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Consider approving an amended budget and First Amendment to the Funding and Limited Support Agreement between the City of Lawton and the Lawton Youth Sports Trust Authority for FY 23-24, to expand the use of funding allowing for the lease and/or purchase of real property to be the site of the sports complex.
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INITIATOR: Councilperson Randy Warren
STAFF INFORMATION SOURCE: Interim City Attorney, Timothy Wilson
Assistant City Attorney, Greg Gibson
BACKGROUND: On September 26th, 2023, the City of Lawton and the Lawton Youth Sports Trust Authority entered into an Agreement for Funding and Limited Support. The Agreement stated CIP funds were to be used for the design of a sports complex. The Authority has requested to be able to expand the use of funds to include the purchase and/or lease of real property to be the site of the sports complex. The amount of funding received under the agreement is not changing, the amendment expands the use of funds only. The use of funds for this purpose is in accordance with Resolution 23-75. The amended budget reflecting the amended use is attached to the First Amendment as Exhibit “A.”
EXHIBIT: First Amendment to the Funding and Limited Support Agreement
KEY ISSUES: N/A
FUNDING SOURCE: 2019 CIP
The current FY 23-24 Budget has a fund for the Youth Sports Complex with a balance of $1.4 million. The purchase of land for the sports complex, $1,050,000.00, would be taken from this fund, leaving a balance of $350,000.00.
STAFF RECOMMENDED COUNCIL ACTION: Approve the First Amendment to the Funding and Limited Support Agreement between the City of Lawton and the Lawton Youth Sports Trust Authority, to include the amended budget.