ITEM TITLE:
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Consider approving an Agreement between the Lawton Economic Development Corporation (LEDC) and the City of Lawton, subject to approval by the LEDC and subject to Council approval of a budget amendment for funds dispersed to the City from Lawton Economic Development Authority (LEDA), to fund activities designed to encourage, promote and foster economic/industrial 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: Rebeca Johnson, Finance Director
Timothy Wilson, Deputy City Attorney
BACKGROUND: Staff is submitting the LEDC Limited Support Agreement for approval, subject to the approval by the LEDC Board and subject to approval of a budget amendment for funds dispersed to the City from LEDA. Funding would enable LEDC to continue their efforts to encourage, promote and foster economic/industrial development in the City of Lawton. The funds requested by LEDC under this Agreement include a total amount of $1,047,647.00, to be comprised of $381,026.00.00 from proceeds of the Hotel/Motel Tax collections and $666,648.00 to be paid from the apportionment fund established in accordance with the STEDI Project Plan. The Agreement includes specific performance measures, attached as exhibit A. Receipt of funds shall be subject to the City’s collection of sufficient Hotel/Motel Tax revenue and approval of a budget amendment for funds dispersed to the City from LEDA, the $666,648.00 referenced above.
EXHIBIT: LEDC Agreement, Budget, Exhibit A, and Resolution 24-182
KEY ISSUES: N/A
FUNDING SOURCE: Hotel/Motel Tax and 2016 CIP/EDF
STAFF RECOMMENDED COUNCIL ACTION: Approve the Agreement between the LEDC and the City of Lawton, subject to LEDC approval and Council approval of a budget amendment and authorize the Mayor and City Clerk to execute the Agreement.