ITEM TITLE:
Title
Consider approving a resolution amending the City of Lawton FY25 budget by appropriating $9,388,426.49 in insurance proceeds to the City-at-Large Construction, Improvements and Additions account for roof repairs at Central Mall Plaza.
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INITIATOR: Rebecca Johnson, Finance Director
STAFF INFORMATION SOURCE: Rebecca Johnson, Finance Director
BACKGROUND: The City of Lawton experienced a hailstorm on June 15, 2023. This storm caused significant damage to the roof at Central Mall Plaza. Settlement for the roof damage has been reached with the Oklahoma Municipal Assurance Group in the amount of $9,388,426.49. $3,000,000.00 was received on August 1, 2024, and the remaining $6,388,426.49 will be received at a later date. A budget amendment is needed to appropriate $9,388,426.49 to the City-at-Large Construction, Improvements and Additions account for roof repairs at Central Mall Plaza.
EXHIBIT: Resolution No. 24-_____
KEY ISSUES: None
FUNDING SOURCE: Insurance Proceeds
STAFF RECOMMENDED COUNCIL ACTION: Approve a resolution amending the City of Lawton FY25 budget by appropriating $9,388,426.49 in insurance proceeds to the City-at-Large Construction, Improvements and Additions account for roof repairs at Central Mall Plaza.