HomeMy WebLinkAboutResolution - 2016-R0435 - Begin Planning/Drafting Development Agreement - Civic Center Hotel - 12/01/2016Resolution No.2016-R0435
Item No.5.4
December 1,2016
RESOLUTION
WHEREAS,on December 3.2001.the City Council of the City of Lubbock passed
Ordinance No. 2001-00091 authorizing and establishing the Central Business District
Tax Increment Financing Reinvestment Zone (the "CBD TIF")for,among other things,
the planning and funding for public improvements in downtown Lubbock; and
WHEREAS,in June 2015,the CBD TIF Board funded a market feasibility study (the
"Study")for the planning,financing,development,construction,and operation of a civic
center headquarters hotel locatedat the Lubbock Memorial Civic Center; and
WHEREAS,on November 7.2016,Stephen Moffett of SDM Financial.Inc.presented
the results of the Study to the CBD TIF Board, and the CBD TIF Board voted to
recommend that the City Council directs City staff to begin drafting the documents
required to initiate the project contemplated by the Study and to commencean economic
study to analyze the impact of the project contemplated bv the Study;and NOW,
THEREFORE:
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK:
A.THAT the City Council hereby directs City Manager to begin drafting a development
agreement and all related documents that will provide for the planning,financing,
construction,and operation of a hotel on the Lubbock Memorial Civic Center property;
and
B.THAT the City Council hereby authorizes the commencement of an economic study
to analyze the financial impact of such a hotel,including the hotel's impact on the City's
downtown infrastructure and the Lubbock Memorial Civic Center.
Passed by the City Council on December 1 ,2016
DANIEL M.POPE,MAYOR
ATTEST:
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Rebedca Garza,City Secretar
APPROVED AS TO CONTENT:
Cheryl Brock, Executive Direct r of Budget
APPROVED AS TO FORM:
ccdocs/RES. Central Business District TIF Board — Civic Center Hotel Project Recommendation
November 18, 2016