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    7. 8.    
Regular City Council Meeting
Meeting Date: 09/10/2019  

Agenda Item
Resolution - Finance: Consider a resolution approving a Memorandum of Understanding between the Central Business District Tax Increment Financing (TIF) Reinvestment Zone and Lubbock Experience, Inc., for the provision of funding to build the Downtown Lubbock Tornado Memorial.
Item Summary
The Central Business District TIF approved a capital project for a Downtown Gateway Tornado Memorial in February 2016, and appropriated funding for the construction of the project.  The Tornado Memorial project will be constructed by Lubbock Experience Inc., on a 1.455 acre tract located at Avenue Q and Glenna Goodacre Boulevard, and the Central Business District desires to contribute to the cost of building the memorial.  The Memorandum of Understanding will facilitate the transfer of $1,060,000 to Lubbock Experience, Inc., for the construction of the project.
Fiscal Impact
$4.5 million is appropriated in Capital Improvement Project 92399, Gateways, with $1,060,000 available for this purpose.
Staff/Board Recommending
D. Blu Kostelich, Chief Financial Officer
Central Business District TIF Board of Directors

Resolution and MOU
Budget Detail
CIP Detail

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