HomeMy WebLinkAboutResolution - 2019-R0327 - CBD TIF MOU With Lubbock Experience For Tornado Memorial - 09/10/2019 Resolution No. 2019-R0327
Item No. 7.8
September 10, 2019
RESOLUTION
BE IT RESOLVED BY THE CITY COUNCIL OF TIIE CITY OF LUBBOCK:
THAT the City Council of the City of Lubbock does hereby approve a Memorandum
of Understanding by and between the Central Business District Tax Increment Financing
Reinvestment Zone and Lubbock Experience, Inc. for the provision of funding to build the
Downtown Lubbock Tornado Memorial, and related documents. Said Memorandum of
Understanding is attached hereto and incorporated in this resolution as if fully set forth
herein and shall be included in the minutes of the Council.
Passed by the City Council on the,__LQffi_ day of�. Se1,tPmher , 2019.
DANIEL M. POPE, MAYOR
ATTEST:
Reb kca Garza, City Secret y
APPROVED AS TO CONTEND:
-& -
D. Blu Kostelich, Chief Financial Officer
APPROVED AS TO FORM:
Am ims puty City At
Resolution No. 2019-RO327
STATE OF TEXAS §
COUNTY OF LUBBOCK §
MEMORANDUM OF UNDERSTANDING
BETWEEN
THE CENTRAL BUSINESS DISTRICT TAX INCREMENT FINANCING REINVESTMENT
ZONE AND LUBBOCK EXPERIENCE, INC.
This Memorandum of Understanding (the "MOU") is made on this 1()tl, day of
September 2019, by and between the Lubbock Central Business District Tax Increment
Financing Reinvestment Zone ("CBDTIRZ") and Lubbock Experience, Inc. (`LEI"), of Lubbock,
Texas for the provision of funding to build tine Downtown Lubbock Tornado Memorial
(`Memorial').
WHEREAS, during its regular meeting on February 26, 2016, the CBDTIRZ Board of
Directors approved utilizing CBDTIRZ funds for the building of a Downtown gateway memorial
project("Memorial")that will serve as a memorial for the people who lost their lives in Lubbock's
disastrous tornado of 1970, and to recognizing tine determination and "can do" attitude of those
who led the way to recovery from that disaster; and
WHEREAS, LEI is responsible for constructing the Memorial on the 1.455 acre tract
generally located between Avenue O on the East, 8`' Street on the South, Avenue Q on the West,
and 7' Street on the North within the City of Lubbock; and
WHEREAS, the CBDTIRZ desires to contribute to the cost of building the Memorial.
1. TERM OF MEMORANDUM OF UNDERSTANDING
This MOU will be in effect from the date of execution of this document until the
construction of the Memorial is complete.
2. CBDTIRZ RESPONSIBILITIES
The CBDTIRZ shall provide to LEI one million sixty thousand dollars ($1,060,000) for
the construction of the Memorial.
3. LUBBOCK EXPERIENCE, INC.
a. LEI shall hire a construction contractor for the construction of the Memorial.
b. LEI agrees to use its best efforts to promptly hire said contractor with the goal to
have construction of the Memorial complete by, or before, the 50th anniversary of
the tornado, May 11, 2020.
4. NO LIABILITY
No liability will arise or be assumed between the parties as a result of this Agreement. All
parties to this document will act in good faith to achieve the goals of the Agreement in a
reasonable time frame. This Agreement is a good faith expression of the intent of the
Parties.
5. NO JOINT ENTERPRISE
This Agreement is not intended to, and shall not be construed to,create any joint enterprise
between or among the Parties.
6. GOVERNING LAW
This Agreement will be governed by the laws of the State of Texas. The sole venue for any
action, controversy, dispute or claim arising under this Agreement shall be in a court of
appropriate jurisdiction in Lubbock County, Texas exclusively.
7. TERMINATION
Any Party may terminate this Agreement, for any reason or convenience, upon sixty (60)
days written notice to the other Parties. In the event of termination, all proceeds paid to
LEI by the CBDTIRZ shall be fully refunded upon termination.
This document represents the mutual understanding of both the CBDTIRZ and LEI.
THE CENTRAL BUSINESS DISTRICT TAX
INCREMENT FINANCING REINVESTMENT ZONE
By: Date:
Ro ayl 1,�Cha►rman
LUBBOCK EXPERIENCE,INC.
By: Date
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