ITEM TITLE:
Contingent upon a companion budget amendment being approved, consider approving the First Amendment to Redevelopment Agreement by and among the City of Lawton, a municipal corporation ("City"), the Lawton Economic Development Authority ("LEDA"), a public trust having its beneficiary the City of Lawton, the Lawton-Fort Sill Economic Development Corporation ("LEDC"), an Oklahoma 501(c)(6) not-for-profit corporation, and Fisher59 Properties, L.L.C., a Texas limited liability company, duly authorized to conduct business in the State of Oklahoma.
INITIATOR: John Andrew, City Attorney
STAFF INFORMATION SOURCE: John Andrew, City Attorney; Rebecca Johnson, Finance Director
BACKGROUND: The City, LEDA, LEDC, and Fisher59 Properties, L.L.C., a Texas limited liability company ("Fisher59" or "Redeveloper') previously entered into a Redevelopment Agreement dated April 23, 2024 ("Agreement"), pursuant to which the Fisher59 agreed to: (a) develop approximately 15.71 acres of real property located in the Airport Industrial Park by making a minimum capital investment of $16 million for the construction an approximately 100,000 square foot warehouse and distribution center and related parking and site improvements (collectively, the "Distribution Center"); and (b) provide the design and cause the construction of the offsite public sewer, water, roadway, and drainage improvements required to serve the Distribution Center ("Public Improvements"). Under Section 1.2 of the Agreement, the City agreed to provide assistance in development financing to Fisher59 by reimbursing the actual out-of-pocket costs and expenses associated with the design and construction of the Public Improvements, with an Initial Cap of $1.6 million. Thereafter, at the request of Fisher59, on June 25, 2024, the City Council approved Resolution No. 24-142, increasing the Initial Cap to $2.9 million (now the Adjusted Cap). The Redevelopment Agreement specified that Fisher59 would be reimbursed the ...
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