - 2018-R0114 - LEDA Grant - 505 Ave Q - 03/22/2018Resolution No. 2018-RO114
Item No. 6.15
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 Q-505, LLC, 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
kyk"�
DANIEL M. POPE, YAAYOR
ATTEST:
j -!t� ,,,k
Reb tca Garza, City Secretat_)
APPROVED AS TO CONTENT:
�Wtar�rAtkinson, City Manager
APPROVED AS TO FORM:
Justi Pruitt Assistant City Attorney
ccdocs/RES. Market Lubbock Expenditure — Q-505, LLC — Downtown Grant Program
March 5, 2018
RE 18-20
RESOLUTION APPROVING Q-505 LLC,
DOUBLETREE HOTEL
505 AVENUE Q
THE STATE OF TEXAS
COUNTY OF LUBBOCK
At a regular me9ting 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 Q-505 LLC for the DoubleTree Hotel, at 505 Avenue Q,
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 Q-505 LLC for their project, DoubleTree Hotel at 505 Avenue Q, Lubbock Texas, ,
which is located in the Downtown TIF, $100,000 for (permittable) expenses that includes
replacement of HVAC systems and controls along with a new roof and total interior and exterior
renovations that total $3,980,000 in permittable expenses. Grant Q-505 LLC $25,000 for (facade)
expenses that will include replacing and repairing damaged stucco and EIFS around the entire
exterior of the building totaling $191310 in facade) 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 Q-505 LLC for the DoubleTree Hotel at 505 Avenue Q, Lubbock, Texas.
This Economic Development Grant and Contact will be on the normal terms and conditions of
such Downtown (Permittable and Facade) Grant Programs and Contracts offered by MLI to
existing businesses and business prospects and authorize the CEO to enter into and negotiate
Performance Agreement.
M A R K E T
Downtown Grant Program
March 22, 2018
Total Capital - $4,181,615
Total Grants - $129.953
• The Library Bar —1701 Texas
Grant Type — Fagade (50% up to $25,000)
Expense Total = $9,905
Grant Total = $4,953
Board Approval — February 28, 2018
• Double Tree Hotel — 505 Ave Q
Grant Type — Permittable (10% up to $100,000)
c Expense Total = $3,980,000
o Grant Total = $100,000
o Board Approval —February 28, 2018
• Double Tree Hotel — 505 Ave Q
a Grant Type — Fagade (50% up to $25,000)
o Expense Total = $191,710
a Grant Total = $25,000
c, Board Approval — February 28, 2018
1500 Broadway, 6th Floor, Lubbock, Texas 79401 Phone (806) 749-4500