HomeMy WebLinkAboutResolution - 2014-R0393 - Amendment To Agreement - Market Lubbock Economic Development Corporation - 11/24/2014lution No. 2014-RO393
No. 6.6
;mber24,2014
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 that certain Grant Management
Agreement dated January 25, 1996, 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 Nnvemher 20 9014
, fit. ERTSON, MAYOR
i
ATTEST:
Reb cca Garza City Secretat
APPROVED AS TO CONTENT:
Cheryl Stock, Budget Director
APPROVED AS TO FORM:
mxcdocs/RES.Amend Agrmt-MLI
November 11, 2014
Resolution No. 2014-RO393
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, the City Council on September 26, 2013 adjusted this amount for the Fiscal
Year 2013-2014 to 2.705 cents of the City's ad valorum tax rate; and
WHEREAS, the City Council approved Budget Ordinance 2014-00122 adjusting this
amount for the Fiscal Year 2014-2015; 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 II, Section 2.03(a) is amended to read as follows:
"2.03. Grant Terms.
(a) Grant Amount. The base grant amount shall be an amount equivalent to 2.315 cents of
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 four (4) equal quarterly installments, on October I, January 1, April 1, and June I of
each fiscal year, beginning October 1, 2014, 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 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 this20th day of Novembrr , 2014.
CITY OF LUBBOCK
GLEN C. ROBERTSON, MAYOR
ATTEST:
Reb cca Gana, City _Secretary
APPROVED AS TO CONTENT:
Cheryl Brock,
Budget Director
APPROVED AS TOFORM:
AW
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MARKET LUBBOCK ECONOMIC
DEVELOPMENT CORPORATION,
AA; T LUBBOCKINC13ORNE, CEO