ITEM TITLE:
Title
Consider approving a resolution amending the City of Lawton FY25 budget, as amended, by appropriating $9,000,000.00 to the General Fund for an anticipated future payment per the terms of the amended Redevelopment Agreement between the City of Lawton, the Lawton Economic Development Authority, the Comanche County Industrial Development Authority, and Westwin Elements, Inc.
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INITIATOR: Rebecca Johnson, Finance Director
STAFF INFORMATION SOURCE: Rebecca Johnson, Finance Director
BACKGROUND: The City of Lawton previously entered into an amended Redevelopment Agreement with the Lawton Economic Development Authority, the Comanche County Industrial Development Authority, and Westwin Elements, Inc. The terms of the agreement require the City pay $9,000,000.00 to Westwin once Westwin has satisfied its obligations with respect to the pilot facility. In anticipation of those obligations being met, a budget amendment is needed to allocate $9,000,000.00 to the General Fund for an anticipated payment per the terms of the amended Redevelopment Agreement.
EXHIBIT: Resolution No. 25-_____
KEY ISSUES: None
FUNDING SOURCE: General Fund Balance
STAFF RECOMMENDED COUNCIL ACTION: Approve a resolution amending the City of Lawton FY25 budget, as amended, by appropriating $9,000,000.00 to the General Fund for an anticipated future payment per the terms of the amended Redevelopment Agreement between the City of Lawton, the Lawton Economic Development Authority, the Comanche County Industrial Development Authority, and Westwin Elements, Inc.