ITEM TITLE:
Subject to FISTA approving an amended budget and the proposed amended support agreement, consider approving the First Amendment to the Limited Services Agreement between Fires Innovation Science & Technology Accelerator Development Trust Authority (FISTA) and City of Lawton for FY 23-24, including any floor amendments that may be made thereto, to incorporate (a) $36,620.02 for repairs to Central Mall (aka Central Plaza) for storm damage, (b) $257,250.00 for Property Insurance Premiums for Central Plaza, and (c) $1 million financial incentive to support a collaboration agreement between r4 Technologies, Inc. and the FISTA Innovation Park wherein artificial intelligence ("AI") will be utilized for workforce and supply chain development, and to drive economic growth.
INITIATOR: Councilman Randy Warren
STAFF INFORMATION SOURCE: Acting City Attorney Tim Wilson, Deputy City Manager Dewayne Burk, Finance Director Joe Don Dunham.
BACKGROUND: On August 22, 2023, Council approved a Limited Support Agreement between the City of Lawton and the FISTA Development Trust Authority to include a proposed budget of $5,845,753.73. One of the primary functions of FISTA is to assist with attracting high-quality jobs and private investment in the Lawton community that will promote an economy conducive to the future growth of the Lawton - Fort Sill area. Thus, FISTA is requesting that Council approve an additional $1,293,870.02 in funding for the following purposes: (1) $36,620.02 to address the cost of storm repairs to Central Plaza; (2) $257,250 to cover the facility insurance premiums for Central Plaza for 2022 and 2023; and (3) $1 million financial incentive to support a collaboration between r4 Technologies, Inc. and FISTA Innovation Park. The $1 million financial incentive would, under an agreement between FISTA and r4 Technologies, be paid to r4 Technologies through four separate payments of $250,000.00, payable in November 2023, February 2024, July 2024, and Octo...
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