HomeMy WebLinkAboutResolution - 2013-R0154 - Amend Low-To-Moderate Income Neighborhood And Infrastructure Program - 05/09/2013kesolution N0. 2013-RO154
May 9, 2013
item No. 6.2
RESOLUTION
WHEREAS, in November 2005, the City Council approved Resolution 2005-
R0522 that established a program to be called the "Low -to -Moderate Income
Neighborhood Infrastructure Program" that provided funding for sidewalks, paving, park
improvements, and grant matches to obtain additional monies for these improvements in
low -to -moderate income neighborhoods in the City of Lubbock; and
WHEREAS, the funding source for the original program was 50 percent of
mineral interest revenues received in General Fund that exceeded the budgeted amount
for mineral interests primarily located in the north and east portions of the City; 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 original Low -to -Moderate Income Neighborhood Infrastructure Program is amended
to provide additional funding to the program from all mineral interests collected by the
City of Lubbock, which would otherwise be included in the City's General Fund; 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 to
replace the Low -to -Moderate Income Neighborhood Program with the "North and East
Lubbock Neighborhood and Infrastructure Program Fund" and to provide a source of
funding for downtown redevelopment, neighborhood and infrastructure projects, and
other community development projects in the north and east portions of the City.
beginning in Fiscal Year 2013-2014.
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 the
Low -to -Moderate Income Neighborhood Infrastructure Program as follows:
1. The City Manager of the City of Lubbock is hereby instructed to establish the
"North and East Lubbock Neighborhood and Infrastructure Program Fund,"
which will replace the previous "Low -to -Moderate Income Neighborhood
Infrastructure Program"; and
2. The North and East Lubbock Neighborhood and Infrastructure Program Fund
shall be used to benefit Lubbock City Council Districts 1 and 2; and
3. Ninety (90) percent of all revenues received from City of Lubbock mineral
interests that would normally be included in General Fund revenues shall be
deposited into the North and East Lubbock Neighborhood and Infrastructure
Program Fund beginning in Fiscal Year 2013-2014, and the remaining ten (10)
percent of these revenues shall be deposited into the General Fund; and
4. Twenty-five (25) percent of the revenues shall be allocated to downtown
redevelopment and neighborhood infrastructure projects, which shall fund various
downtown redevelopment, neighborhood and infrastructure projects as approved
by the City Council, and seventy-five (75) percent of the revenues shall be
allocated by grant to the North and East Lubbock Community Development
Corporation; and
5. 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 year, beginning with Fiscal Year 2013-
2014, 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.
6. The Mayor shall be authorized and directed to execute any and all documents that
may be deemed necessary to effectuate the purposes of the Resolution.
Passed by the City Council this 9th day of May , 2013.
O�tN C. KOBERTSON, MAYOR
A T TEST:
Re ecca Garza,
City Secretary
APP E O CONTENT:
Victor Hernandez,
Distr. t #1 Councilman
Floyd Pride,
District #2 Councilman
APPROVED AS TO F .
tz
Lau59kratt, Assistant City Attorney
Resolution - North and East Lubbock Infrastructure Program Fund
4.2.13
North and East Lubbock Infrastructure Program Fund Agenda Item
Caption:
Resolution — Finance: Consider a resolution replacing the Low -to -Moderate Income
Neighborhood Infrastructure Program by establishing the North and East Lubbock
Neighborhood and Infrastructure Program Fund and providing the source of funding from
all City of Lubbock mineral interests that would normally be included in General Fund
revenues.
Item Summary:
In November 2005, the City Council approved Resolution 2005-R0522 that established a
program to be called the "Low -to -Moderate Income Neighborhood Infrastructure
Program" that provided funding for sidewalks, paving, park improvements, and grant
matches to obtain additional monies for these improvements in low -to -moderate income
neighborhoods in the City of Lubbock. The original funding source for the program was
50 percent of mineral interest revenues received in General Fund that exceeded the
budgeted amount for mineral interests primarily located in the north and east portions of
the City.
This Resolution would amend the original Low -to -Moderate Income Neighborhood
Infrastructure Program to provide additional funding to the program from all mineral
interests collected by the City of Lubbock, which would otherwise be included in the
City's General Fund.
In order to better allocate these funds, this Resolution would replace the Low -to -
Moderate Income Neighborhood Program with the "North and East Lubbock
Neighborhood and Infrastructure Program Fund."
As stated in the Resolution, the North and East Lubbock Neighborhood and Infrastructure
Program Fund shall be used to benefit Lubbock City Council Districts 1 and 2. All
revenues received from City of Lubbock mineral interests that would normally be
included in General Fund revenues be deposited in the North and East Lubbock
Neighborhood and Infrastructure Program Fund beginning in Fiscal Year 2013-2014.
Twenty-five (25) percent of the revenues shall be allocated to downtown redevelopment
and neighborhood infrastructure projects, which shall fund various downtown
redevelopment and neighborhood infrastructure projects as approved by the City Council,
and seventy-five (75) percent of the revenues shall be allocated by grant to the North and
East Lubbock Community Development Corporation.
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 year, beginning with Fiscal Year 2013-2014, 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.
Fiscal Impact:
StaffBoard Recommending:
Cheryl Brock, Budget Director