ITEM TITLE:
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Consider approving an agreement between the Lawton Enhancement Trust Authority and the City of Lawton, subject to approval by the Authority, to fund activities designed to encourage, promote and foster economic development in the City of Lawton and authorize the Mayor and City Clerk to execute the agreement.
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INITIATOR: Rebecca Johnson, Finance Director
STAFF INFORMATION SOURCE: Rebecca Johnson, Finance Director
BACKGROUND: The Lawton Enhancement Trust Authority (LETA) was set up as a public trust of the City of Lawton to promote and provide beautification and enhancement projects within the community, thereby increasing livability and fostering economic development. The LETA Agreement includes Hotel/Motel Tax allocation in the amount of $132,460.00; Hotel Motel Tax allocation for Holiday in the Park in the amount of $80,000.00 (LETA will provide administration and oversight for this funding); Hotel Motel Tax allocation for fireworks display in the amount of $100,000.00 (LETA will provide administration and oversight of this funding); and funds from the LETA Beautification court cost. LETA has approved an operating budget for the 2024-2025 fiscal year, attached to the Agreement.
EXHIBIT: Proposed agreement with attached budget
KEY ISSUES: N/A
FUNDING SOURCE: Hotel/Motel Tax Funds and LETA Beautification Court Cost
STAFF RECOMMENDED COUNCIL ACTION: Approve the agreement, subject to the Lawton Enhancement Trust Authority also approving the agreement, and authorize the Mayor and City Clerk to execute the agreement.