HomeMy WebLinkAboutResolution - 2022-R0510 - Amendment to Grant Management Agreement with Market LubbockResolution No. 2022-R0510
Item No. 5.6
December 13, 2022
RESOLUTION
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK:
THAT the Mayor of the City of Lubbock is hereby authorized and directed to execute for and
on behalf of the City of Lubbock, an Amendment to the Grant Management Agreement by and
between the City of Lubbock and Market Lubbock Economic Development Corporation, d/b/a
Market Lubbock, Inc. and related documents. Said Amendment is attached hereto and
incorporated in this resolution as if fully set forth herein and shall be included in the minutes
of the City Council.
Passed by the City Council on
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Rebec a Garza, City Secre
APPROVED AS TO CONTENT:
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B ost ch, Chief Financial Officer
APPROVED AS TO FORM:
elli Leisure, Assistant City Attorney
RES.Amend_MLI Grant Mgmt 2022
11.30.22
December 13, 2022
Resolution No. 2022-R0510
STATE OF TEXAS §
COUNTY OF LUBBOCK §
KNOW ALL MEN BY THESE PRESENTS:
AMENDMENT TO GRANT MANAGEMENT AGREEMENT BETWEEN
THE CITY OF LUBBOCK AND MARKET LUBBOCK ECONOMIC
DEVELOPMENT CORPORATION, d/b/a MARKET LUBBOCK, INC.
This Amendment is entered into by the City of Lubbock (referred to herein as "City"), a
Home Rule Municipality of Lubbock County, Texas, and Market Lubbock Economic
Development Corporation, d/b/a Market Lubbock, Inc. (herein after called "MLI").
WITNESSETH:
WHEREAS, the City Council of the City of Lubbock approved Resolution No. 5089,
January 25, 1996 authorizing the City and MLI to execute a Grant Management Agreement
wherein the base grant amount was set at an amount equal to 3 cents of the City's ad valorum tax
rate; and
WHEREAS, on September 13, 2022 the City Council approved Tax Rate Ordinance 2022-
0013E adjusting the City's ad valorum tax rate for the Fiscal Year 2022-2023; and
WHEREAS, City and MLI desire to conform the Grant Management Agreement to this
adjustment by amending the Agreement as described herein;
NOW THEREFORE, City and MLI agree to the following amendment:
ARTICLE 11, Section 2.03(a) is amended to read as follows:
12.03. Grant Terms.
(a) Grant Amount. The base grant amount shall be the amount set forth for the Economic
Development Fund in the annual tax rate ordinance setting the City's ad valorum tax rate
less the amount budgeted by the City for Economic Development for the current year.
Additionally, the City of Lubbock may from time to time make separate grants of funds for
specific projects which grants shall be in addition to the amounts described above.
Annual Payment. All funds payable to MLI with respect to any fiscal year shall be paid in
monthly installments, or as may be subsequently determined by City and MLI. Upon
receipt of such funds, MLI shall deposit the same in a separate account established by MLI
for that purpose at a federally -insured state or national bank or other savings institution in
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Lubbock, Texas. At MLI's option, such account may be an interest -bearing account, in
which case all interest accrued thereon shall be used by MLI only for the purposes
described in this Agreement in accordance with the terms of a budget approved by City."
Executed this 13th day of December , 2022.
CITY OF LUBBOCK MARKET LUBBOCK ECONOMIC
DEVELOPMENT CORPORATION,
d/b/a MARKET L BOCK, INC.
TRAY AYN , MAYOR "10
OSBORNE, CEO
Date: (L l SIZY
ATTEST:
Rebec a Garza, City SecretaryKj
APPROVED AS TO CONTENT:
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APQ�C -
Blu Kostelic , Chief Financial Officer
APPROVED AS TO FORM:
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Kelli Leisure, Assistant City Attorney
Grant Agmt-Mkt Lubb.Amend. _FY22-23
11.11.22
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