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Consider approving a funding agreement in the amount of $9,600,000.00 between the Oklahoma Development Finance Authority, City of Lawton, and FISTA relating to the Oklahoma Development Finance Authority Community Economic Development Pooled Finance Act Oklahoma Business Expansion Incentive Program for City of Lawton and FISTA Infrastructure P3 Project and take action as deemed necessary.
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INITIATOR: Mayor Stan Booker
STAFF INFORMATION SOURCE: Dewayne Burk, Deputy City Manager
BACKGROUND: On December 4, 2023 the Oklahoma Department of Commerce acknowledged the positive net benefit to the State of Oklahoma associated with proposed renovation projects in Central Plaza to allow higher value activities to occur in FISTA. In light of this, a P3 award was approved to (1) expand the capabilities of the FISTA and (2) invest in lighting to enhance the safety and security of personnel on streets and highways in proximity to Fort Sill. This award can be used for total renovation and construction costs in excess of $16,000,000 for the lighting and FISTA renovation and construction, investment in a Sensitive Compartmented Information Facility, investment in an incubator and accelerator for entrepreneurship and business growth, and investment in a STEM lab to support educational programs. A complete breakdown of allowable expenses is available in the attached funding agreement.
EXHIBIT: Funding Agreement
KEY ISSUES: None
FUNDING SOURCE: N/A
STAFF RECOMMENDED COUNCIL ACTION: Approve a funding agreement in the amount of $9,600,000.00 between the Oklahoma Development Finance Authority, City of Lawton, and FISTA relating to the Oklahoma Development Finance Authority Community Economic Development Pooled Finance Act Oklahoma Business Expansion Incentive Program for City of Lawton and FISTA Infrastructure P3 Project.