SUBJECT
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Authorizing the City Manager to amend the FY 2025-2026 Capital Grants Fund budget by appropriating revenues and expenditures in the total project amount of $797,890.00, consisting of $664,890.00 in grant funding from the Southwest Border Regional Commission (SBRC) under the Economic Infrastructure Development (EID) 2025 Grant Program and a required 20% local match of $133,000.00 funded by the 2022 Certificate of Obligation Bond. Grant funds will support facility improvements associated with the development and implementation of economic development programs and projects.
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PREVIOUS COUNCIL ACTION
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BACKGROUND
On April 22, 2025, the City Council adopted Resolution 2025-R-113, authorizing the Economic Development Department to submit an application to the Southwest Border Regional Commission (SBRC) under the Economic and Infrastructure Development (EID) 2025 Grant Program to promote economic development, with a focus on revitalization and community transformation.
El Mercado was initially identified as the proposed project; however, it was later determined that the property did not meet the eligibility requirements established by the SBRC.
The item is presented to amend the project location to 1300 Matamoros Street (Old Federal Courthouse Building) and to consider authorizing acceptance of the grant award, including the appropriation of associated funds.
VIVA LAREDO PLAN ALIGNMENT
Alignment Rating: Strong
Supporting goal(s)/policy(ies):
Goal 6.1 - Promote economic growth and diversification
"Support economic development initiatives that attract investment, create jobs, and strengthen Laredo's economic base."
(Viva Laredo Comprehensive Plan, p. 6.3 - Viva Laredo City of Laredo Comprehensive Plan)
Policy 6.1.4 - Leverage public facilities for economic development
"Utilize public facilities and strategic infrastructure investments to support economic development programs and entrepreneurial activity."
(Viva ...
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