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Consider authorizing the reimbursement to TDG-BG Lawton, LLC, of the actual costs of the public improvements serving the industrial development project located at 1310 SW Rex Madiera Road in accordance with the Redevelopment Agreement approved on May 11, 2021 and approve a Resolution providing for the future reimbursement of the funding used for this project from Industrial TIF District 4.
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INITIATOR: Deputy City Manager Richard Rogalski
STAFF INFORMATION SOURCE: Deputy City Manager Richard Rogalski
BACKGROUND: On May 11, 2021, the Council approved a Redevelopment Agreement by and among the City of Lawton, the Lawton Economic Development Authority ("LEDA"), the Lawton/Fort Sill Economic Development Corporation, ("LEDC"), and TDG-BG Lawton, LLC, a Texas limited liability company ("Redeveloper") The development is comprised of the Redeveloper's acquisition of approximately eight (8) acres of real property, construction of an approximately 70,000 square foot build-to-suit warehouse and distribution center. To serve this center the Redeveloper was required to construct certain offsite water, sewer, roadway and storm drainage improvements. The City, with the assistance of funding from the LEDC derived from the sale of the real property to the Redeveloper, agreed to reimburse the Redeveloper the actual costs to design and construct the offsite public improvements in an amount not to exceed $750,000. This payment would be payable within 60 calendar days of the acceptance of the improvements by the City Council. This acceptance occurred at the November 9th City Council meeting. Staff has received and reviewed the attached documentation regarding such costs and recommend reimbursing the Redeveloper the amount of $730,339.98, in accordance with the agreement. Also attached is a Resolution for Reimbursement for the reimbursement of the City and the LEDC by LEDA from revenue generated from Tax Incentive Finance (TIF) District 4, which was act...
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