ITEM TITLE:
Title
Consider approving an Agreement for Funding and Limited Support between the Fires Innovation Science and Technology Accelerator (FISTA) Development Trust Authority and the City of Lawton to fund the operation, management, administration, maintenance and equipping of FISTA facilities during the 2024-2025 fiscal year to encourage economic/industrial development in the City of Lawton and authorize the Mayor and City Clerk to execute the Agreement.
body
INITIATOR: Dewayne Burk, Deputy City Manager
STAFF INFORMATION SOURCE: Dewayne Burk, Deputy City Manager
BACKGROUND: The Fires Innovation Science and Technology Accelerator Development Trust Authority (Authority) was set up as a public trust of the City of Lawton. This Agreement for Funding and Limited Support memorializes the amounts of financial support to be provided to the Authority by the City, sets out guidelines regarding administrative support between the City and the Authority, and sets out conditions and processes by which this financial and administrative support will be provided. The Agreement provides the Authority an amount of $9,000,454.50. Also included in this agreement are the provisions associated with the Sales Tax Agreement between the Authority and the City associated with the Series 2020 Note. Per the agreement, the City will deposit into the Sales Tax Fund established by the Authority an amount equal to one twelfth (1/12) of the annual obligation for the Series 2020 Note monthly. As monies are available in the Note Fund to make the monthly payment, the Authority will reimburse the City any monies remaining in the Sales Tax Fund. Also included are funds to provide a financial incentive to r4 Technologies, which was part of the FY23-24 First Amendment. The r4 Technologies incentive was a total amount of $1,000,000.00 to be issued in four separate payments of $250,000.00. The final payment is to be made in October of 2024. Lastly, the Agreement also references the $...
Click here for full text