Centennial Bank Puts Up $5 Million for Downtown Development

Published 02/13 2014 06:28PM

Updated 02/14 2014 11:16AM

by Victoria Price

iddled with vacant and delapidated buildings, most can agree downtown Lubbock isn't quite the hub it once was. But now, one local bank is taking action in hopes downtown

Centennial Bank announced today, they've set aside $5 million dollars to help other local businesses invest in that area.

"We're putting out money where our mouth is, right on the table for people to come get it, and we hope they do," according to Centennial's Exec. VP, Gary Lawrence.

The bank hopes this new fund will be an incentive for more downtown investment. Businesses can get loans from this fund at discounted rates, making it cheaper to purchase or renovate property.

Lawrence compares downtown's potential with another part of town...one that many once thought was a lost cause.

"You know, a lot of people didn't believe that Overton would ever do what it's done, and just look at it now," Lawrence says. "If you go back 10-12 years, that was a rundown part of Lubbock. And now that's a thriving part of Lubbock, and we think the same thing will happen down here."

With redevelopment comes job creation, and more tax revenue for the city.

"It increases the tax base, so then LISD wins, the city wins, etc, etc," Lawrence says.

But now, Lawrence says it's time to turn those ideas into actions.

"You have to have courage to do it, you have to have vision to do it, and you have to execute," he says. "You can talk about it all you want, but you have to execute."

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