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Consider approving a Basic Term Sheet for the Fisher59 Project located within the Airport Industrial Park and authorize staff to proceed with drafting and reviewing a Redevelopment Agreement in accordance therewith.
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INITIATOR: Mayor Stan Booker
STAFF INFORMATION SOURCE: Tim Wilson, Acting City Attorney; John Ratliff, City Manager
BACKGROUND: The Lawton Fort Sill Economic Development Corporation ("LEDC") and the Lawton Economic Development Authority ("LEDA") are tasked with recruiting and helping to finalize industrial development projects within the City of Lawton. To this end they have been working with Fisher59 Properties, LLC ("Fisher59") on a project to develop a 100,000-sf distribution center on a 15.71-acre parcel within the Airport Industrial Park. The property, along with another 42 acres of undeveloped property within the park is currently owned by the LEDC. This project would retain 60 existing employees and add 30 new employees over a 10-year expansion period, with an average present-day salary of $60,000. The project would entail a $16 million investment by the developers and is located within an increment district that is part of the STEDI Project Plan, that would be activated following approval of the final Redevelopment Agreement. The development will require the extension/relocation of the public water, sewer, and roadway within the Airport Industrial Park, roughly estimated at $1.6 million. In accordance with the Term Sheet, Fisher59 would be responsible for designing and constructing the offsite improvements to City of Lawton Standards. Following passage of the final inspection of the completed improvements, they would be submitted to the Lawton City Council for acceptance, and the City would then reimburse Fisher59 for the actual cost of construction of the offsite improvements. The terms of this agreement are similar to the development of the Pepsico project, also located in the Airport Industrial Park, that ...
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