HomeMy WebLinkAboutResolution - 2005-R0522 - Establish Low-To-Moderate Income Neighborhood Infrastructure Program - 11/07/2005Resolution No. 2005-RO522
November 7, 2005
Item 6.10
RESOLUTION NO.
WHEREAS, the City Council of the City of Lubbock, Texas finds that certain
low -to -moderate income neighborhoods have various infrastructure needs, including, but
not limited to, sidewalks, paving, and park improvements; and
WHEREAS, the City Council desires to establish a program to be called the
"Low-to—Moderate Income Neighborhood Infrastructure Program" that shall provide
funding to such above-described improvements in low -to -moderate income
neighborhoods in the City of Lubbock and provide funding to be used as grant matches in
order to obtain additional monies to be used for such improvements; and
WHEREAS, the City of Lubbock owns certain mineral interests (the "Mineral
Interests") that provide the City with income, which amounts may fluctuate, depending
upon market conditions; and
WHEREAS, such actual revenues realized from the Mineral Interests may be
greater than estimated by the City and such additional funds (the "Additional Funds"),
which are hereby defined as the difference between the actual audited amount of revenue
from the Mineral Interests and the estimated amount of revenue from the Mineral
Interests, would otherwise be included in the City's General Fund Balance; 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
a portion of the Additional Funds were used to fund the Low-to—Moderate Income
Neighborhood Infrastructure Program; 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 establish and
create a "Low-to—Moderate Income Neighborhood Infrastructure Program" to fund
infrastructure needs, including, but not limited to, sidewalks, paving, and park
improvements and provide matches to grants to secure additional funds for such
infrastructure needs in said neighborhoods. The Low-to—Moderate Income
Neighborhood Infrastructure Program shall be funded by those revenues that the City of
Lubbock receives subsequent to the date hereof from its mineral interests in the amount
of fifty percent (5001.) of the Additional Funds. 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 7th day of November , 2005.
C DOUGAL,MAYOR
ATTEST:
Robcdca GaFza, City Secretary
APPROVED AS. TO CONTENT:
Je y byes, Cih inaq ra cer
APPROVED CANS TO FORM:
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