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HomeMy WebLinkAboutResolution - 2014-R0395 - Amend 2013-R0154 - 11/20/2014Resolution No. 2014-RO395 Item No. 7.5 November 20, 2014 RESOLUTION WHEREAS, on May 9, 2013, the City Council of the City of Lubbock passed a resolution (the "Resolution") modifying the original Low -to -Moderate Income Neighborhood Infrastructure Program to provide funding to the program from revenues generated from all mineral interests owned by the City, which would otherwise be included in the City's General Fund Balance, and to better specify the appropriate allocations of those funds and rename the program the North and East Lubbock Neighborhood and Infrastructure Program; and WHEREAS, the City Council finds that it would further the public benefit and better serve the public health, safety and welfare of the citizens of the City of Lubbock if the Resolution were further amended to allocate the twenty-five (25) percent on the Mineral Interest revenues, as set forth in the resolution, to the Central Business District Tax Increment Financing (TIF) and further define the responsibilities of the North and East Lubbock Community Development Corporation's duties therein. NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK: THAT the City Council of the City of Lubbock, Texas does hereby amend Resolution No. 2013-RO154 as follows: 1. THAT Paragraph 4 of the Resolution shall be amended to read as follows Twenty-five (25) percent of the revenues shall be allocated by grant to the Central Business District Tax Increment Financing (TIF) for downtown redevelopment and neighborhood projects; and seventy-five (75) percent of the revenues shall be allocated by grant to the North and East Lubbock Community Development Corporation (the "Corporation"); and 2. THAT Paragraph 5 of the Resolution shall be amended to read as follows Because the income received from the City's Mineral Interests may fluctuate, depending upon market conditions, allocations of the funds will be determined after audited financials for each fiscal yea, beginning with Fiscal Year 2014- 2015, are received. Once revenues are determined, based on the audited financials, a budget for the funds shall be prepared and submitted to the City Council for approval. If the budget is approved by the City Council, payments of the allocations will begin as soon thereafter as possible. Further, the Corporation shall submit performance measures and deliverables to the City, outlining the stated goals and proposed projects and outlining the actual progress towards meeting and completing such goals and projects, on an annual basis, and as a part of their quarterly report to the City. These performance measures and deliverables shall be included in the funding agreement by and between the City and the Corporation and in any budget submitted to the City by the Corporation. The City Council shall authorize and approve any project of the Page I of 2 Corporation that shall be funded with any or all of the Mineral Interest revenues prior to commencement of such project. 3. THAT the remainder of the Resolution shall remain in full force and effect except as amended herein. 20th Passed by the City Council this -6+ day of November 2014. ATTEST: Reb cca Garza, Citv Secret ry APPROVEDAAS TO CONSENT: /4� Victor Hernandez, Councilman, District #1 APPROVED AS TO FORM: L in ep101y4oKey G .RO MRTSON,MAYOR Page 2 of 2