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, 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: Joe Don Dunham, Finance Director
STAFF INFORMATION SOURCE: Joe Don Dunham, Finance Director
Timothy Wilson, Acting City Attorney
BACKGROUND: In accordance with the True North Culture Statement of Transparency and Trust and being Open for Business, staff is submitting the LEDC Limited Support Agreement for approval, subject to the approval by the LEDC Board. The LEDC seeks to obtain funding from the Hotel/Motel Tax and Propel CIP funds that would enable them 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 $897,545.00, to be comprised of $367,015.00 from proceeds of the Hotel/Motel Tax collections and $530,530.00 from Propel CIP funds. 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 sufficient CIP revenue to cover the budgeted obligations.
EXHIBIT: LEDC Agreement with Attachments
KEY ISSUES: Does the City Council wish to continue this relationship and support the LEDC with this agreement.
FUNDING SOURCE: Hotel/Motel Tax and Propel CIP funds
STAFF RECOMMENDED COUNCIL ACTION: Approve the Agreement between the LEDC and the City of Lawton, subject to LEDC approval, and authorize the Mayor and City Clerk to execute the Agreement.