HomeMy WebLinkAboutResolution - 2013-R0313 - Amendment To Agreement - Market Lubbock EDC - 09/26/2013Resolution No. 2013-RO313
September 26, 2013
Item No. 5.25
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 a Grant Management
Agreement, by and between the City of Lubbock and Market Lubbock Economic
Development Corporation, d/b/a Market Lubbock, Inc., and all 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 Council.
Passed by the City Council this September 26 , 2013.
-r. i::. -ON, .
ATTEST:
Rebe ca Garza, City Secre
APPROVED AS TO CONTENT:
cluncl P-D�
Cheryl Brock, Budget Director
APPROVED AS TO FORM:
Resolution No. 2013-RO313
STATE OF TEXAS §
§ KNOW ALL MEN BY THESE PRESENTS:
COUNTY OF LUBBOCK §
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 approved Budget Ordinance 2013-00087 adjusting this
amount for the Fiscal Year 2013-2014; 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 2.705 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 1, January 1, April 1, and June 1 of
each fiscal year, beginning October 1, 2012, 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 this 26th day of _c;eptemher 12013.
CITY OF LUBBOCK MARKET LUBBOCK ECONOMIC
GLEN�WER ' O.
ATTEST:
Reb cca Garza, City Secre ary
APPROVED AS TO CONTENT:
Cheryl k,
Budget Director
APPROVED AS TO FORM:
Grant Agmt-Mkt Lubb.Amend_FY 13-14
9.09.13
DEVELOPMENT CORPORATION,
d/b/a MARKET LUBBOCK, INC.
11 0i, 1115(
Z�L I ;;', _
Y: JO O BORNE, CEO
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