A RESOLUTION CREATING AND ESTABLISHING THE LUBBOCK POWER AND LIGHT INFRASTRUCTURE DEVELOPMENT FUND.

WHEREAS, the City Council of the City of Lubbock finds that it would be wise and expedient to establish a fund to be known as the Lubbock Power and Light Infrastructure Development Fund; and

WHEREAS, the City Council finds that it would be in the best interest of the City of Lubbock to create and establish the fund above referred to in order to have a designated fund within the immediate control of the City; and

WHEREAS, the existence of the fund herein established shall be used to provide public infrastructure improvements when such improvements will aid or assist in the location, development or expansion of business activity within the City of Lubbock, which business activity will create new jobs, additional payroll or increase tax base within the City of Lubbock; and

WHEREAS, the City Council finds that the location or expansion of business within the City of Lubbock which accomplishes the above goals will add to the quality of life within the City of Lubbock and further will provide for the betterment of the general welfare of the citizens of the City of Lubbock and as such provide a public purpose; NOW THEREFORE:

SECTION 1. THAT there is hereby created a fund of the City of Lubbock to be known as the Lubbock Power and Light Infrastructure Development Fund.

SECTION 2. THAT such fund herein created shall be used to provide public infrastructure improvements such as, but not limited to, the following:

a) curb and gutter improvements

b) street and paving improvements

c) water and sewer improvements

d) public lighting improvements, and

e) other public improvements normally provided by the City of Lubbock.

SECTION 3. THAT the City Manager or his designee may utilize monies from this fund to aid or assist the location of new business or the expansion of other business, which City infrastructure requirements are needed to bring about such new business or expansion.

SECTION 4. THAT the City Manager of his designee shall be authorized to expend monies for the purposes herein set forth in accordance with the criteria set forth in Exhibit A, which Exhibit A is attached hereto and made a part hereof.

The following criteria shall be used by the City Manager or his designee in determining eligibility for LP&L economic development assistance:

1. No assistance will be authorized for retail or public purpose facilities. Ratings for other types of facilities will be as follows:

commercial - 10 points
industrial - 20 points

2. Creation of new jobs:

1-10 new jobs - 10 points
11-20 new jobs - 15 points
Each new job thereafter - .5 points

3. Annual payroll:

$100,000 - $500,000 - 10 points
$500,000 - $800,000 - 15 points
Each Additional $100,000 - 2 points

4. Additions to property tax base:

$500,000 - $1,000,000 - 5 points
$1,000,000 - $2,000,000 - 10 points
Each Additional $100,000 - .5 points

Eligibility scores shall be interpreted as follows:

35 points - $50,000
Each Additional 5 points - $10,000

Maximum eligibility will be confined to $150,000

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