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HomeMy WebLinkAboutResolution - 6084 - Repeal And Replace Resolution 5075 - 10_22_1998Resolution No. 6084 Item No. 49 October 22, 1998 RESOLUTION WHEREAS, the City Council of the City of Lubbock finds that it would be in the best interest of the citizens of the City of Lubbock to make changes to the Lubbock Power and Light Infrastructure Fund authorized by Resolution No. 5075, enacted January 11, 1996; and WHEREAS, said fund is created pursuant to Section 380.001 of the Texas Local Government Code; and WHEREAS, the purpose of the fund authorized by Resolution 5075 and continued by this present Resolution shall be to provide public infrastructure improvements when such improvements will aid or assist in the location, development or expansion of business activity within the City of Lubbock, which business activity will create new jobs, additional payroll or increase the tax base within the City of Lubbock, to provide additional improvements to the Central Business District, Broadway Corridor and the Depot District; and WHEREAS, Recreation, Parks, Entertainment and Cultural Affairs Goal No. 1 is to revitalize downtown Lubbock as a focal point for entertainment, arts, and business, and Goal 4 is to coordinate and consolidate marketing efforts for the promotion of Lubbock and the region as a visitor destination, and Lubbock Power and Light as part of its business acquisition and retention program to improve the strengths of the City of Lubbock in its economic development activities; and WHEREAS, the City Council finds that the location, retention or expansion of business within the City of Lubbock which accomplishes the above goals will add to the quality of life within the City of Lubbock which accomplishes the above goals will add to the quality of life within the City of Lubbock and further will provide for the betterment of the general welfare of the citizens of the City of Lubbock and as such, provide a public purpose. NOW THEREFORE; BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK: SECTION 1. THAT Resolution No. 5075 is hereby repealed and is replaced in its entirety by this Resolution which continues the fund of the City of Lubbock known as the Lubbock Power and Light Infrastructure Development Fund. SECTION 2. THAT such fund shall be used to provide public infrastructure improvements throughout the City of Lubbock, such as, but not limited to the following: a) curb and gutter improvements; b) street and paving improvements; c) water and sewer improvements; d) public lighting improvements; and e) other public improvements normally provided to the City of Lubbock. SECTION 3. THAT such funds also shall be used to meet the goals of the "Goals for Lubbock, a Vision into the 21" Century with regard to the Central Business District, Broadway Corridor and the Depot District by providing the following additional improvements in those areas: a) building fagade renovation; b) sidewalks and sidewalk renovation; and c) landscaping. SECTION 4. THAT Lubbock Power and Light be authorized to approve the following items to promote business acquisition, expansion, or retention; a) offer additional services to these businesses, such as, but not limited to new products, lease programs, customized billing, load management, communication services, or other services offered by the electric utility industry; and b) offer custom rate incentives to those businesses, such as, but not limited to time of day, seasonal, load factor, added demand/energy, or other rate incentives offered by the electric utility industry. SECTION 5. THAT the City Manager or his designee may utilize services, incentives, or moneys from this fund to aid or assist in the location of new business or the expansion of other business when City infrastructure improvements are needed to bring about such new business or expansion. SECTION 6. THAT the City Manager or his designee shall be authorized to expend moneys from this fund for the purposes set forth in accordance with the criteria set forth in Exhibit A for Section 2 city-wide infrastructure improvements and in accordance with the criteria set forth in Exhibit B for Section 3 infrastructure improvements in the special districts indicated in Exhibit B. Exhibits A and B are made a part hereof for all intents and purposes. SECTION 7. THAT the City Manager or his designee is authorized to continue the allocation of moneys to this Fund through the regular City of Lubbock budgetary process. SECTION 8. THAT no moneys expended hereunder shall be used for any purpose other than the installation or improvement of public infrastructure facilities as herein described. SECTION 9. THAT Lubbock Power and Light be authorized to require that such businesses as may be affected by this Resolution be required to utilize Lubbock Power and Light as long as these benefits are proved to those businesses. Passed by the City Council this 22nd day of A ST: Kaya Ueamell, ity Secretary APOVED AS TO CONTENT: �kq Paul Thomp on, Director Electric Utilities Uptanba 29, 1999 EXHIBIT A The following criteria shall be used by the City Manager or his designee in determining the eligibility for Lubbock Power and & Light for LP&I, infrastructure assistance in accordance with Section 2: 1. No assistance will be authorized for retail facilities. Ratings for other types of facilities will be as follows: commercial - 10 points industrial - 20 points 2. Creation of new jobs: 1-10 new jobs - 10 points 11-20 new jobs 15 points Each new job thereafter - 5 points 3. Additions to Annual Payroll: $100,000 - $500,000 10 points $500,001 - $800,000 15 points Each additional $100,000 2 points 4. Additions to Property Tax Base: $500,000 - $100,000 5 points $1,000,001 - $42,000,000 10 points Each additional $100,000 5 points Eligibility scores shall be interpreted as follows: 35 points - $50,000 Each additional 5 points - $10,000 Maximum eligibility will be confined to $150,000. EXHIBIT B The following criteria shall be used by the City Manager or his designee in determining eligibility for Lubbock Power & Light economic development funds in accordance with Section 3. No projects shall be funded following the end of fiscal year 2000. 1. Disbursement of these funds shall be limited to the following targeted areas: Broadway Corridor: Those properties fronting on Broadway from University Avenue to Martin Luther King Boulevard. Central Business: Those properties fronting on Avenue Q from 4`h Street to Broadway. Depot District: Those properties located within the Depot District, which is described as follows: Starting at the intersection of 166' Street and Interstate 27; thence south along Interstate 27 to 23rd Street; thence west on 23rd Street to the alley between Avenue G and H; thence north on the alley between Avenue G and H to 19th Street; thence west on 19a' Street to the alley between Avenues H and Texas; thence north on the alley between Avenue H and Texas to 16a' Street; thence east on 16th Street to the point of beginning. 2. Available funding shall be based upon $250 per front linear foot up to a maximum LP&L contribution of $25,000. a) Projects approved by UDHPC for fiscal year 1998-99 shall be funded based upon a 50% matching grant. Grantees must provide a 50% match to any grant awarded. b) Projects approved by UDHPC for fiscal year 1999-2000 shall be funded based upon a 25% matching grant. Grantees must provide a 75% match to any grant awarded.