ITEM TITLE:
Title
Consider approving a resolution amending the City of Lawton FY25 budget, as amended, by appropriating $421,854.35 to the Hotel/Motel Economic Development Fund and $244,793.65 to the 2019 Capital Improvement Fund to partially fund the professional services agreement with the Lawton-Fort Sill Economic Development Corporation for economic and industrial development services.
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INITIATOR: Rebecca Johnson, Finance Director
STAFF INFORMATION SOURCE: Rebecca Johnson, Finance Director
BACKGROUND: The Lawton Economic Development Authority has been authorized and directed to disburse $666,648.00 to the City of Lawton to reimburse the City’s Hotel/Motel Economic Development Fund and 2019 Capital Improvement Fund. Staff recommends using this money to partially fund the professional services agreement with the Lawton-Fort Sill Economic Development Corporation for economic and industrial development services. A budget amendment is needed to appropriate $421,854.35 to the Hotel/Motel Economic Development Fund and $244,793.65 to the 2019 Capital Improvement Fund.
EXHIBIT: Resolution No. 24-_____
KEY ISSUES: None
FUNDING SOURCE: Hotel/Motel Fund and 2019 Capital Improvement Fund
STAFF RECOMMENDED COUNCIL ACTION: Approve a resolution amending the City of Lawton FY25 budget, as amended, by appropriating $421,854.35 to the Hotel/Motel Economic Development Fund and $244,793.65 to the 2019 Capital Improvement Fund to partially fund the professional services agreement with the Lawton-Fort Sill Economic Development Corporation for economic and industrial development services.