HomeMy WebLinkAboutResolution - 2023-R0455 - Amendment To The Grant Management Agreement, Market Lubbock, Inc. - 09/12/2023Resolution No. 2023-R0455
Item No. 6.7
September 12, 2023
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 Se�tember 12, 2023 �
TRA A •, MA R
ATT�� 'T:
Courtney Paz, City Secretary
AP�'ROVED AS TO CONTENT:
1
Blu ostelic , Chief Financial Offcer
APPROVED AS TO FORM:
�
Amy L. S�s, De�y�y Attorney
RES.Amend_MLI Grant Mgmt 2023
Resolution No. 2023-R0455
STATE OF TEXAS §
§ KNOW ALL MEN BY THESE PRESENTS:
COUNTY OF LUBBOCK §
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 12, 2023 the City Council will approve its Budget Ordinance
adopting the City's budget for the Fiscal Year 2023-2024; and
WHEREAS, City and MLI desire to conform the Grant Management Agreement to the
City's budget by amending the Agreement as described herein;
NOW THEREFORE, City and MLI agree to the following amendment:
ARTICLE II, Section 2.03(a) is amended to read as follows:
"2.03. Grant Terms.
(a) Grant Amount. The base grant amount shall be the amount set forth for in the duly adopted
City of Lubbock Annual Budget as set forth in Special Revenue Funds — Economic
Development in the line item for Market Lubbock, Inc. 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
Page 1 of 2
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 12th
CITY OF LUBBOCK
day of September , 2023.
TRA A E, MAYOR
ATTES�
Paz, City Secretary
APPROVED AS TO CONTENT:
B ostelic , Chief Financial Officer
APPROVED AS TO FORM:
Amy . S' s, Deputy y Attorney
Grant Agmt-Mkt Lubb.Amend_FY23-24
MARKET LUBBOCK ECONOMIC
DEVELOPMENT CORPORATION,
d/bla MARKET LUBBOCK, 1NC.
Y: JO N OSBORNE, CEO
Date: q �SrZ6Z3
Page 2 of 2