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AI- 7939   8. 18.    
Regular City Council Meeting
Meeting Date: 02/12/2019  

Information
Agenda Item
Resolution - Business Development: Consider a resolution to approve a Downtown Facade and Permittable Grant program or expenditure of Market Lubbock, Inc., to be provided to the Charles Adams Studio Project, pursuant to Article IV, Section 5 of the Amended and Restated Bylaws of Market Lubbock Economic Development Corporation.
Item Summary
The Charles Adams Studio Project (CASP) is a non-profit arts organization that was founded in October, 2009 by Charles Adams. The CASP mission is to serve the Lubbock Arts District through developing and sustaining a working artists’ community that actively engages the public with the arts. CASP is building 4 new 800-square foot climate-controlled artist work studios at 408 Ave J, which will be located within the Central Business District Tax Increment Reinvestment Zone. The scope of work will include new building construction with site grading, concrete, plumbing, HVAC, and electrical work.

CASP will pay $365,000 for the facade and permittable work on the new studios at 408 Ave. J.  Market Lubbock, Inc., recommends approval of a $56,500 grant for the project which will be apportioned as a $25,000 facade grant (which is approximately 50% of the total anticipated facade cost of the project) and a $31,500 permittable grant (which is approximately 10% of the total anticipated construction cost of the project).
Fiscal Impact
CASP's total construction cost will be approximately $365,000 ($50,000 for facade construction and $315,000 for general construction). If approved, the amount of Market Lubbock Inc.'s total grant will be $56,500, which incudes a $25,000 facade grant (approximately 50% of the facade costs for the project) and a $31,500 permittable grant (approximately 10% of the general construction costs for the project).
Staff/Board Recommending
Justin Pruitt, Business Development Director

Attachments
Resolution
Market Lubbock Downtown Grant Information

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