HomeMy WebLinkAboutResolution - 2679 - Create And Establish LP&L Infrastructure Development Fund - 11_12_1987Resolution #2679
November 12, 1987
Agenda Item #5-A
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RESOLUTION
A RESOLUTION CREATING AND ESTABLISHING THE LUBBOCK POWER AND LIGHT IN-
FRASTRUCTURE DEVELOPMENT FUND.
WHEREAS, the City Council of the City of Lubbock finds that it would
be wise and expedient to establish a fund to be known as the Lubbock Power
and Light Infrastructure Development Fund; and
WHEREAS, the City Council finds that it would be in the best interest
of the City of Lubbock to create and establish the fund above referred to in
order to have a designated fund within the immediate control of the City;
and
WHEREAS, the existence of the fund herein established shall be used 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; and
WHEREAS, the City Council finds that the location 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 and further will pro-
vide 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 there is hereby created a fund of the City of Lubbock
to be known as the Lubbock Power and Light Infrastructure Development Fund.
SECTION 2. THAT such fund herein created shall be used to provide
public infrastructure improvements such as, but not limited to, the follow-
ing:
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 by the City of
Lubbock.
SECTION 3. THAT the City Manager or his designee may utilize monies
from this fund to aid or assist the location of new business or the expan-
sion of other business, which City infrastructure requirements are needed to
bring about such new business or expansion.
SECTION 4. THAT the City Manager or his designee shall be authorized
to expend monies for the purposes herein set forth in accordance with the
criteria set forth in Exhibit A, which Exhibit A is attached hereto and made
a part hereof.
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SECTION 5. THAT the City Manager is authorized to transfer from Elec-
tric Fund Operating Cash the initial sum of Two Hundred Fifty Thousand and
No/100 Dollars ($250,000.00) to establish this Fund. Future allocations to
this Fund shall be made through the regular City of Lubbock budgetary pro-
cess.
SECTION 6. THAT no monies expended hereunder shall be used for any
purpose other than the installation or improvement of public infrastructure
facilities as herein described.
Passed by the City Council this 12th day of November 1987.
'B. C. McMIN , MAYOR
ATTEST:`-,
ane te_Boyd, City Secretary
.j %APOOVED,AS TO CONTENT: ~
&C�R cc�z
Bob Cass, Deputy City Manager
APPROVED AS TO FORM:
ohn C. Ross, Jr., City Attorney
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a
The following criteria shall be used by the City Manager or his
designee in determining eligibility for LP&L economic development
assistance:
1. No assistance will be authorized for retail or public pur-
pose 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. Annual payroll:
$100,0004500,000 - 10 points
$500,0014800,000 - 15 points
Each additional $100,000 - 2 points
4. Additions to property tax base:
$500,00041,000,000 - 5 points
$1,000,000-$2,000,000 - 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 A