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Regular City Council Meeting
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.
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.
$4.5 million is appropriated in Capital Improvement Project 92399, Gateways, with $1,060,000 available for this purpose.
D. Blu Kostelich, Chief Financial Officer
Central Business District TIF Board of Directors
Resolution and MOU
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