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Consider a modification to the budget included in the Agreement for Funding and Limited Support with the FISTA Development Trust Authority for the 2020-2021 fiscal year and authorize funding from the Hotel-Motel Tax Economic Development Fund to be used for marketing and advertising for the FISTA and mall property.
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INITIATOR: City Councilman Jay Burk
STAFF INFORMATION SOURCE: Deputy City Manager Richard Rogalski
BACKGROUND: In October of 2020, the City Council approved an Agreement for Funding and Limited Support with the FISTA Development Trust Authority for the 2020-2021 fiscal year. The budget attached in the agreement as Exhibit “A”, included $11,100 for Marketing and Advertising. It has since been determined that an effective marketing campaign will cost much more than that amount. The Authority and In-Touch, the firm retained to manage the retail operations in the mall, feel that to halt the mall’s decline and revitalize the commercial interest and value of the property, a complete rebranding campaign is necessary. The Authority desires to retain Freestyle Creative, a marketing firm in Moore, Oklahoma, for this purpose for a fee amount of $98,200. They are requesting that the Coty Council approve an amendment to their FY 2020-2021 budget to accommodate this amount and authorize funding in the amount of $81,000 from the Hotel-Motel Tax Economic Development Fund for this purpose.
EXHIBIT: Revised budget for FY 2020-2021
KEY ISSUES: Click or tap here to enter text.
FUNDING SOURCE: Hotel-Motel Tax Economic Development Fund
STAFF RECOMMENDED COUNCIL ACTION: Approve a modification to the budget included in the Agreement for Funding and Limited Support with the FISTA Development Trust Authority for the 2020-2021 fiscal year and authorize funding in the amount of $81,000 from the Hotel-Motel Tax Economic Development Fund to be used for marketing and advertising for the FISTA and mall property.